There is an Omaha company that, quite simply, makes some of the most recognizable food brands in the world. Perhaps that is not too surprising; they have been at it since 1919.

ConAgra Foods (NYSE: CAG) offers packaged and frozen foods, seafood and dairy products to retail, foodservice, commercial product and international customers. Among the company's many brands are Hunt's, Banquet, Chef Boyardee, Van Camp's, Healthy Choice, Orville Redenbacher's, PAM, Slim Jim and Wesson. Major competitors include Kraft Foods (NYSE: KFT) and Unilever (NYSE: UL).

The company pleased investors late last month, when it reported Q4 EPS of 39 cents and revenues of $3.33 billion. Analysts had been expecting 31 cents and $2.83 billion. The CEO attributed success to record trading and merchandising profits, continued progress with cost-saving initiatives, and accelerating sales performance for key brands within the Consumer Foods segment. Management also guided FY08 EPS to $1.48, a figure in-line with the average Street estimate.

The share price popped on the news and has since been consolidating the gain in a bullish "pennant" pattern. Prices frequently exit pennants moving in the same direction they were traveling when they entered them. In this case, that would be to the upside.

Brokers recommend the issue with one "strong buy", one "buy", seven "holds" and two "sells". The CAG P/E ratio (20.18), Price to Sales ratio (1.13), Price to Book ratio (2.96), Sales Growth rate (13.18%) and EPS Growth rate (21.88%) compare favorably with industry, sector and S&P 500 averages.

Institutions hold about 70% of the outstanding shares. The stock is one of those used to calculate the S&P 500 Index. Over the past 52 weeks, it has traded between $21.26 and $28.35. A stop-loss of $23.85 looks good here.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com.