2022’s 10 Best-Performing Stocks

These stocks have generated the best returns so far in a turbulent 2022.

The S&P 500 declined 9.3% in September as fears over persistently high inflation, aggressive Federal Reserve interest rate hikes and an uncertain global economic outlook have investors fleeing risk assets. The S&P 500 is now down 24.7% year to date, but a handful of top-performing stocks have bucked the bearish trend. Top performers include several oil and gas stocks benefiting from surging energy prices and health care stocks with unique bullish catalysts. Here are the 10 best-performing stocks of 2022 so far among companies that trade on major U.S. exchanges and have market capitalizations of at least $1 billion. Returns are through Sept. 30 and are total returns, meaning they reflect the impact of any dividends.

10. Lantheus Holdings Inc. (ticker: LNTH)

Lantheus is a diagnostic imaging technology company. Lantheus shares ripped higher by 39% in February when the company reported blowout fourth-quarter earnings and revenue numbers and went an additional 16% higher in April when it raised its 2022 earnings and revenue guidance. Lantheus’ launch of its Pylarify PET imaging agent for prostate cancer has been a tremendous success, and the company said Pylarify was the primary driver of its 121.4% revenue growth in the second quarter. Lantheus is also generating solid sales growth from its Definity diagnostic ultrasound enhancing agent. The company’s bullish sales momentum has propelled LNTH stock higher by 143.4% year to date.

9. Rhythm Pharmaceuticals Inc. (RYTM)

Rhythm Pharmaceuticals is a biopharmaceutical company focused on developing drugs for treating rare genetic metabolic disorders. The company’s lead drug is Imcivree, which is approved by the U.S. Food and Drug Administration for treating Bardet-Biedl Syndrome, or BBS. In June, the FDA expanded Imcivree’s label to help BBS patients with weight management. In August, Rhythm reported more than 50 new prescriptions for Imcivree in the first six weeks following the FDA label expansion. Rhythm expects the European Commission to complete its Imcivree review by the end of the year. Rhythm Pharmaceuticals shares are up 145.5% year to date.

8. Peabody Energy Corp. (BTU)

Peabody Energy is one of the world’s largest pure-play coal producers. After the Ukraine conflict sent coal prices skyrocketing, Peabody reported 80% revenue growth and $283.1 million in operating cash flow in the second quarter. In addition, Peabody generated $578 million in adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, its highest quarterly total in more than a decade. Given the recent trends in coal prices and the absence of any meaningful progress toward a resolution in Ukraine, Peabody investors are understandably expecting the company’s big growth numbers to continue. BTU stock is up 146.5% year to date.

7. Sigma Lithium Corp. (SGML)

It’s not just energy stocks that are benefiting from surging inflation in 2022. Sigma Lithium is a junior lithium mining company. Lithium is a key component in electric vehicles and other types of batteries, and the price of lithium carbonate has skyrocketed 190% in the past year to new all-time highs. In August, Sigma announced plans to double its near-term production to 531,000 tons per year of battery-grade sustainable lithium. In addition, the company increased its NI 43-101 total mineral resource estimate by 50% to 86 megatons. Rising lithium prices have pushed Sigma shares up 161.2% year to date.

6. Torm PLC (TRMD)

Torm is a U.K.-based refined oil shipping company with a fully owned fleet of more than 80 vessels. In August, Torm reported that time charter equivalent, or TCE, rates more than doubled in the second quarter, and company management said the market has been even better so far in the third quarter. In fact, the stock jumped 10% after Torm said rates had more than tripled from 2021 levels in the current quarter. Torm has also taken advantage of a seller’s market to divest seven of its oldest vessels since late 2021. Surging shipping rates have sent Torm shares higher by 162.8% in 2022.

5. PBF Energy Inc. (PBF)

PBF Energy is an independent refiner that produces gasoline, diesel and other refined petroleum products. PBF has taken advantage of the favorable energy environment to significantly improve its balance sheet in recent quarters, reducing consolidated debt by more than $2.6 billion in the past 18 months. Diesel prices are up 35% in 2022, while gasoline prices have increased by 13%. In July, PBF reported 104% revenue growth in the second quarter. Investors can expect PBF to continue to improve its balance sheet and even potentially restore its dividend, which it suspended in March 2020. PBF Energy shares are up 171% year to date.

4. Consol Energy Inc. (CEIX)

Consol Energy produces coal in the Appalachian Basin. Like other coal stocks, Consol has benefited from soaring energy prices, especially since Russia invaded Ukraine. In August, Consol reported 105% total coal revenue growth in the second quarter. Consol also generated $159.9 million in free cash flow, repaid about $116 million in debt and initiated an enhanced shareholder return program. The program kicked off with a $1-per-share special dividend in August. Consol also said its Itmann preparation plant was on track to start up by the end of the third quarter. Consol shares are up 187.4% year to date.

3. Scorpio Tankers Inc. (STNG)

Scorpio Tankers operates a fleet of ocean tankers that transport refined petroleum products worldwide. Tanker rates surged when Russia invaded Ukraine, and Scorpio has taken advantage of a favorable environment by reducing its debt by $511 million in the first half of 2022. The company has also increased its pro forma cash balance from $231 million to $591 million in 2022. Vessel revenue nearly tripled year over year to $405 million in the second quarter. Booming refined product demand, supply chain disruptions and historically low inventories will continue to support tanker rates. Scorpio shares are up 232.1% year to date.

2. Target Hospitality Corp. (TH)

Target Hospitality is a somewhat unconventional play on the 2022 oil and gas boom. The company provides workforce lodging and other temporary housing used for oil and gas drilling, mining, large-scale events, government agencies and disaster relief. The stock has had bullish momentum all year, but the majority of its gains have come since the beginning of July. On July 8, the stock jumped more than 31% after TH raised its 2022 revenue guidance by 53% following the announcement of a new government contract. Since the new contract was announced July 6, TH shares are up 154.9%, and they are now up 254.5% overall in 2022.

1. AMTD Digital Inc. (HKD)

AMTD Digital is a Hong Kong-based online financial services company that completed its initial public offering in July. AMTD priced its IPO shares at $7.80. The stock quickly became the latest social media meme stock, skyrocketing as high as $2,555.30 in early August. Despite generating just $25 million in revenue in 2021, AMTD reached a mind-blowing peak market capitalization of $310 billion before the trading frenzy died down, making it briefly more valuable than Coca-Cola Co. (KO). AMTD shares are now all the way back down to the $40 range, but the stock remains up 500% from its IPO price.

2022’s 10 best-performing stocks:

1. AMTD Digital Inc. (HKD): +500%

2. Target Hospitality Corp. (TH): +254.5%

3. Scorpio Tankers Inc. (STNG): +232.1%

4. Consol Energy Inc. (CEIX): +187.4%

5. PBF Energy Inc. (PBF): +171%

6. Torm PLC (TRMD): +162.8%

7. Sigma Lithium Corp. (SGML): +161.2%

8. Peabody Energy Corp. (BTU): +146.5%

9. Rhythm Pharmaceuticals Inc. (RYTM): +145.5%

10. Lantheus Holdings Inc. (LNTH): +143.4%

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