Caterpillar Stock Bounces Back with Record Quarter and Packed Backlog

Caterpillar stock has surged 37% since the start of the year, but it's had to pull back from its June high of $1,065. The machinery giant reported a record quarter in August, with revenue hitting $20.5 billion and adjusted earnings per share reaching $8.17.

Power & Energy segment sales climbed 17%, while power generation revenue jumped 72% as data center operators lined up for large gensets and turbines. Caterpillar's backlog grew 92% year-over-year to $72 billion, with 59% of that total scheduled to ship within the next 12 months.

Despite some analysts trimming their price targets, the mean target now sits at $976, 19% above the current price. TIKR values Caterpillar at $1,044 by 2030, a 27% total return from today's price.