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Genco Shipping (GNK) Soars 9.4%: Is Further Upside Left in the Stock?
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Genco Shipping & Trading (GNK - Free Report) shares soared 9.4% in the last trading session to close at $23.34. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7% gain over the past four weeks.
Bullishness surrounding the dry bulk market is a huge boon for Genco Shipping .Increased fleet utilization with the gradual resumption of economic activities and an uptick in world trade have also aided the stock. Shares of GNK gained 45.8% so far this year.
This transporter of drybulk cargo is expected to post quarterly earnings of $0.98 per share in its upcoming report, which represents a year-over-year change of +1533.3%. Revenues are expected to be $95.81 million, up 82.4% 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 Genco Shipping, the consensus EPS estimate for the quarter has been revised 14.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on GNK going forward to see if this recent jump can turn into more strength down the road.
Genco Shipping is a member of the Zacks Transportation - Shipping industry. One other stock in the same industry, Capital Product Partners L.P. (CPLP - Free Report) , finished the last trading session 2.6% higher at $16.35. CPLP has returned 5.1% over the past month.
Capital Product Partners L.P.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.95. Compared to the company's year-ago EPS, this represents a change of +66.7%. Capital Product Partners L.P. currently boasts a Zacks Rank of #3 (Hold).
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Genco Shipping (GNK) Soars 9.4%: Is Further Upside Left in the Stock?
Genco Shipping & Trading (GNK - Free Report) shares soared 9.4% in the last trading session to close at $23.34. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7% gain over the past four weeks.
Bullishness surrounding the dry bulk market is a huge boon for Genco Shipping .Increased fleet utilization with the gradual resumption of economic activities and an uptick in world trade have also aided the stock. Shares of GNK gained 45.8% so far this year.
This transporter of drybulk cargo is expected to post quarterly earnings of $0.98 per share in its upcoming report, which represents a year-over-year change of +1533.3%. Revenues are expected to be $95.81 million, up 82.4% 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 Genco Shipping, the consensus EPS estimate for the quarter has been revised 14.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on GNK going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Genco Shipping is a member of the Zacks Transportation - Shipping industry. One other stock in the same industry, Capital Product Partners L.P. (CPLP - Free Report) , finished the last trading session 2.6% higher at $16.35. CPLP has returned 5.1% over the past month.
Capital Product Partners L.P.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.95. Compared to the company's year-ago EPS, this represents a change of +66.7%. Capital Product Partners L.P. currently boasts a Zacks Rank of #3 (Hold).