This inflation-fighting stock screen shows companies increasing profitability in this environment

Published Wed, Nov 10 202110:29 AM ESTUpdated Wed, Nov 10 202111:43 AM EST

Consumer prices last month had their biggest increase in 30 years, signaling to investors they may need to find companies which are increasing profitability as rising costs drag down others. The consumer price index, which is a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% in October from a year ago , hitting its highest level in three decades. Investors need to find companies that are still increasing their profitability and growing their earnings in the tough inflationary environment. Typically, companies that are able to grow profitability in an inflationary environment are those that can pass on rising costs to consumers. In other words, these companies have pricing power. CNBC Pro used FactSet to screen for companies with expanding operating margins, a measure of profitability, over the past year. That means their most-recent quarterly profit margin is higher than the same period a year ago. These listed stocks are also expected by Wall Street to increase earnings by more than 20% this year. We further winnowed down the list by finding names which have more than 60% of analysts giving them a buy rating and at least 10% upside over the next 12 months, according to their consensus price targets. Take a look at CNBC Pro's list here: The list is full of energy names like Diamondback Energy , EOG Resources , Pioneer Natural Resources and Schlumberger . While energy has been the best-performing sector this year, analysts still see these stocks going higher from here. Diamondback Energy, EOG Resources and Pioneer Natural Resources increased their operating margins by at least 30 percentage points. Plus, Diamondback Energy is expected to grow earnings more than 250%, EOG Resources is forecast to increase earnings 478%, and Pioneer Natural Resources is estimated to grow profits by more than 527%. Technology darling Alphabet also made CNBC Pro's list. The so-called FAANG stock has increased its operating margin by nearly 8 percentage points in the past year. The Google-parent is also expected to grow earnings more than 83% in 2021. Other tech names include Micron Technology , Electronic Arts and Microchip Technology . Health-care companies Medtronic , Vertex Pharmaceuticals , Danaher and Boston Scientific are also strong inflation-fighting stocks. Medtronic's operating margin rose more than 12 percentage points since last year and earnings are expected to grow nearly 29% in 2021. Operating margins for Vertex Pharmaceuticals, Danaher and Boston Scientific also increased. Bath & Body Works and Howmet Aerospace also earned spots on CNBC Pro's list.

American multinational technology company Google logo seen at Googleplex, the corporate headquarters complex of Google and its parent company Alphabet Inc.

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Consumer prices last month had their biggest increase in 30 years, signaling to investors they may need to find companies which are increasing profitability as rising costs drag down others.