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Tenneco (TEN) Soars 11.7%: Is Further Upside Left in the Stock?
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Tenneco shares rallied 11.7% in the last trading session to close at $19.16. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.3% gain over the past four weeks.
Tenneco shares popped up yesterday as shareholders approved of the company’s proposed takeover by Apollo Global. The $7.1 billion acquisition is likely to close soon on the agreed upon terms.
This auto parts maker is expected to post quarterly earnings of $0.52 per share in its upcoming report, which represents a year-over-year change of -38.1%. Revenues are expected to be $4.59 billion, up 0.1% 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 Tenneco, the consensus EPS estimate for the quarter has been revised 4.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on TEN going forward to see if this recent jump can turn into more strength down the road.
Tenneco is a member of the Zacks Automotive - Original Equipment industry. One other stock in the same industry, LCI (LCII - Free Report) , finished the last trading session 4.4% higher at $119.88. LCII has returned -1.3% over the past month.
LCI's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $5.17. Compared to the company's year-ago EPS, this represents a change of +92.9%. LCI currently boasts a Zacks Rank of #2 (Buy).
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Tenneco (TEN) Soars 11.7%: Is Further Upside Left in the Stock?
Tenneco shares rallied 11.7% in the last trading session to close at $19.16. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.3% gain over the past four weeks.
Tenneco shares popped up yesterday as shareholders approved of the company’s proposed takeover by Apollo Global. The $7.1 billion acquisition is likely to close soon on the agreed upon terms.
This auto parts maker is expected to post quarterly earnings of $0.52 per share in its upcoming report, which represents a year-over-year change of -38.1%. Revenues are expected to be $4.59 billion, up 0.1% 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 Tenneco, the consensus EPS estimate for the quarter has been revised 4.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on TEN 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 >>>>
Tenneco is a member of the Zacks Automotive - Original Equipment industry. One other stock in the same industry, LCI (LCII - Free Report) , finished the last trading session 4.4% higher at $119.88. LCII has returned -1.3% over the past month.
LCI's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $5.17. Compared to the company's year-ago EPS, this represents a change of +92.9%. LCI currently boasts a Zacks Rank of #2 (Buy).