Top 5 Bank Stocks To Watch Right Now

Shares of IDFC rose 6.5 percent intraday Thursday on a media report that the company is in talks to sell its mutual fund and broking units.

“IDFC is in talks with a clutch of private Indian lenders and bulge bracket PE funds to sell its asset management and stock broking units in a deal that could be worth up to Rs 6,000 crore,” The Economic Times said in its report.

The firm is in talks with IndusInd Bank and Yes Bank, and private equity giants such as Bain Capital and Warburg Pincus for the sale of its mutual fund business for about Rs 4,000-4,500 crore and is also negotiating with Yes Bank to sell the stock broking business – IDFC Securities – for another Rs 1,500-2,000 crore, the report added.

Meanwhile, IDFC will announce its earnings for January-March quarter and financial year 2017-18 on April 27.

At 11:45 hours IST, the stock price was quoting at Rs 55.90, up Rs 3.40, or 6.48 percent on the BSE on the BSE.

Top 5 Bank Stocks To Watch Right Now: Canadian Imperial Bank of Commerce(CM)

Advisors’ Opinion:

  • [By Joseph Griffin]

    Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) have earned an average recommendation of “Hold” from the twelve research firms that are presently covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is C$130.33.

  • [By Motley Fool Staff]

    Canadian Imperial Bank of Commerce (NYSE:CM)Q2 2018 Earnings Conference CallMay 23, 2018, 8:00 a.m. ET

    Contents:
    Prepared Remarks Questions and Answers Call Participants
    Prepared Remarks:

    Operator

  • [By Ethan Ryder]

    Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw unusually large options trading activity on Monday. Traders acquired 2,517 call options on the stock. This is an increase of approximately 3,772% compared to the typical volume of 65 call options.

  • [By Garrett Baldwin]

    We’re about to reveal a little wealth secret that could unlock the trade of a lifetime. Money Morning Special Situation Strategist Tim Melvin takes you inside what could easily be a 10-bagger for investors in the weeks ahead. Read more right here.

    The Top Stock Market Stories for Tuesday
    The Euro has plunged to its lowest point against the U.S. dollar in 2018 thanks to political problems in Europe. The breakdown of power in Italy has raised new concerns about the nation’s ability to repay its debts, as the spread between German and Italian bonds has widened. Market instability has also spread to Spain where the nation’s parliament is preparing to vote on whether to oust Prime Minister Mariano Rajoy and his party. Oil prices slid one news that OPEC and Russia will consider hikes in production during a meeting in Vienna, Austria on June 22nd. The news accompanied reports that U.S. production is expected to rise throughout the summer. The price of WTI oil sat at $67.20 per barrel. The Brent crude oil price recovered this morning, adding 1% to hit $76.12. Canadian banks are under pressure this morning over a major breach by cyber criminals. The Bank of Montreal (NYSE: BMO) and the Canadian Imperial Bank of Commerce (NYSE: CM) – the two largest banking institutions in the country – announced that roughly 90,000 customers’ data may have been stolen. This would be the first major cybersecurity event to happen in Canada involving financial firms.
    Three Stocks to Watch Today: CRM, SBUX, MOMO
    com (NYSE: CRM) will lead a busy day of earnings reports on Wall Street. The cloud computing giant is set to report fiscal first quarter 2019 numbers after the bell on Tuesday. The average analyst projection calls for a 46% jump in EPS of $0.46 on top of a 23% gain in revenue to $2.94 billion. Starbucks’ Corporation (Nasdaq: SBUX) will temporarily close about 8,000 locations on Tuesday to train roughly 175,000 employees on racial bias. The training sessions were

Top 5 Bank Stocks To Watch Right Now: HSBC Holdings PLC (HSBA)

Advisors’ Opinion:

  • [By Ethan Ryder]

    HSBC (LON:HSBA) had its price target dropped by equities research analysts at Citigroup from GBX 810 ($10.78) to GBX 800 ($10.65) in a report released on Tuesday. The brokerage currently has a “buy” rating on the financial services provider’s stock. Citigroup’s price target points to a potential upside of 9.59% from the stock’s previous close.

  • [By Max Byerly]

    HSBC (LON:HSBA) was upgraded by equities research analysts at Credit Suisse Group to a “neutral” rating in a research report issued to clients and investors on Thursday. The firm presently has a GBX 720 ($9.38) target price on the financial services provider’s stock, up from their previous target price of GBX 680 ($8.86). Credit Suisse Group’s price target suggests a potential upside of 5.82% from the company’s previous close.

  • [By Stephan Byrd]

    Morgan Stanley set a GBX 855 ($10.91) price target on HSBC (LON:HSBA) in a research note issued to investors on Tuesday. The brokerage currently has a buy rating on the financial services provider’s stock.

  • [By Max Byerly]

    HSBC Holdings plc (LON:HSBA) has received an average recommendation of “Hold” from the sixteen analysts that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is GBX 768.33 ($9.80).

  • [By Joseph Griffin]

    HSBC (LON:HSBA) had its target price lowered by equities research analysts at Shore Capital from GBX 721 ($9.60) to GBX 625 ($8.32) in a report issued on Tuesday. The brokerage presently has a “sell” rating on the financial services provider’s stock. Shore Capital’s price objective indicates a potential downside of 14.71% from the company’s previous close.

  • [By Max Byerly]

    Credit Suisse Group set a GBX 720 ($9.32) price target on HSBC (LON:HSBA) in a research report sent to investors on Tuesday morning. The firm currently has a neutral rating on the financial services provider’s stock.

Top 5 Bank Stocks To Watch Right Now: First Commonwealth Financial Corporation(FCF)

Advisors’ Opinion:

  • [By Ethan Ryder]

    First Commonwealth Financial (NYSE:FCF) was upgraded by investment analysts at ValuEngine from a “sell” rating to a “hold” rating in a report released on Monday.

  • [By Ethan Ryder]

    Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)

    For more information about research offerings from Zacks Investment Research, visit Zacks.com

  • [By Joseph Griffin]

    Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)

    For more information about research offerings from Zacks Investment Research, visit Zacks.com

  • [By Joseph Griffin]

    Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)

    For more information about research offerings from Zacks Investment Research, visit Zacks.com

  • [By Logan Wallace]

    Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)

    For more information about research offerings from Zacks Investment Research, visit Zacks.com

  • [By Joseph Griffin]

    Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)

    For more information about research offerings from Zacks Investment Research, visit Zacks.com

Top 5 Bank Stocks To Watch Right Now: Ampco-Pittsburgh Corporation(AP)

Advisors’ Opinion:

  • [By ]

    Paris (AP) — Floodwaters were nearing their peak in Paris on Saturday, with the rain-swollen Seine River engulfing scenic quays and threatening wine cellars and museum basements.

  • [By ]

    Anchorage, Alaska (AP) — A magnitude 8.2 earthquake off Alaska's Kodiak Island prompted a tsunami warning for a large swath of coastal Alaska and Canada's British Columbia while the remainder of the U.S. West Coast was under a watch.

  • [By ]

    This undated photo provided by Honda shows the 2019 Honda Insight, which returns to the U.S. after a five-year absence. It now more closely resembles Honda's Civic and Accord models. (Courtesy of American Honda Motor Co. via AP) (Photo: AP)

  • [By ]

    The all-new Hyundai 2018 Kona, a subcompact crossover. (Photo: AP)

    When it comes to standard features, the Kona generally outpaces the EcoSport. Most items typically found on rivals are available on both SUVs, but the EcoSport requires that you add them as options or step up to the next trim level. The Kona widens its features lead by offering more advanced safety features (forward collision warning with automatic emergency braking, lane keeping assist and a driver attention monitor), a head-up display and a wireless charging pad. These are not available for any EcoSport.

  • [By ]

    New York (AP) — First lady Melania Trump's parents have been sworn in as U.S. citizens.

    A lawyer for Viktor and Amalija Knavs says the Slovenian couple took the citizenship oath on Thursday in New York City.

Top 5 Bank Stocks To Watch Right Now: Wells Fargo & Company(WFC)

Advisors’ Opinion:

  • [By ]

    San Francisco-based Wells Fargo & Co. (WFC) , struggling to recover from a series of regulatory penalties over allegedly aggressive sales practices, posted a 5.5% profit increase on a preliminary basis, noting that legal costs might have to be revised higher pending discussions with regulators over as much as $1 billion of new penalties related to auto insurance and mortgage-related violations.

  • [By Dan Caplinger]

    When it comes to investing, some people prefer to choose from among the leaders of an industry. In banking, Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) are among the biggest financial institutions in the world, and despite facing very different challenges, they’ve come a long way since teetering on the precipice of ruin during the financial crisis.

  • [By Douglas A. McIntyre]

    Wells Fargo & Co. (NYSE: WFC), plagued by a long list of banking rule violations and hundreds of millions of dollars in government penalties, has launched a new marketing campaign:

  • [By Chris Lange]

    Wells Fargo & Co. (NYSE: WFC) released its second-quarter financial results before the markets opened on Friday. The company said that it had $0.98 in earnings per share (EPS) and $21.6 billion in revenue, while consensus estimates had called for $1.12 in EPS on revenue of $21.68 billion. The same period of last year reportedly had EPS of $1.08 and $22.17 billion in revenue.

Hot Clean Energy Stocks To Invest In 2019

A month ago, Tesla’s closing stock price peaked at $383.45, and last week the stock closed below $330.

Tesla Inc. Powerpacks and inverters stand at the Southern California Edison Co. Mira Loma energy storage system facility in Ontario, California, U.S., on Thursday, June 1, 2017. The Mira Loma substation houses nearly 400 Tesla Powerpack units, in an effort to operate to state regulations on producing clean energy electricity. Photographer: Patrick T. Fallon/Bloomberg

Apparently, investors are beginning to catch on to the fact that Tesla CEO Elon Musk has a severe case of a behavioral condition known as “the planning fallacy.” People who suffer from the planning fallacy are serial offenders when it comes to projects coming in over budget, late, and with fewer features than promised. The New York Times reported that Telsa’s main problematic issues pertain to a slower timetable than expected for the introduction of the Model 3, along with problems that relate to the manufacture of its battery packs.

Hot Clean Energy Stocks To Invest In 2019: FirstService Corporation(FSV)

Advisors’ Opinion:

  • [By Max Byerly]

    Gazit Globe (NYSE:GZT) and FirstService (NASDAQ:FSV) are both finance companies, but which is the superior stock? We will compare the two businesses based on the strength of their dividends, risk, analyst recommendations, profitability, institutional ownership, earnings and valuation.

  • [By Logan Wallace]

    FirstService Corp (TSE:FSV) (NASDAQ:FSV) declared a quarterly dividend on Wednesday, September 12th, Zacks reports. Shareholders of record on Friday, September 28th will be given a dividend of 0.176 per share on Friday, October 5th. This represents a $0.70 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date is Thursday, September 27th. This is a positive change from FirstService’s previous quarterly dividend of $0.17.

  • [By Logan Wallace]

    PNC Financial Services Group Inc. decreased its stake in shares of FirstService Corp (NASDAQ:FSV) (TSE:FSV) by 4.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 634,450 shares of the financial services provider’s stock after selling 28,902 shares during the period. PNC Financial Services Group Inc. owned 1.83% of FirstService worth $48,243,000 at the end of the most recent quarter.

  • [By Stephan Byrd]

    ILLEGAL ACTIVITY NOTICE: “FirstService (FSV) Set to Announce Quarterly Earnings on Wednesday” was first published by Ticker Report and is the sole property of of Ticker Report. If you are reading this news story on another website, it was stolen and reposted in violation of US and international copyright & trademark laws. The correct version of this news story can be accessed at www.tickerreport.com/banking-finance/4123840/firstservice-fsv-set-to-announce-quarterly-earnings-on-wednesday.html.

  • [By Shane Hupp]

    ILLEGAL ACTIVITY NOTICE: “BB&T Securities LLC Acquires 1,782 Shares of FirstService Corp (FSV)” was originally published by Ticker Report and is the property of of Ticker Report. If you are viewing this piece on another publication, it was copied illegally and republished in violation of US and international trademark & copyright legislation. The original version of this piece can be read at www.tickerreport.com/banking-finance/4158310/bbt-securities-llc-acquires-1782-shares-of-firstservice-corp-fsv.html.

Hot Clean Energy Stocks To Invest In 2019: Farmers National Banc Corp.(FMNB)

Advisors’ Opinion:

  • [By Max Byerly]

    Farmers National Banc Corp (NASDAQ:FMNB) has received an average recommendation of “Hold” from the six research firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $16.50.

  • [By Stephan Byrd]

    Farmers National Banc (NASDAQ:FMNB) and OFG Bancorp (NYSE:OFG) are both small-cap finance companies, but which is the superior business? We will contrast the two businesses based on the strength of their profitability, risk, earnings, dividends, valuation, analyst recommendations and institutional ownership.

  • [By Joseph Griffin]

    Farmers National Banc (NASDAQ:FMNB)‘s stock had its “hold” rating reissued by equities researchers at Keefe, Bruyette & Woods in a note issued to investors on Thursday. They presently have a $18.00 price target on the bank’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 21.62% from the company’s previous close.

  • [By Joseph Griffin]

    Farmers National Banc Corp (NASDAQ:FMNB) declared a quarterly dividend on Wednesday, August 29th, Wall Street Journal reports. Stockholders of record on Friday, September 14th will be given a dividend of 0.08 per share by the bank on Friday, September 28th. This represents a $0.32 annualized dividend and a dividend yield of 2.06%. The ex-dividend date is Thursday, September 13th. This is an increase from Farmers National Banc’s previous quarterly dividend of $0.07.

  • [By Logan Wallace]

    Farmers National Banc Corp (NASDAQ:FMNB)’s share price reached a new 52-week high on Friday . The stock traded as high as $16.90 and last traded at $16.75, with a volume of 31500 shares changing hands. The stock had previously closed at $16.30.

Hot Clean Energy Stocks To Invest In 2019: XTL Biopharmaceuticals Ltd.(XTLB)

Advisors’ Opinion:

  • [By Lisa Levin]

    Check out these big penny stock gainers and losers

    Losers
    Verastem, Inc. (NASDAQ: VSTM) fell 9.7 percent to $4.73 in pre-market trading after announcing a $35 million common stock offering.
    Evolus, Inc. (NASDAQ: EOLS) shares fell 8 percent to $13.48 in pre-market trading ahead of regulatory update at 8:30 a.m. ET.
    XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB) fell 6.5 percent to $2.01 in pre-market trading after climbing 10.50 percent on Tuesday.
    Purple Innovation, Inc. (NASDAQ: PRPL) shares fell 5.8 percent to $9.36 in pre-market trading after reporting Q1 results.
    Blink Charging Co. (NASDAQ: BLNK) fell 5.7 percent to $5.15 in pre-market trading after declining 5.04 percent on Tuesday.
    RYB Education, Inc. (NYSE: RYB) shares fell 5 percent to $16.39 in pre-market trading following Q1 results.
    Euro Tech Holdings Company Limited (NASDAQ: CLWT) shares fell 4.4 percent to $4.30 in pre-market trading after rising 40.62 percent on Tuesday.
    Arbor Realty Trust, Inc. (NYSE: ABR) fell 4.4 percent to $8.92 in pre-market trading after announcing a 5.5 million share common stock offering.
    Daxor Corporation (NYSE: DXR) fell 4.1 percent to $7.32 in pre-market trading.
    Ormat Technologies, Inc. (NYSE: ORA) shares fell 3.8 percent to $51.03 in pre-market trading after the company announced plans to restate its Q2, Q3, Q4 and FY 2017 financial statements.
    Canadian Solar Inc. (NASDAQ: CSIQ) fell 3.5 percent to $16.20 in pre-market trading after reporting Q1 results.
    CELYAD SA/ADR (NASDAQ: CYAD) shares fell 3.3 percent to $29.70 in pre-market trading after the company reported launch of 1.8 million share offering

Hot Clean Energy Stocks To Invest In 2019: Valhi Inc.(VHI)

Advisors’ Opinion:

  • [By Dan Caplinger]

    Tuesday saw another solid session on Wall Street, as investors once again showed their overall comfort level with where things stand from a geopolitical and macroeconomic perspective. More pressure from aerospace giant Boeing kept the Dow from rising, but broader-based stock indexes gained as much as 0.5%. Still, some individual companies had bad news that kept them out of the rally. ADT (NYSE:ADT), Mistras Group (NYSE:MG), and Valhi (NYSE:VHI) were among the worst performers. Here’s why they did so poorly.

Hot Clean Energy Stocks To Invest In 2019: region(XIV)

Advisors’ Opinion:

  • [By Money Morning News Team]

    This led some traders to purchase leveraged ETFs that move inverse to the VIX, like the VelocityShares Daily Inv VIX Short Term (Nasdaq: XIV).

    The VIX is a derivative of the broad S&P 500, and the XIV is a derivative of that derivative.

Top 5 Oil Stocks To Own For 2019

Money managers’ reluctance to get behind the oil rally is finally paying off.

Hedge funds trimmed their net-long position — the difference between bets on a price increase and wagers on a drop — in Brent crude by the most in almost a year. The cuts came as the global benchmark capped its first weekly drop since early April, sliding below $80 a barrel after Saudi Arabia and Russia said OPEC and its allies may boost oil output in the second half of the year.

“Traders thought that the market was in the process of topping out,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by telephone Friday. Oil prices had a “swift reaction today to the musings by OPEC to potentially add more supply to the market. We will be very headline-driven over the next few weeks.”

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Oil retreated from the highest prices in almost four years as Russian and Saudi energy ministers signaled that the coalition led by the Organization of Petroleum Exporting Countries may gradually raise oil production to assuage consumer anxiety about higher prices. Their comments mark a major shift in strategy for the historic alliance forged in 2016 to erase a global crude glut.

Top 5 Oil Stocks To Own For 2019: Whiting Petroleum Corporation(WLL)

Advisors’ Opinion:

  • [By Matthew DiLallo]

    Whiting Petroleum (NYSE:WLL) bounded upward more than 55% for the quarter, fueled by rising crude prices and its strong first-quarter results. After struggling to scrape by on lower oil prices, Whiting’s cash flow has surged this year, providing it enough money to fund its drilling program with more than $100 million to spare during the first quarter.

  • [By Joseph Griffin]

    Whiting Petroleum Co. (NYSE:WLL) – Equities research analysts at Piper Jaffray Companies lifted their Q2 2018 earnings estimates for Whiting Petroleum in a research note issued on Sunday, May 20th. Piper Jaffray Companies analyst K. Harrison now forecasts that the oil and gas exploration company will earn $0.85 per share for the quarter, up from their previous forecast of $0.33. Piper Jaffray Companies currently has a “Hold” rating and a $46.00 target price on the stock. Piper Jaffray Companies also issued estimates for Whiting Petroleum’s Q3 2018 earnings at $0.97 EPS, Q4 2018 earnings at $1.16 EPS, FY2018 earnings at $3.90 EPS, Q1 2019 earnings at $1.70 EPS, Q2 2019 earnings at $1.48 EPS, Q3 2019 earnings at $1.47 EPS, Q4 2019 earnings at $1.59 EPS and FY2019 earnings at $6.24 EPS.

  • [By Logan Wallace]

    Whiting Petroleum Corp (NYSE:WLL) – Seaport Global Securities increased their Q1 2019 earnings per share (EPS) estimates for shares of Whiting Petroleum in a report issued on Wednesday, May 23rd. Seaport Global Securities analyst M. Kelly now expects that the oil and gas exploration company will post earnings of $0.98 per share for the quarter, up from their previous estimate of $0.55. Seaport Global Securities has a “Buy” rating and a $40.00 price target on the stock. Seaport Global Securities also issued estimates for Whiting Petroleum’s Q2 2019 earnings at $0.87 EPS, Q3 2019 earnings at $0.85 EPS, Q4 2019 earnings at $0.89 EPS and FY2019 earnings at $3.58 EPS.

  • [By Max Byerly]

    Foundry Partners LLC acquired a new stake in Whiting Petroleum Corp (NYSE:WLL) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 108,476 shares of the oil and gas exploration company’s stock, valued at approximately $3,671,000. Foundry Partners LLC owned about 0.12% of Whiting Petroleum at the end of the most recent quarter.

Top 5 Oil Stocks To Own For 2019: Encana Corporation(ECA)

Advisors’ Opinion:

  • [By Shane Hupp]

    Electra (CURRENCY:ECA) traded down 5.1% against the U.S. dollar during the 24-hour period ending at 15:00 PM E.T. on June 12th. Over the last seven days, Electra has traded down 25.7% against the U.S. dollar. Electra has a market cap of $34.53 million and approximately $134,011.00 worth of Electra was traded on exchanges in the last 24 hours. One Electra coin can currently be bought for $0.0013 or 0.00000020 BTC on exchanges including CryptoBridge, Fatbtc, CoinFalcon and Coinhouse.

  • [By Matthew DiLallo]

    Today, however, many drillers are setting a high bar for new wells. EOG Resources (NYSE:EOG) has been one of the leaders in disrupting the former way of thinking by establishing a high return hurdle rate for new wells of 30% after-tax at $40 oil. Others followed with similar return-focused approaches, including Encana (NYSE:ECA), which needs locations to achieve a 35% after-tax return at $50 oil to meet its premium hurdle rate. 

  • [By Max Byerly]

    Shares of Encana Corp (NYSE:ECA) (TSE:ECA) have been given an average rating of “Buy” by the twenty-four analysts that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, twenty-one have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $16.17.

  • [By Max Byerly]

    Here are some of the news stories that may have effected Accern Sentiment’s rankings:

    Get Encana alerts:

    Encana Corp (ECA) Rising Higher 7.95% Over the Past Four Weeks (fisherbusinessnews.com) Encana Corporation (ECA) Most Active Stock Price trades 19.10% off from 200- SMA (nasdaqchronicle.com) Mid-Day Movers –: Encana Corporation (NYSE:ECA), CSX Corporation (NASDAQ:CSX), MGIC Investment Corporation … (journalfinance.net) Featured Stock: Encana Corporation (ECA) (stockquote.review) Active Stock Evaluation – Encana Corporation (NYSE: ECA) (financerater.com)

    ECA has been the subject of a number of research analyst reports. Morgan Stanley raised shares of Encana from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $15.00 to $18.00 in a report on Wednesday, January 24th. Evercore ISI raised shares of Encana from an “in-line” rating to an “outperform” rating and upped their price target for the company from $10.84 to $16.00 in a report on Wednesday, March 7th. Zacks Investment Research downgraded shares of Encana from a “hold” rating to a “sell” rating in a report on Wednesday, January 31st. Scotiabank raised shares of Encana from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $13.00 to $14.00 in a report on Friday, February 16th. Finally, Goldman Sachs cut their price target on shares of Encana from $17.25 to $14.00 and set a “buy” rating for the company in a report on Friday, April 13th. Two analysts have rated the stock with a sell rating, two have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $15.28.

Top 5 Oil Stocks To Own For 2019: Range Resources Corporation(RRC)

Advisors’ Opinion:

  • [By Ethan Ryder]

    Get a free copy of the Zacks research report on Range Resources (RRC)

    For more information about research offerings from Zacks Investment Research, visit Zacks.com

  • [By Shane Hupp]

    Toronto Dominion Bank increased its holdings in Range Resources Corp. (NYSE:RRC) by 25.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 123,421 shares of the oil and gas exploration company’s stock after purchasing an additional 24,839 shares during the period. Toronto Dominion Bank’s holdings in Range Resources were worth $1,794,000 as of its most recent SEC filing.

  • [By Tyler Crowe, Matthew DiLallo, and Reuben Gregg Brewer]

    So we asked three of our investing contributors to each highlight a company they think has a compelling investment case right now in the oil and gas industry. Here’s why they selected Devon Energy (NYSE:DVN), Range Resources (NYSE:RRC), and ExxonMobil (NYSE:XOM).

  • [By Ethan Ryder]

    OppenheimerFunds Inc. lowered its holdings in Range Resources Corp. (NYSE:RRC) by 68.2% in the first quarter, HoldingsChannel.com reports. The fund owned 30,532 shares of the oil and gas exploration company’s stock after selling 65,576 shares during the quarter. OppenheimerFunds Inc.’s holdings in Range Resources were worth $444,000 at the end of the most recent reporting period.

  • [By Joseph Griffin]

    Range Resources Corp. (NYSE:RRC) – Research analysts at Piper Jaffray Companies upped their Q1 2019 earnings per share (EPS) estimates for Range Resources in a report issued on Monday, August 27th. Piper Jaffray Companies analyst D. Kistler now anticipates that the oil and gas exploration company will post earnings of $0.43 per share for the quarter, up from their prior forecast of $0.42. Piper Jaffray Companies has a “Buy” rating and a $27.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Range Resources’ Q2 2019 earnings at $0.35 EPS, Q4 2019 earnings at $0.44 EPS, FY2019 earnings at $1.61 EPS, Q2 2020 earnings at $0.39 EPS and FY2020 earnings at $1.93 EPS.

Top 5 Oil Stocks To Own For 2019: ConocoPhillips(COP)

Advisors’ Opinion:

  • [By Matthew DiLallo]

    However, the region has been growing so fast that oil producers are on pace to exceed its pipeline capacity in a matter of months. While several new lines are under development, drillers have already started slowing down. ConocoPhillips (NYSE:COP) and Noble Energy (NYSE:NBL) were among several producers that recently announced plans to reallocate some of their drilling activities to other regions. In ConocoPhillips’ case, it plans to drill more wells in the Eagle Ford shale, while Noble Energy will likely allocate more capital to Eagle Ford and the DJ Basin.

  • [By Matthew DiLallo]

    A third factor to focus on is how an E&P company allocates its oil-fueled cash flows. Some oil companies take the “drill, baby, drill” mentality and spend everything that comes in, and then some, on new wells. That approach, however, can lead them to pile on debt, which can be their undoing during the next downturn. That’s why investors should look for oil companies that keep spending to within cash flow. Though the best ones spend much less than what comes in, which gives them excess cash that they can return to shareholders via dividends and buybacks. That more conservative approach helps ensure they don’t drill their own grave. An excellent example of an adept capital allocator is ConocoPhillips (NYSE:COP). The U.S. oil giant aims to return 20% to 30% of its cash flow to investors via dividends and share buybacks each year while reinvesting the rest on oil projects that are profitable under $50 a barrel. Because of that more conservative approach, ConocoPhillips will avoid drilling itself into trouble by outspending cash flow on new wells to chase production growth. Many oil stocks provide detailed cash flow analysis on the most recent investor presentation posted to their website.  

  • [By Matthew DiLallo]

    While Cimarex Energy compares favorably to peers in many categories, there is one key difference between the company and its top-performing rivals, and that is how they’ve chosen to allocate their excess cash. Instead of letting it pile up on the balance sheet like Cimarex Energy, competitors such as ConocoPhillips (NYSE:COP), Anadarko Petroleum (NYSE:APC), and Hess (NYSE:HES) are returning that money to investors, mainly through needle-moving stock buyback programs.

  • [By Matthew DiLallo]

    ConocoPhillips (NYSE:COP) is one of these leaders. The U.S. oil giant announced a multi-billion-dollar buyback in late 2016, which has helped catapult its stock 55% higher since then, vastly outperforming the nearly 23% gain from the iShares U.S. Oil & Gas Exploration & Production ETF (NYSEMKT:IEO), which holds more than 60 U.S.-focused oil and gas stocks. Anadarko Petroleum (NYSE:APC), meanwhile, has rallied almost 60% since unveiling a multi-billion-dollar buyback last fall, doubling the return of the iShares E&P ETF.

  • [By Rich Smith]

    And yet, a funny thing has been happening in the market for oil stocks over this past week. All of a sudden, Wall Street analysts are talking up free cash flow as a reason to buy oil stocks. In fact, they can’t seem to shut up about it. Over just the past few days, I’ve seen free cash flow mentioned prominently in the analyses of Wall Street bankers on no fewer than three separate oil stocks: ExxonMobil, Chevron (NYSE:CVX), and ConocoPhillips (NYSE:COP).

Top 5 Oil Stocks To Own For 2019: Transocean Inc.(RIG)

Advisors’ Opinion:

  • [By Max Byerly]

    ValuEngine upgraded shares of Transocean (NYSE:RIG) from a hold rating to a buy rating in a research note released on Wednesday morning.

    Several other research firms have also recently issued reports on RIG. Bank of America increased their price objective on Transocean from $12.00 to $13.00 and gave the stock a neutral rating in a research report on Wednesday, April 18th. Citigroup increased their price objective on Transocean from $15.00 to $16.00 and gave the stock a buy rating in a research report on Monday, April 30th. Susquehanna Bancshares set a $11.00 price objective on Transocean and gave the stock a hold rating in a research report on Friday, January 12th. Cowen set a $11.00 price objective on Transocean and gave the stock a hold rating in a research report on Thursday, January 11th. Finally, Piper Jaffray set a $11.00 price objective on Transocean and gave the stock a hold rating in a research report on Wednesday, January 10th. Eight investment analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $11.79.

  • [By Jason Hall]

    So what’s an investor to do? Owning the companies best-positioned to profit is a great place to start. Consider two of Big Oil’s finest in Royal Dutch Shell plc (ADR) (NYSE:RDS-A)(NYSE:RDS-B) and Total SA (ADR) (NYSE:TOT), offshore driller Transocean LTD (NYSE:RIG) and natural gas for transportation specialist Clean Energy Fuels Corp (NASDAQ:CLNE).

  • [By Jon C. Ogg]

    Transocean Ltd. (NYSE: RIG) started as Overweight with a $15 price target, which represented an implied upside call of 25% compared with the prior day’s $11.93 closing price. Elsewhere, Wells Fargo raised it to Outperform from Market Perform with an even more aggressive $16 price target, and BTIG initiated Transocean with a Buy rating and with an $18 price target just a day earlier. The stock closed up 2.9% at $11.93 on Tuesday, and it was up 3.3% at $12.33 in Wednesday’s midday trading. The 52-week range is $8.70 to $14.34, and the prior consensus price target of $12.61 ticked up to above $13 after the calls.

Top 5 Tech Stocks To Watch Right Now

Advanced Micro Devices is the hottest stock of the year.

It’s the best performer on the S&P 500 for 2018 by a mile. Its 146 percent surge since January is far better than the second-best S&P 500 performer, Abiomed, which has increased 105 percent.

One technician sees the possibility of a move back to levels not seen since June 2006.

“I see upside to the low $30s for this stock,” said Craig Johnson, chief market technician at Piper Jaffray, Friday on CNBC’s “Trading Nation.” “The chart pattern still looks good.”

A move to at least $30 represents an 18 percent rally from AMD’s current levels.

Johnson wouldn’t jump into AMD right now given its massive surge this year. He considers himself a buyer at a slightly more favorable entry point.

Top 5 Tech Stocks To Watch Right Now: ServiceNow, Inc.(NOW)

Advisors’ Opinion:

  • [By Ethan Ryder]

    TRADEMARK VIOLATION NOTICE: “Benjamin F. Edwards & Company Inc. Boosts Position in ServiceNow Inc (NOW)” was originally published by Ticker Report and is the sole property of of Ticker Report. If you are accessing this article on another publication, it was stolen and reposted in violation of US and international trademark & copyright laws. The correct version of this article can be viewed at www.tickerreport.com/banking-finance/4141336/benjamin-f-edwards-company-inc-boosts-position-in-servicenow-inc-now.html.

  • [By Ethan Ryder]

    The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $33.14 billion, a price-to-earnings ratio of -209.54, a P/E/G ratio of 11.11 and a beta of 1.17.

    COPYRIGHT VIOLATION WARNING: “ServiceNow (NOW) Sets New 1-Year High Following Strong Earnings” was first published by Ticker Report and is the property of of Ticker Report. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of US and international copyright and trademark laws. The original version of this piece of content can be read at www.tickerreport.com/banking-finance/4116605/servicenow-now-sets-new-1-year-high-following-strong-earnings.html.

    ServiceNow Company Profile (NYSE:NOW)

  • [By Shane Hupp]

    Investors sold shares of ServiceNow (NYSE:NOW) on strength during trading hours on Thursday following insider selling activity. $69.52 million flowed into the stock on the tick-up and $101.61 million flowed out of the stock on the tick-down, for a money net flow of $32.09 million out of the stock. Of all stocks tracked, ServiceNow had the 0th highest net out-flow for the day. ServiceNow traded up $3.23 for the day and closed at $168.73Specifically, Director Susan L. Bostrom sold 19,673 shares of ServiceNow stock in a transaction on Friday, February 9th. The stock was sold at an average price of $142.24, for a total transaction of $2,798,287.52. Following the transaction, the director now owns 7,079 shares in the company, valued at approximately $1,006,916.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 100,000 shares of ServiceNow stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $146.27, for a total value of $14,627,000.00. Following the transaction, the director now owns 201,776 shares in the company, valued at approximately $29,513,775.52. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 621,172 shares of company stock worth $98,285,013. 3.30% of the stock is currently owned by corporate insiders.

  • [By Joseph Griffin]

    ServiceNow (NYSE:NOW) has been given a $210.00 price objective by investment analysts at Macquarie in a research report issued on Friday. The firm currently has a “buy” rating on the information technology services provider’s stock. Macquarie’s price objective suggests a potential upside of 13.85% from the stock’s current price.

Top 5 Tech Stocks To Watch Right Now: SigmaTron International, Inc.(SGMA)

Advisors’ Opinion:

  • [By Max Byerly]

    Media coverage about SigmaTron International (NASDAQ:SGMA) has been trending somewhat positive this week, according to Accern. Accern rates the sentiment of news coverage by analyzing more than 20 million news and blog sources. Accern ranks coverage of publicly-traded companies on a scale of negative one to positive one, with scores nearest to one being the most favorable. SigmaTron International earned a coverage optimism score of 0.25 on Accern’s scale. Accern also gave news coverage about the technology company an impact score of 47.5987310031013 out of 100, meaning that recent news coverage is somewhat unlikely to have an impact on the company’s share price in the near term.

Top 5 Tech Stocks To Watch Right Now: Black Box Corporation(BBOX)

Advisors’ Opinion:

  • [By Joseph Griffin]

    Media stories about Black Box (NASDAQ:BBOX) have been trending somewhat positive on Monday, Accern reports. The research firm identifies negative and positive news coverage by analyzing more than twenty million news and blog sources. Accern ranks coverage of public companies on a scale of negative one to positive one, with scores closest to one being the most favorable. Black Box earned a coverage optimism score of 0.09 on Accern’s scale. Accern also assigned news headlines about the technology company an impact score of 48.0509907143742 out of 100, meaning that recent news coverage is somewhat unlikely to have an impact on the stock’s share price in the next few days.

  • [By Logan Wallace]

    Liberum Capital reiterated their hold rating on shares of Tritax Big Box REIT (LON:BBOX) in a report published on Friday morning.

    A number of other equities research analysts also recently issued reports on the stock. Numis Securities boosted their price target on shares of Tritax Big Box REIT from GBX 150 ($1.96) to GBX 153 ($2.00) and gave the company a hold rating in a research note on Monday, August 20th. Barclays started coverage on shares of Tritax Big Box REIT in a research note on Tuesday, October 2nd. They issued an equal weight rating and a GBX 160 ($2.09) price target on the stock.

  • [By Max Byerly]

    Liberum Capital reissued their hold rating on shares of Tritax Big Box REIT (LON:BBOX) in a research note issued to investors on Friday.

    Separately, Numis Securities lifted their target price on Tritax Big Box REIT from GBX 150 ($1.95) to GBX 153 ($1.99) and gave the company a hold rating in a research report on Monday, August 20th.

  • [By Logan Wallace]

    Juniper Networks (NYSE: JNPR) and Black Box (NASDAQ:BBOX) are both computer and technology companies, but which is the better business? We will compare the two companies based on the strength of their earnings, risk, institutional ownership, profitability, valuation, analyst recommendations and dividends.

Top 5 Tech Stocks To Watch Right Now: SharpSpring, Inc.(SHSP)

Advisors’ Opinion:

  • [By WWW.GURUFOCUS.COM]

    For the details of Cat Rock Capital Management LP’s stock buys and sells, go to www.gurufocus.com/StockBuy.php?GuruName=Cat+Rock+Capital+Management+LP

    These are the top 5 holdings of Cat Rock Capital Management LPTransDigm Group Inc (TDG) – 311,175 shares, 36.47% of the total portfolio. Shares added by 7.62%CarGurus Inc (CARG) – 2,575,310 shares, 30.38% of the total portfolio. Shares added by 138.50%Facebook Inc (FB) – 269,513 shares, 17.78% of the total portfolio. Shares added by 25.29%Star Group LP (SGU) – 3,032,551 shares, 10.09% of the total portfolio. Shares reduced by 0.58%ShotSpotter Inc (SSTI) – 311,862 shares,

  • [By WWW.GURUFOCUS.COM]

    For the details of Cat Rock Capital Management LP’s stock buys and sells, go to www.gurufocus.com/StockBuy.php?GuruName=Cat+Rock+Capital+Management+LP

    These are the top 5 holdings of Cat Rock Capital Management LPTransDigm Group Inc (TDG) – 311,175 shares, 36.47% of the total portfolio. Shares added by 7.62%CarGurus Inc (CARG) – 2,575,310 shares, 30.38% of the total portfolio. Shares added by 138.50%Facebook Inc (FB) – 269,513 shares, 17.78% of the total portfolio. Shares added by 25.29%Star Group LP (SGU) – 3,032,551 shares, 10.09% of the total portfolio. Shares reduced by 0.58%ShotSpotter Inc (SSTI) – 311,862 shares,

  • [By WWW.GURUFOCUS.COM]

    For the details of Cat Rock Capital Management LP’s stock buys and sells, go to www.gurufocus.com/StockBuy.php?GuruName=Cat+Rock+Capital+Management+LP

    These are the top 5 holdings of Cat Rock Capital Management LPTransDigm Group Inc (TDG) – 311,175 shares, 36.47% of the total portfolio. Shares added by 7.62%CarGurus Inc (CARG) – 2,575,310 shares, 30.38% of the total portfolio. Shares added by 138.50%Facebook Inc (FB) – 269,513 shares, 17.78% of the total portfolio. Shares added by 25.29%Star Group LP (SGU) – 3,032,551 shares, 10.09% of the total portfolio. Shares reduced by 0.58%ShotSpotter Inc (SSTI) – 311,862 shares,

  • [By WWW.GURUFOCUS.COM]

    For the details of Cat Rock Capital Management LP’s stock buys and sells, go to www.gurufocus.com/StockBuy.php?GuruName=Cat+Rock+Capital+Management+LP

    These are the top 5 holdings of Cat Rock Capital Management LPTransDigm Group Inc (TDG) – 311,175 shares, 36.47% of the total portfolio. Shares added by 7.62%CarGurus Inc (CARG) – 2,575,310 shares, 30.38% of the total portfolio. Shares added by 138.50%Facebook Inc (FB) – 269,513 shares, 17.78% of the total portfolio. Shares added by 25.29%Star Group LP (SGU) – 3,032,551 shares, 10.09% of the total portfolio. Shares reduced by 0.58%ShotSpotter Inc (SSTI) – 311,862 shares,

Top 5 Tech Stocks To Watch Right Now: JinkoSolar Holding Company Limited(JKS)

Advisors’ Opinion:

  • [By ]

    Tariffs
    Governmental action from the White House has added itself to the mix. In January, President Trump announced steep tariffs on imported solar panels. This did two things: It immediately made U.S.-produced solar panels a little more competitive than low-cost alternatives from China or South Korea. And, two, it has led to a solar manufacturing boom. Foreign companies are simply building factories here, changing the ZIP code on their shipping address and dodging Trump’s import duties without changing a single angle on the engineering specs. Since Mr. Trump announced his tariffs, China’s JinkoSolar (NYSE: JKS) has bought a plant in Jacksonville, Fla., First Solar (Nasdaq: FSLR) added to its manufacturing base in Ohio and SunPower (Nasdaq: SPWR) bought struggling SolarWorld Americas, which had petitioned the president for the tariffs, according to The Wall Street Journal.

  • [By Motley Fool Transcribers]

    JinkoSolar Holding Co., Ltd. (NYSE:JKS)Q4 2018 Earnings Conference CallMarch 22, 2019, 8:30 a.m. ET

    Contents:
    Prepared Remarks Questions and Answers Call Participants
    Prepared Remarks:

    Operator

  • [By Ethan Ryder]

    ValuEngine cut shares of JinkoSolar (NYSE:JKS) from a hold rating to a sell rating in a report issued on Wednesday morning.

    A number of other research firms have also issued reports on JKS. Roth Capital upgraded JinkoSolar from a neutral rating to a buy rating and decreased their target price for the company from $20.00 to $11.50 in a report on Monday, February 4th. Goldman Sachs Group upgraded JinkoSolar from a neutral rating to a buy rating and set a $20.00 target price for the company in a report on Monday, February 4th. Williams Capital initiated coverage on JinkoSolar in a report on Wednesday, December 19th. They issued a sell rating and a $1.00 target price for the company. Zacks Investment Research upgraded JinkoSolar from a hold rating to a buy rating and set a $18.00 target price for the company in a report on Wednesday, February 6th. Finally, Credit Suisse Group reiterated a neutral rating on shares of JinkoSolar in a report on Tuesday, November 27th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $12.58.

  • [By Max Byerly]

    These are some of the news headlines that may have impacted Accern Sentiment Analysis’s analysis:

    Get JinkoSolar alerts:

    JinkoSolar Holding Co., Ltd. (JKS) stock closes Yesterday with $12.12 (nasdaqfortune.com) Roth Capital Downgrades JinkoSolar Holding Co., Ltd. (JKS) to Sell Citing Negative China Outlook (streetinsider.com) Review the Facts about stock: JinkoSolar Holding Co., Ltd. (JKS) (connectinginvestor.com) Featured Stock: Jinkosolar Holding Company Ltd (JKS) (emnnews.com)

    Several research firms recently commented on JKS. Zacks Investment Research lowered shares of JinkoSolar from a “hold” rating to a “sell” rating in a research note on Thursday, June 7th. Credit Suisse Group reduced their price objective on shares of JinkoSolar from $22.00 to $13.00 and set a “neutral” rating for the company in a research note on Thursday, June 7th. UBS Group began coverage on shares of JinkoSolar in a research note on Friday, March 16th. They set a “buy” rating and a $26.00 price objective for the company. Roth Capital set a $19.00 price objective on shares of JinkoSolar and gave the stock a “hold” rating in a research note on Tuesday, March 27th. Finally, Goldman Sachs Group lowered shares of JinkoSolar to a “sell” rating in a research note on Wednesday, June 6th. Seven research analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company’s stock. JinkoSolar has an average rating of “Sell” and an average price target of $16.17.

  • [By Travis Hoium]

    Solar stocks took a beating Monday after China cut its national incentives to install solar projects. Shares of solar panel manufacturers Canadian Solar Inc. (NASDAQ:CSIQ) fell as much as 14.5%, JinkoSolar Holding Co. (NYSE:JKS) dropped as much as 17%, and Daqo New Energy Corp (NYSE:DQ) fell as much as 31.3% while inverter manufacturer Enphase Energy Inc (NASDAQ:ENPH) fell up to 13.5%. By early afternoon, most major stocks in the solar industry were down double digits.

  • [By Stephan Byrd]

    JinkoSolar Holding Co., Ltd. (NYSE:JKS) has received a consensus rating of “Hold” from the eleven brokerages that are presently covering the stock, Marketbeat.com reports. Five analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $15.80.

Paychex (PAYX) Q3 2019 Earnings Conference Call Transcript

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Image source: The Motley Fool.

Paychex (NASDAQ:PAYX) Q3 2019 Earnings Conference CallMarch 27, 2019 9:30 a.m. ET

Contents:
Prepared Remarks Questions and Answers Call Participants
Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Paychex, Inc. reports third-quarter fiscal 2019 results conference call. [Operator instructions]. It is now my pleasure to turn the floor over to Martin Mucci, president and chief executive officer to begin.

Martin Mucci — President and Chief Executive Officer

Great, thank you, Lori. Thank you for joining us for the discussion of the Paychex third-quarter fiscal 2019 earnings release. Joining me today is Efrain Rivera, our chief financial officer. This morning, before the market opened, we released our financial results for the third quarter ended February 28, 2019.

You can access our earnings release on our Investor Relations web page, and our Form 10-Q will be filed with the SEC within the next few days. This teleconference is being broadcast over the Internet and will be archived and available on our website for approximately one month. On today’s call, I will review business highlights for the third quarter, Efrain will review the third-quarter financial results and discuss our guidance for fiscal 2019, and then we’ll open it up for your questions. Financial results for the third quarter of fiscal 2019 reflected solid progress against our objectives and growth across our major product lines.

Our total revenue growth was 14% for the third quarter. Management solutions revenue grew 4%, and PEO and insurance services revenues grew a strong 65%, of course, reflecting the inclusion of the Oasis Outsourcing Group acquisition. On December 20, 2018, we acquired Oasis, the largest privately held PEO in the U.S. and an industry leader in providing HR outsourcing services, for approximately $1.2 billion.

We financed this acquisition with $800 million of new long-term debt along with cash on hand. Oasis is a great fit for our PEO growth strategy, adding to our scale, expanding relationships with new insurance partners, creating up-sell opportunities into the existing Oasis customer base and augmenting our talent with an addition of an experienced leadership team. Integration of Oasis is in process with the combination of the Paychex and Oasis PEO leadership teams already complete. We’re excited with the experience and talent that comprises new team, and we’re confident in their ability to continue to expand our leadership position in the HR outsourcing industry.

In fact, Paychex and Oasis now will, combined, serve more than 1.4 million worksite employees through our various HR outsourcing services. Execution and operations has been strong as reflected in our client satisfaction scores and client retention. We continue to be pleased with current retention results that are on track to end the fiscal year with retention in line with our historic all-time high. Our excellence in customer service was recently recognized as we earned a Stevie Award for customer service department of the year for the third straight year.

One of the reasons for this recognition was our use of technology to evolve and improve the clients’ and their employees’ service experience. Our strength and focus on technology, included self-service options for our clients, allows us to proactively respond to the changing preferences of our clients’ needs, and thank you to the thousands of Paychex service givers, who remain committed to responsiveness, reliability and serving as a trusted business partner to our clients. We made significant investments in our sales force this year, particularly, in our inside sales and midmarket sales teams and in lead or demand generation. We completed our selling season with improved performance led by our SurePayroll, HR Solutions, PEO and our inside payroll and insurance sales teams.

Our internal sales teams continue to gain ground, reflecting improved sales execution and productivity. Our Paychex IHS Markit Small Business Employment Watch has recently showed that small business jobs growth remains pretty flat in this low unemployment economy, and hiring and retaining employees is a major challenge of businesses in this current environment. These factors, along with growth in wages, are evident certainly of a tight labor market. Paychex’ position to help small and midsize businesses recruit, hire and retain talent, with a broad portfolio of service offerings that allows clients to provide an attractive compensation and benefits package, along with opportunities for growth and development of their employees.

We continue to enhance Paychex Flex, making significant investments, designed to simplify the complexity of HR administration. The latest enhancements bring more performance management workflow approvals, real-time analytics, and a configurable events calendar functionality to the platform. These features are all backed by self-service capabilities that empower employees and administrators to complete task from any location on any device. These significant technology product enhancements support our clients in recruiting, onboarding, training and developing their employees in a market where I mentioned that gets increasingly difficult to find and retain employees.

In addition to our HR center offering, our broad product set allows our clients to provide competitive benefits, including retirement and insurance options. Finally, our clients are supported by a team of over 500 Paychex’ HR specialists around the country, who serve their growing HR needs as states have increasingly made it more challenging to run and grow their businesses without this expertise. We continue to enhance our technology for efficiency through the use of artificial intelligence and machine learning. The Flex Assistant, our AI chatbot, conducts conversations with our clients and their employees and responds to a number of service inquiries.

We have seen an increasing adoption of our chatbot because of the immediate response and quick and easy-to-understand solutions to customer inquiries, as well as their employees’ inquiries. This allows for efficiencies for us in internal processes by reallocating resources to more complex tasks. Our Paychex Flex Assistant can cover topics across the human capital management suite and guides users on how to self-serve if they prefer. The best AI chatbots’ function through natural language processing to interpret users’ language to understand and meet their needs.

Combining NLP with machine learning enables a bot to quickly learn and adapt. And with the millions of monthly flex users, our chatbot is uniquely positioned to mature rapidly. Earlier this year, we launched client self-onboarding e-commerce functionality within our SurePayroll product. We are the first of public competitors to utilize a true e-commerce technology.

Paychex AccountantHQ, our latest technology and service offering designed exclusively for accountants was recognized as a winner in the 2019 Big Innovation Awards, presented by the Business Intelligence Group. AccountantHQ provides a unique combination of technology and service, allowing accountants the full access to their authorized client data, extensive reporting capabilities, real-time data integration, key account contacts and an account and resource library, all backed by our industry-leading service model. AccountantHQ’s dashboard and robust reporting capabilities allow for efficiencies but also data insights to help accountants deliver greater value as a trusted business partner. We are especially proud to have been recently recognized for the 11th time by Ethisphere Institute as one of the 2019 World’s Most Ethical Companies.

This honor recognizes a fundamental value of Paychex, which is to have the very highest ethical business practices for our clients, employees, shareholders and our communities. Thank you to all of our employees for consistently living this Paychex value and earning this recognition. We were also named one of the top 125 training organizations by Training magazine for the 18th consecutive year, this year, climbing up two spots to No. 12.

Paychex is dedicated to world-class employee learning and development and takes great pride in our training programs. Our training and development team empowers our employees to embrace a career-long approach to learning and development. I’ll conclude by emphasizing that our state-of-the-art technology, full suite of integrated HCM product offerings and personalized service is a powerful combination that positions us for sustainable growth within our markets. Our employees make this combination successful with their hard work and commitment to our clients each and every day.

I will now turn the call over to Efrain Rivera to review our financial results for the third quarter. Efrain?

Efrain Rivera — Chief Financial Officer

Thanks, Martin, and good morning. I’d like to remind everyone that today’s conference call will contain forward-looking statements that refer to future events. [Audio gap] involve risk. Please refer to our earnings release that provides disclosure on forward-looking statements and related risk factors.

In addition, I’ll periodically refer to some non-GAAP measures, such as adjusted operating income, adjusted net income and adjusted diluted earnings per share. These measures include certain discrete tax items and one-time charges. Please refer to our press release and the investor presentation for a discussion of these measures and a reconciliation for the third quarter to their related GAAP measures. I will start by providing some of the key highlights for the quarter, then follow with some greater detail in certain areas.

I’ll touch briefly on year-to-date results and wrap with a review of our fiscal 2019 outlook and ’20 framework. So look also at the investor presentation, we’ve got more detail there. Total revenue and total service revenue both grew 14% for the third quarter to $1.1 billion and $1 billion, respectively, our first $1 billion quarter and hopefully, the first of many to come. The acquisition of Oasis in December 2018 accounted for approximately one half of the growth in service revenue.

Expenses increased 13% for the third quarter to $641 million. The acquisition of Oasis contributed approximately 12% to this growth. Total expenses for the prior year three months ended February 28, 2018 included, as you’ll recall, a one-time bonus paid to non-management employees and a one-time charge following the termination of certain licensing agreements. Total expenses, excluding Oasis and these one-time costs in their respective prior-year period, increased approximately 9% compared to last year.

This 9% growth was primarily driven by increased headcount due to investments and sales force technology resources and operations to support the growth in the business. In addition, an increase in PEO insurance pass-through cost impacted the quarter. Operating income increased 16% to $429 million. Operating margin was 40.1% for the third quarter comparing to 39.4% for the same period last year.

Adjusted operating income, which excludes the previously mentioned one-time charge in the prior-year quarter, increased 7%. And I just keep referring you back to both the presentations we posted on the investor presentation we posted on the website. It goes through an extensive detail, all of the callouts. Our effective income tax rate was 23.7% for the third quarter, compared to 1.1% for the same period last year.

The enactment of the Tax Cuts and Jobs Act or tax reform in December 2017 resulted in a significant decline in the federal corporate statutory tax rate. In the third quarter last year, we recognized a net discrete tax benefit of $79 million from the revaluation of our net deferred tax liabilities at this lower rate or at the new lower rate. In addition, during the third quarter last year, we recognized the fiscal year-to-date catch-up for the lower-blended effective tax rate applicable for the fiscal year. These two items resulted in the low 1.1% effective rate for the prior-year quarter.

We anticipate that the effective tax rate before any discrete tax items will be approximately 24% for the full year of fiscal 2019. Again, I refer back to the investor presentation. Net income decreased 12% to 325% for the third quarter, primarily due to the significant tax impacts I just discussed, partially offset by the one-time charge following termination of certain licensing agreements also recognized in the last year’s third quarter. Adjusted net income increased 3%.

Adjusted net income as a non-GAAP measure that excludes the one-time charge related to termination of the licensing agreements, tax benefit, the revaluation of deferred tax liabilities and excess tax benefits related to employees’ stock-based comp, which we call out. However, this measure still incorporates the impact of the year-to-date catch-up for the lower-blended federal corporate statutory rate recognized in the third quarter last year, which is moderating the growth for the current period. Diluted earnings per share decreased 11% to $0.90 for the third quarter, but adjusted diluted earnings per share increased 3%. These growth trends reflect the same factors as discussed for net income.

And again, I refer you back to the investor presentation, which details it. I will now provide some additional color in selected areas. Management solutions revenue, which includes payroll service revenue, together with our HCM products, included in many of our product bundles, increased 4% to $802 million for the third quarter. Lessor contributed less than 1% to the growth.

The remaining increase was driven primarily by growth in client bases across our HCM services and growth in revenue per check, which improved as a result of price increases, net of discounts. PEO and insurance. It increased 65% to $246 million for the third quarter. Excluding Oasis, PEO and insurance service revenue would have increased 17% for the third quarter.

This growth was primarily driven by the continued strong demand for our combined PEO services, which, along with WSE growth, the worksite employee growth and our existing client bases, resulted in solid growth and in client worksite employees served. Our insurance service revenue benefited from growth and the number of health and benefits applicants. The rate of growth for insurance services was moderated by softness in the workers’ comp market. As state insurance funds declined, we expect this trend and workers’ comp revenue to persist, and we expect it to persist in the next year, more to follow on that.

It will have a modest impact. Interest on funds held for clients. It increased 27% for the third quarter, $23 million, primarily as a result of higher average interest rates earned. Average balances for interest on funds held for clients were down for the third quarter, primarily driven by the impacts of lower client employees’ tax withholdings resulting from tax reform and client base mix, partially offset by wage inflation.

Investments and income. Our goal, as you know, is to protect principal and optimize liquidity. We continue to invest in high credit quality securities. The long-term portfolio currently has an average yield of 2.1% and an average duration of 3.1 years.

Our combined portfolios have earned an average rate of return of 2% for the third quarter, up from 1.5% last year. Year-to-date results, let me briefly summarize where we’ve been for this nine-month period. Management solutions revenue is up 4%, PEO and insurance revenue increased 40%, 23% without Oasis and 17% organic. Interest on funds held for clients increased 28%, driven by interest rate increases, partially offset by the impact of a 2% decline in average invested balances.

Total revenue, this includes obviously, Oasis, up 10%. Operating margins were 37.8%, tempered by accelerated investments in the business and growth in PEO direct insurance costs. Net income increased 4%, and adjusted net income increased 12%. Diluted earnings per share increased 3%, but adjusted diluted earnings per share increased 12%.

Let’s go through the highlights of our financial position. It remains strong with cash, restricted cash and total corporate investments of $886 million as of February 28, 2019. We had a strong cash flow quarter, even though we utilized part of our cash to pay for the Oasis acquisition. Funds held for clients as of February 28, 2019 were $5.4 billion, compared to $4.7 billion as of May 31, 2018.

Funds held for clients. As you know, very widely in a day-to-day basis, averaging $4.4 billion for the third quarter and $3.9 billion for the nine months. Total available for sale investments, including corporate investments and funds held for clients reflected net unrealized losses of $10 million, compared with $38 million as of May 31, 2018. Total stockholders’ equity was $2.6 billion as of February 28, 2019, reflecting $604 million in dividends paid and $33 million of shares repurchased during the first nine months of fiscal 2019.

Our return on equity for the past 12 months was up formidable 42%. Cash flows from operations were $1 billion for the nine months, an increase of 3% from the same period last year. The increase was driven by higher net income and noncash adjustments, partially offset by working capital fluctuations, working capital fluctuations related to timing around collections and related tax payments for the combined PEO business, it decrease in accrued liability balances in connection with the termination of certain licensing agreements in fiscal 2018. Now turning to 2019 guidance, I will discuss the guidance for full-year fiscal 2019.

I’d remind you that our outlook is based upon our current view of economic conditions. Continue with no significant changes, we maintained our guidance as provided last quarter, including the overlay on Oasis, which I’ll talk about in a second. I will reiterate these guidance ranges and provide some color where applicable. And then just finally to remind everyone, I’ll give the guidance first excluding any anticipated impact from the Oasis acquisition, then follow it with the anticipated impact of Oasis on our results.

And I would say this, some of you have updated your models for the inclusion of Oasis, some have not, and so we thought that it made more sense and was better to be very clear to say, here’s what our base guidance is and then the overlay of Oasis, so just remember that as I walk through this. So excluding Oasis, management solutions, expected to grow approximately 4%; PEO and insurance, anticipated to grow in the range of 18% to 20%; interest on funds held for clients, anticipated to grow 20% to 25%; total revenue, anticipated to grow in the range of 6% to 7%; operating income as a percent of total revenue, anticipated to be approximately 37%; interest income, net, anticipated to be in the range of $10 million to $15 million; the effective income tax rate for fiscal 2019, expected to be approximately 24%; net income and diluted earnings per share anticipated to grow approximately 4%; adjusted net income and adjusted diluted earnings per share, both expected to increase in the range of 11% to 12%. We give the guidance this way so there can be no confusion as the fact that we’re tracking exactly to the plan that we set at the beginning of the year, and don’t blend or confuse the info on Oasis. So now let’s talk about it when we include Oasis.

It’s anticipated, as we said previously, they have an incremental impact on total revenue in the range of $155 million to $175 million in fiscal 2019. As we’ve refined these numbers, we think that that number is going to be on the lower end of that range, in the low 160s. Excluding one-time cost related to the acquisition, Oasis is anticipated to have minimal impact on earnings per share. Now when we include one-time acquisition and integration costs, we anticipate the impact on diluted earnings per share to be approximately $0.03 per share for fiscal 2019.

And that’s consistent with what we’ve said previously, a little more color on where we fall within that $155 million to $175 million, and that really has everything to do with the way we are looking at pass-through costs in that business. I’ll provide you with a little additional color for the last quarter of the year. Consistent with how we guided on last quarter’s call, we anticipate that management solutions revenue growth in Q4 will be below the full-year rate due to the anniversary, primarily, among other things, of the Lessor acquisition, we still think that management solutions will fall between 3% and 4%. Last quarter, we indicated that for Q3, we anticipated PEO and insurance services revenue increase in the range of 15% to 17% and for Q4 to be in the range of 10% to 13%.

Growth in Q3 came in at the high end of the guidance range we provided last quarter, and we now expect growth for Q4 to be approximately 9%, so below that range. There’s two reasons for that, there was some timing of revenue that shifted between quarters on the insurance side. And despite this, we anticipate achieving our full-year guidance range. We’ll talk a little bit more about what we’re seeing as we talk about the ’20 guidance, but there’s also a little bit of softness on the workers comp portion of our insurance revenue that pulls that revenue down a bit.

Now let me talk about the 2020, and I would just caveat everything I’m saying by saying that we haven’t completed our planning process, but we thought, given the Oasis acquisition and the fact that you’ll need to update models, we thought we’d give you some preview of what we’re looking at for the year including Oasis. We’ll provide detailed guidance during our fiscal 2019 fourth-quarter call as we always do. But let me give you some high-level commentary based on a preliminary look into next fiscal year. Management solutions revenue growth, we anticipate it to be comparable to the growth in 2019.

PEO and insurance revenue, excluding Oasis, anticipated to reflect low double-digit growth, so that means about in the range of around 10%. Including Oasis, PEO and insurance services revenue growth will be in the range of 30% to 35% with growth higher in the first half of the year until the anniversary of the Oasis acquisition. Operating margins at this stage we think will be in the range of 37% to 38%. We’ll see where we end this year, but that anticipates some improvement, some leverage on the base business.

We anticipate Oasis will contribute revenue in the range of $355 million to $375 million next year, and it’s going to be largely neutral to earnings per share. With the significance of the interest expense and the amortization expense associated with the Oasis acquisition, we introduced a discussion of EBITDA margins. Please refer to the investor presentation on our IR web page for the calculation of EBITDA for the first nine months of of fiscal 2019. We anticipate EBITDA for the full-year fiscal 2019 will be approximately 41%, and we expect EBITDA as a percent of total revenue for fiscal 2020 to be consistent with fiscal 2019.

And if you look at the way we calculate EBITDA, it’s pretty simple and should be pretty easy to follow. I reiterate that these comments are very preliminary and subject to revision as we finalize our plans for next year. I will refer you to our investor slides on our website for more information. By the way, I just wanted to clarify one thing that 37% to 38%, it’s clear on the web page, that operating margin I cited would exclude Oasis.

So look at the slide, it I think lays it out pretty clearly. So with that, I’ll end my comments and turn it back to Marty.

Martin Mucci — President and Chief Executive Officer

OK. Thank you, Efrain. And operator, now we’ll open the call to questions, please. 

Questions and Answers:

Operator

[Operator Instructions] Our first question comes from the line of Ramsey El-Assal of Barclays.

Damian Wille — Barclays Investment Bank — Analyst

This is Damian on for Ramsey. Hoping you guys can talk a little bit about your long-term growth expectations for the PEO and insurance revenue, obviously, you’d provided that preliminary framework for 2020, which I really appreciate at the low double digits. But I think we were thinking about that more in like a mid-teens type of a rate. Can you maybe dissect what’s going on in there? And why the declaration year over year?

Efrain Rivera — Chief Financial Officer

So the answer to that is, I gave you PEO and insurance. So our PEO business, our base PEO business is growing in the teens, insurance pulls that growth rate down a little bit. I would just say that insurance revenue can vary from year to year. It could very well be by the back half of next year, growth in insurance revenue picks up again.

So it oscillates. Our PEO growth, we expect it to be in the teens. So that’s one thing. And then the second thing is, we’ll have to see when we anniversary Oasis, what our growth rate coming out of that will be because the numbers are larger.

So I think that’s the answer to the question.

Damian Wille — Barclays Investment Bank — Analyst

OK. And on the operating margin then for 2020. It’s nice to see some of the leverage in the model there. Maybe if you could talk about some places that you guys are looking to invest next year or maybe in Q4 here and then into next year.

Like what are the places that you guys are going to invest in? And how that kind of plays into your operating margin expectations?

Efrain Rivera — Chief Financial Officer

I would say that as we get into next year, we identified areas where we would invest this year as part of tax reform. And so there will be a continuation of those three broad buckets of investment. Not at the same level that we invested this year, certainly, on a net basis, meaning, we’re getting some benefits from it, well, you won’t see the same level of net spend that you saw this year. But we will continue to invest in marketing and sales, I think a little bit less in sales.

And on the marketing side, continue to invest in operational efficiencies and then continue to work on IP and product. So Martin, you can go.

Martin Mucci — President and Chief Executive Officer

Yes. One of the other things, as Efrain mentioned, those are the same things you’ll see continuation of that and a little bit lower, but the product acceleration would be the other one that — to the ones that Efrain mentioned. So lead generation, demand generation has been a big focus for us. A lot more leads coming in over the web.

And I really think we’re hitting our stride through some of the programs we put in place at the beginning of this fiscal year to drive more demand and then nurture those leads, because so many more are coming in that way and then handling them as well through internal sales. So we’ve really continued to invest there. Product acceleration, these were things that we were going to do. We accelerated, particularly, into this quarter, a lot of product around HR, what we call, our HR center and enhancing that with data analytics, learning management system to provide training for our employees and their clients and performance management among other things.

So product acceleration, lead generation and operating efficiencies as well, using some of the work we’ve done and now chatbots and chat and other self-service capabilities that our clients we’re looking for.

Operator

Your next question comes from the line of Jason Kupferberg of Bank of America Merrill Lynch.

Amit Singh — Bank of America Merrill Lynch — Analyst

This is actually Amit Singh for Jason. You guys just went through the key selling season. So what were the key takeaways from there? Anything that stood out as being different this year versus, let’s say, past couple of years in terms of competition, pricing, etc.?

Martin Mucci — President and Chief Executive Officer

Yes. I think the competitive environment is about the same. We didn’t see a big change there. We feel year to date, we’re really seeing the best-selling seasons selling, frankly, in par growth that we’ve had in a few years.

So that continued. I think it was moderated a little bit in January — in the December, January kind of time frame, between the government shutdown, the market kind of dropping and then rebounding and etc. So we saw a little moderation there, but really when you look at the selling season overall for a par growth, we don’t really give the number, but it’s the best we’ve seen in three years, and certainly, year to date it’s the same thing. So we’re feeling great momentum, particularly, on the HR Solutions and PEO side of the business, insurances, health insurance and our inside sales piece as well.

Amit Singh — Bank of America Merrill Lynch — Analyst

OK. And then just expanding on that competitive dynamics into your PEO market, and especially, as we look at your fiscal ’20 guidance versus ’19, there has been some strong growth for a while there, but is it now getting noticeably more crowded?

Martin Mucci — President and Chief Executive Officer

Well, actually I think, we’re building even more strength with adding Oasis and now serving through the various, not just PEO, but our other HR outsourcing solutions of 1.4 million worksite employees. We’ve built a real strength, and we expect to capitalize on that with carrier relations, the insurance carrier relations expanding into other states and selling our products into the Oasis base as well. So as Efrain said, I think, if you look at the whole PEO and insurance segment, it’s moderated a bit, but a lot of that coming from the insurance side of it and particularly, workers’ comp, which, I think, you know, cycles, working in a down-rate environment, which has actually picked up pretty quickly. And so once those state funds lower their insurance rates and the impact on the overall workers’ comp rates have come down, that’s really accelerated in the last couple of months.

And that’s going to put some moderation on the PEO and insurance line. But the PEO itself, we expect still to be very strong and particularly with the recent acquisition with Oasis, of course, and HROI as well. We feel very good about the leadership teams. They are the integration that’s already under way.

Operator

Your next question comes from the line of James Schneider of Goldman Sachs.

James Schneider — Goldman Sachs — Analyst

I was wondering if you could maybe go a little bit further on the selling season commentary you had a minute ago, Marty. Just given what you’ve seen from Oasis thus far, what’s been the reaction from clients with respect to the addition of that to your broad portfolio? And I guess, more broadly speaking, heading into fiscal ’20, do you feel kind of incrementally better or worse about the growth in the kind of the core payroll franchise, revenue growth, heading into next year?

Martin Mucci — President and Chief Executive Officer

Yes. I think, starting with the PEO, I think we’ve gotten good positive feedback from clients. I think Oasis already had a strong feeling from their clients and the leadership, Mark Perlberg, who has been running Oasis and is leading our PEO as we combine it. We’re really designing a great balance of selling into new clients and selling into the base as well.

Of course, we have a top 20 insurance agency that now Oasis can use the strength of that. So where insurance is not a good fit on the PEO model, you can now add Oasis clients as — in new sales, like we’ve done, can now go to the insurance agency to be able to get insurance. So we’re adding some strength there. Of course, they had different carriers, relationship levels than we did, and so we’re expanding into new states.

So I think the reaction has been good. The opportunity is great. And I think the integration is going very well from that standpoint. On the core payroll side, I think that competition has continued to be about the same.

It’s competitive. The pricing though hasn’t changed a lot. I think we still have some pricing power there. Would always like to see that growth a little stronger, but that’s also the way we’re leading our sales now.

We’re leading much more with HR overall. So we’re selling more bundles, we’re selling more into the PEO and HR outsourcing. And you’re not getting quite as much of the demand for payroll only and that’s exactly how we expected it. So I think you’re seeing price and level of competition the same there.

It’s OK. It’s not as strong as we’d like, but I think it’s moving exactly the way we thought toward more HR. Now on the SurePayroll side, for example, I mentioned that we just introduced an e-commerce option, we’re seeing that that is helping not only accept more leads but gain more clients that way. It’s early in the process.

But what you’re finding is, if a client comes in and can complete the entire transaction on their own or get help from our internal sales teams if they need it and kind of complete the whole thing in an e-commerce platform, that’s pretty strong as far as capturing the client when they’re looking, instead of getting a lead and then trying to reach the client, who may have decided to go to someone else because they couldn’t talk to someone or complete the transaction. So I’m thinking we’re seeing some positive growth there, and they’re doing, and we are seeing some strong growth on the low end because of that.

James Schneider — Goldman Sachs — Analyst

That’s helpful. And then maybe relative to the margin outlook you’re providing for fiscal ’20. It looks like on an apples-to-apples basis, you’re calling for margin expansion of a little bit over 50 bps, if I’m not mistaken. So I guess, could you maybe just kind of clarify relative to the reinvestments you’ve been making, do you feel like you have all the investment you need on the product side at this point to the extent that you’re going to get incremental leverage off of that investment from here on out? And then maybe, Efrain, you can just clarify what the expected operating margin drag from Oasis will be for fiscal ’20, roughly speaking.

Efrain Rivera — Chief Financial Officer

OK, so Jim, those are all interrelated. So you carefully pars what we said as usual. We said that this year’s guidance, excluding Oasis, operating margins would be approximately 37%. And then the preliminary framework we’re saying is between 37% to 38%, that would imply exactly what you would say.

I would caveat one thing, Jim, that obviously, we could end up a little bit stronger than 37%, in which case the leverage will be a little bit less. But the premise to your question is valid. So what’s happening is that, when we invested in year one, you don’t see the benefits or the results of that investment in year one, you get into year two, you’re continuing to invest, and you start to now get benefits from investments made in year one. That’s why I carefully said, the net spend that we have relative to the investments we made after tax reform goes down, so you’re seeing that in the margin.

And the second thing before I turn it over to Marty, talk a little bit more about that, is to say that, when we think about what that spending has done and will do for us, it becomes a down payment for roadmap to the future where additional opportunities for leverage exist. Marty mentioned the investments we’ve made in things like that chatbots using AI NLP, machine learning, and not to be overlooked are things like the e-commerce developments we put into SurePayroll. And again, we are the first publicly traded company that has created that platform. So all of those now become things that we can leverage in the business to drive further efficiencies and in some cases, also in additional sales.

So we’re getting benefits. It’s opening up other pathways that we hadn’t considered. And that will be a benefit to us in the future.

Martin Mucci — President and Chief Executive Officer

Yes. so I think Efrain’s pretty much covered. The investments we made kind of from the tax reform that we talked about, starting really last year, was that that would do that from a product standpoint, we accelerated the product. In fact, a lot of that rolled out in the first two quarters and then in this quarter.

From an HR center perspective, we’re very happy with that that we were able to accelerate that. And then on the efficiencies, a lot of it has also been done to create those operating efficiencies. And the chatbot, for example, someone who wants to chat or have a quick answer to a question, 45%, now I think this last month, are already been answered only by the chatbot. So it doesn’t have to go to a live person to handle through chat or live talk.

And that is creating some nice efficiencies, and we’re able to increase the productivity of our payroll specialist and across the board actually. So where actually the chatbot stuff and the work that’s automated response is going much faster. And I said, given the millions of clients and employees — client employees that we have using this, the machine learning is really creating things very quickly. Last month, we had a month and a half ago, we had about 45 answered by the chatbot, different questions that it would expect.

Now it’s over 100 because of the machine learning piece of that. So —

Efrain Rivera — Chief Financial Officer

And if I can build on that, part of it’s a productivity player, but another part is serving the client better. And so at the end of the day, when you combine that technology with our world-class service capability, you got a pretty powerful service differentiator. So we’re pretty excited about where we’re at.

James Schneider — Goldman Sachs — Analyst

Great. And can you just quickly clarify the drag from Oasis expansion in fiscal ’20 roughly?

Efrain Rivera — Chief Financial Officer

Yes, Jim. So if you look at the page where I put the — or what we put on the IR presentation there, you can do the calculations to get there. You’ll see what the impact is. I would say this, the drag year over year is, from an EBITDA perspective is modest.

And I would say, also from an operating margin perspective, when you go through the calculations, you can call me later on that to make sure you got it, it’s not dramatic.

Operator

Your next question comes from the line of James Berkley of Wolfe Research.

James Berkley — Wolfe Research — Analyst

I guess, just to start, if you could just help us understand the $20 million range. Just what’s keeping you from having a little more visibility, I guess, into the contribution from Oasis in the fourth quarter? And then some thoughts on cost and revenue synergies over time? And any signs you may be able to accelerate the upselling part of your payroll base, just given the acquisition of Oasis? And how much will you reinvest and whatnot into the sales force?

Efrain Rivera — Chief Financial Officer

So if you look at it, you have line of sight to what to was in Q3. I’ve given you a number that’s pretty clear. I think it can get through where we think we’re going to land. So I’m reticent to keep changing guidance because we’re falling within the range.

And I think at this point, I called out what I thought the contribution for the back half of the year is going to be. If you look in the presentation, we’ve detailed what Oasis was for the quarter, about $70 million. I’ve detailed what it is for Q4. I think we’ve given a pretty clear road map in terms of what we think it will be for the balance of the year.

James Berkley — Wolfe Research — Analyst

Perfect. Yes, I understood that you just didn’t want to change it there. Just commenting on the cost and revenue synergies over time, if you don’t mind?

Martin Mucci — President and Chief Executive Officer

Yes. I think from a cost standpoint, I think, a lot of it we’ve actually already started. There was some synergies of duplication of people. Some of that’s already been done.

And I think we’re pretty much far down on the road on that one. We also are looking at, obviously, from a cost standpoint, what can we do with the carriers to get better cost and plans is in place. And we’ll be working those through. It’s a little bit early on that one, but we’re working through that right now.

Organization is in place, and the product strategy is working through right now. I don’t see a lot of needs of technology investment that needs to be done there right now. So that should be pretty solid. Sales team is pretty clear on who’s got what already, that’s in place.

And I think, so the cost synergies will, again, be people but pretty much done; insurance carriers and rates there to lower our cost; efficiency and, frankly, handling; and I guess, I’d say, on the revenue side, selling more obviously and being able to capture some retirement products in there and more insurance. To the degree we couldn’t underwrite them, we drive them to our insurance agency like we do for our PEO. That’s something that Oasis did not have before either and now will be able to use. So we haven’t laid out all the quantification, I think, in the guidance you see kind of overall where we think it’s going to be.

And frankly, the short-term impact is pretty moderate to the EPS. So we feel pretty good about the margins and everything there.

James Berkley — Wolfe Research — Analyst

OK. And then just more generally, real quick, I mean, I know your focus is obviously shifting toward PEO, and it’s becoming increasingly important given the ACA and the 50-employee insurance mandate, etc. Just could you give any numbers or just an idea just on how much white space you see out there? And what percent of the addressable market is unpenetrated right now? And just kind of talk to your longer-term strategy in the space going forward, whether it’s around M&A or organic growth, etc.?

Martin Mucci — President and Chief Executive Officer

Well, yes, I think it’s going to be both. I mean, primarily organic growth, but we’ll continue to look for opportunities like Oasis and other PEOs. And it really it looks like more of an HR outsourcing opportunity because what’s changed is, a few years ago, the average client size that needed HR, needed retirement and those things was, I would say, 25, 30 employees plus. That has come down pretty dramatically.

As you’ve seen the states increased their regulations, Fed may have come down a bit, but the states have really increased the enforcement and the regulations that they have on things like immigration and whether your workers are legit or not, the need for retirement plans, all that has been pushed up and a lot of requirements, and the enforcement has picked up, where they’re looking for revenue from these and enforcements. So the need for HR has really grown. So I think, look, there’s a lot of white space there. There’s a lot of opportunity.

And it’s growing as well. And so you have to be someone, who through your technology and your service, can give that kind of complete set. So not only are you helping on a tough — on a low unemployment market, the first thing you hear constantly in our surveys is I need help recruiting and retaining employees because it’s so tough out there to get them. So you have to offer benefits of a large company, but you’re a small or mid.

You have to offer benefits. You have to offer mobility options, so people can do things. 70% of our clients’ employees expect that they should be able to do everything on their phone, they don’t want to talk anyone in HR, they don’t want to go online, they want every to read — certainly, not on paper, they want to do everything mobile. And that’s all the products that we’ve been introducing and linking together for a total HR experience.

So that helps you bring in employees, and it helps you retain and develop your employees, so that they stay. And that’s exactly what we’re responding to. Like retirement, signing up retirement used to be a heavy paper-intensive process for your employees who want a retirement plan, you push it out there, it’s all paper, it’s tough to do. You now can have an employee set up their retirement in four clicks on our mobile app.

So you’re making the small and midsized business more competitive and helping them continue to retain those employees as well.

Efrain Rivera — Chief Financial Officer

The other thing, James, I’d say is, and maybe I’ll publish you some data on this, but if you look at the 20 and above space and the amount of worksite employees, which is probably the best way to dimension the opportunity, you’re in the multiple tens of million of worksite employees. If you take the top four PEOs, you barely get to two million worksite employees. Now there are more worksite employees serviced by smaller PEOs. But when you compare that to the amount of worksite employees that exist in 20 and above, which is we’re in now, and may in the future be 10 and above, we’re at the sweet spot of PEO because you have a significant amount of white space.

And the penetration rate is in the low single — is in the single digits, mid to low single digits.

Operator

Your next question comes from the line of Jeff Silber of BMO Capital Markets.

Jeff Silber — BMO Capital Markets — Analyst

I just wanted to continue the discussion on the PEO space. Are you going to market differently with your Oasis product versus your legacy Paychex product?

Martin Mucci — President and Chief Executive Officer

I would say, in the short term, probably a little bit differently just because of the brand and so forth, and we’re working through that now. But the packages, what you would say is, Oasis has gone more into, obviously, brand-new clients that have not been on a PEO or any other service. With our base, we’re working through the client base as well. So we have a team that sells into the client base, who has that need and can graduate, I guess, I’d say, to a PEO.

And Oasis and the rest of the team is selling brand-new clients to the PEO or HR concepts. So a little bit different there. We’ll be fixing the brand as we work through what’s the best way to approach that. But generally, they’re both selling, “Hey, this is an HR support package that is there.

Whether you take the insurance through us or whether we underwrite it through the agency, you have full retirement and payroll and HR administration packages.” And so, I would say, at a high level, it’s certainly is being marketed the same way because that’s the need of the client that we see out there.

Jeff Silber — BMO Capital Markets — Analyst

OK. I know during the last recession, this was a relatively small piece of the business. I’m not even sure if Oasis was even around then. But can you give us your expectations of what you think might happen to this business, if God forbid, we go into any type of downturn in the U.S.?

Martin Mucci — President and Chief Executive Officer

Well, I think, from an HR standpoint, sometimes in a recession, you need HR support more than ever. Certainly, on the small business side, that’s only payroll. For example, you have small businesses, more of them go out of business, and few of them start up. So you always have some hits there.

But I think by expanding and really becoming much more of an HR company and having retirement offerings, insurance offerings and a much more complete package, that makes us much more resistant to a downturn in the economy. And that’s the way we looked at it for the last few years as we’ve positioned the company to be much more of an HR outsourcing company than just payroll. That’s because that is actually more in need in those difficult times. Now you need much more HR decisions to say, “Hey, what do I do with pay increases? What do I do with insurance offerings? How do I cut costs but keep my people?” That’s when you need the personalized HR support that we give with over 500 HR generalists.

At the same time, the technology, frankly, will make you more efficient as our clients are. Our clients are becoming much more efficient because of our mobile app that they use now, that if a client employee now needs to change their address in the system, in the old days, they’d go to their HR person or their business owner, they’d have to call us, they would talk to us they would change it. They don’t do anything now. Now they say to the employee, you can change it yourself.

You can go on your mobile app and do everything basically. So all those things, the technology changes, the HR focus, the total package, that makes us really more resistant and stronger in a recession-type era.

Efrain Rivera — Chief Financial Officer

So just to build on what Marty said, if you look at from a product standpoint, obviously, that’s sticky. From a client size standpoint, you have more resilience because clients typically are larger in a PEO. So in our payroll, if you’re payroll only, you tend to be smaller PEO clients or in a higher-sized bucket, which gives them a little bit more ability to withstand a downturn in the economy.

Operator

Your next question comes from the line of Lisa Ellis of MoffettNathanson.

Lisa Ellis — MoffettNathanson, LLC — Analyst

My first question is related to the e-commerce capability describing for SurePayroll. Can you just talk a little bit more broadly is there a big like digital marketing push accompanying this? So the concept being to get the small business owner over the weekend or whatever sort of Google searching and end up finding Paychex and SurePayroll and being able to onboard entirely independently. Can you just give a little bit more color around like where this is headed? Yes.

Martin Mucci — President and Chief Executive Officer

Yes, it is. It’s actually a continuation of — what we saw was, with lead generation, we’re doing a much stronger job with getting the leads in and typically, it’s more of a form fill out, right? And then we get back to them, where the client contact is somehow through the lead and says, get back to me. Well, the hardest thing to do is get back to a client today, get anyone to answer the phone. So what we found with e-commerce is not only is it responsive to a client the way they want to set themselves up, when they want to do it, weekend, nights or whatever, but also that you’ve captured that lead because now you don’t have to get back and the client will start themselves.

They’ll compare, they’ll see the price, they’ll see the product, they decide to buy, they’re in the mix. And even if they get halfway into it and need help, that’s fine. We have someone ready at all times to be able to just go to someone either through a chat or a direct line and talk to them to help them through the process. But you’ve captured them now as opposed to trying to reach back to them.

And that has been one of the strongest findings through the e-commerce is, lead generation is great, but closing that lead at the time that the prospect wants to close it is huge. So that’s been the biggest benefit of this thing.

Efrain Rivera — Chief Financial Officer

And I’d say that it’s not in the future. We launched in Q2, and it’s up and running.

Martin Mucci — President and Chief Executive Officer

Yes, yes.

Lisa Ellis — MoffettNathanson, LLC — Analyst

OK. And then on a related note around the investments around technology that you’ve been talking about, when they evolve, given initiatives under way that are leveraging your underlying database of employment-related data, I mean, so you can feed back things like benchmarks or give guidance and advice? Yes? OK.

Martin Mucci — President and Chief Executive Officer

Yes. They have already been released. So — and given the size of our client base and employees of our clients, that can give great data. So we give data, for example, on turnover.

And there obviously, it’s at a gross basis kind of pulled together. But it can do it by size as well, size of clients or size of your business and so forth. So yes, we’re giving data analytics. Something that’s been very important to our clients, to get data analytics.

And most small to midsize businesses could never get at that data or ever pay for that data in the market that we can give them very quickly using our very large client base.

Lisa Ellis — MoffettNathanson, LLC — Analyst

OK, great. And then just last one, Marty. Can you just summarize — you always give really good color around the macroeconomic indicators you see in your business that give you a sense for the overall health of