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Strength Seen in Danaos (DAC): Can Its 7.6% Jump Turn into More Strength?
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Danaos (DAC - Free Report) shares ended the last trading session 7.6% higher at $105.83. 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 2% loss over the past four weeks.
The upside was driven by the general optimism surrounding shipping stocks. Wth the gradual resumption of economic activities, world trade gathered pace, which is aiding shipping stocks like Danaos. This is because the shipping industry is responsible for transporting a high proportion of goods involved in world trade. Bullishness surrounding the containership market is a huge positive for Danaos. Shares of Danaos have performed exceedingly well this year, gaining 41.8% year to date.
This shipping company is expected to post quarterly earnings of $9.48 per share in its upcoming report, which represents a year-over-year change of +235%. Revenues are expected to be $212.86 million, up 61.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Danaos, 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 DAC going forward to see if this recent jump can turn into more strength down the road.
Danaos belongs to the Zacks Transportation - Shipping industry. Another stock from the same industry, GasLog Partners LP , closed the last trading session 2.9% higher at $4.27. Over the past month, GLOP has returned 8.1%.
GasLog Partners LP's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.35. Compared to the company's year-ago EPS, this represents a change of -30%. GasLog Partners LP currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Danaos (DAC): Can Its 7.6% Jump Turn into More Strength?
Danaos (DAC - Free Report) shares ended the last trading session 7.6% higher at $105.83. 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 2% loss over the past four weeks.
The upside was driven by the general optimism surrounding shipping stocks. Wth the gradual resumption of economic activities, world trade gathered pace, which is aiding shipping stocks like Danaos. This is because the shipping industry is responsible for transporting a high proportion of goods involved in world trade. Bullishness surrounding the containership market is a huge positive for Danaos. Shares of Danaos have performed exceedingly well this year, gaining 41.8% year to date.
This shipping company is expected to post quarterly earnings of $9.48 per share in its upcoming report, which represents a year-over-year change of +235%. Revenues are expected to be $212.86 million, up 61.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Danaos, 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 DAC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Danaos belongs to the Zacks Transportation - Shipping industry. Another stock from the same industry, GasLog Partners LP , closed the last trading session 2.9% higher at $4.27. Over the past month, GLOP has returned 8.1%.
GasLog Partners LP's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.35. Compared to the company's year-ago EPS, this represents a change of -30%. GasLog Partners LP currently boasts a Zacks Rank of #3 (Hold).