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Atlas (ATCO) Stock Jumps 6.1%: Will It Continue to Soar?
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Atlas shares ended the last trading session 6.1% higher at $14.91. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 4.2% loss over the past four weeks.
Shares of Atlas gained following the company's announcement of the update related to the Poseidon deal. ATCO confirmed that the special committee of independent directors continued negotiations with Poseidon regarding the previously announced proposal for a transaction in which the consortium would acquire all of the outstanding common shares of Atlas that it did not already own or control.
ATCO announced that the special committee and the consortium have made meaningful progress in negotiation of a potential transaction at a per share cash price of $15.50, plus payment of all ordinary course third quarter and fourth quarter 2022 dividends regardless of the timing of any closing.
This shipping company is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of -28.6%. Revenues are expected to be $436.82 million, down 3.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Atlas, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ATCO going forward to see if this recent jump can turn into more strength down the road.
Atlas is part of the Zacks Financial - Investment Management industry. Lazard (LAZ - Free Report) , another stock in the same industry, closed the last trading session 1.9% lower at $32.41. LAZ has returned -11.6% in the past month.
For Lazard, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.83. This represents a change of -15.3% from what the company reported a year ago. Lazard currently has a Zacks Rank of #3 (Hold).
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Atlas (ATCO) Stock Jumps 6.1%: Will It Continue to Soar?
Atlas shares ended the last trading session 6.1% higher at $14.91. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 4.2% loss over the past four weeks.
Shares of Atlas gained following the company's announcement of the update related to the Poseidon deal. ATCO confirmed that the special committee of independent directors continued negotiations with Poseidon regarding the previously announced proposal for a transaction in which the consortium would acquire all of the outstanding common shares of Atlas that it did not already own or control.
ATCO announced that the special committee and the consortium have made meaningful progress in negotiation of a potential transaction at a per share cash price of $15.50, plus payment of all ordinary course third quarter and fourth quarter 2022 dividends regardless of the timing of any closing.
This shipping company is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of -28.6%. Revenues are expected to be $436.82 million, down 3.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Atlas, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ATCO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Atlas is part of the Zacks Financial - Investment Management industry. Lazard (LAZ - Free Report) , another stock in the same industry, closed the last trading session 1.9% lower at $32.41. LAZ has returned -11.6% in the past month.
For Lazard, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.83. This represents a change of -15.3% from what the company reported a year ago. Lazard currently has a Zacks Rank of #3 (Hold).