NEW YORK (TheStreet) -- Shares of ConAgra Foods (CAG) - Get Report were up in mid-afternoon trading on Tuesday as the packaged food company is slated to report fiscal 2017 first-quarter results before Thursday's market open.
Wall Street is looking for earnings of 48 cents per share and $2.79 billion in revenue.
During the same period last year, the Omaha-based company earned 41 cents per share on revenue of $2.79 billion.
ConAgra said in its most recent earnings that it expects to report double-digit comparable year-over-year earnings growth in the fiscal 2017 first quarter.
Additionally, ConAgra yesterday announced that it purchased Frontera Foods' Frontera, Red Fork and Salpica brands. Frontera Foods is a Chicago-based gourmet Mexican food company that sells food products and also operates several restaurant chains.
Terms of the deal were not disclosed.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
TheStreet Ratings team rates ConAgra as a Hold with a ratings score of C+. The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid stock performance, considering both the consistency and magnitude of the price movement over time. At the same time, however, the team also finds weaknesses including deteriorating net income, generally higher debt management risk and weak operating cash flow.
You can view the full analysis from the report here: CAG