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Strength Seen in Flex LNG (FLNG): Can Its 8.3% Jump Turn into More Strength?
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Flex LNG (FLNG - Free Report) shares ended the last trading session 8.3% higher at $32.86. 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 10.8% loss over the past four weeks.
The uptick is owing to the buoyancy surrounding the LNG shipping sector. With demand being very strong, LNG freight rates are continuously moving north. Driven by this rosy demand scenario, shares of FLNG have gained 40% year to date.
This liquefied natural gas shipping company is expected to post quarterly earnings of $0.80 per share in its upcoming report, which represents a year-over-year change of +33.3%. Revenues are expected to be $91.65 million, up 12.1% 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 Flex LNG, 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 FLNG going forward to see if this recent jump can turn into more strength down the road.
Flex LNG is part of the Zacks Transportation - Shipping industry. Capital Product Partners L.P. (CPLP - Free Report) , another stock in the same industry, closed the last trading session 1% higher at $13.89. CPLP has returned -9.1% in the past month.
Capital Product Partners L.P.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.06. Compared to the company's year-ago EPS, this represents a change of +71%. Capital Product Partners L.P. currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Flex LNG (FLNG): Can Its 8.3% Jump Turn into More Strength?
Flex LNG (FLNG - Free Report) shares ended the last trading session 8.3% higher at $32.86. 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 10.8% loss over the past four weeks.
The uptick is owing to the buoyancy surrounding the LNG shipping sector. With demand being very strong, LNG freight rates are continuously moving north. Driven by this rosy demand scenario, shares of FLNG have gained 40% year to date.
This liquefied natural gas shipping company is expected to post quarterly earnings of $0.80 per share in its upcoming report, which represents a year-over-year change of +33.3%. Revenues are expected to be $91.65 million, up 12.1% 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 Flex LNG, 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 FLNG 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 >>>>
Flex LNG is part of the Zacks Transportation - Shipping industry. Capital Product Partners L.P. (CPLP - Free Report) , another stock in the same industry, closed the last trading session 1% higher at $13.89. CPLP has returned -9.1% in the past month.
Capital Product Partners L.P.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.06. Compared to the company's year-ago EPS, this represents a change of +71%. Capital Product Partners L.P. currently boasts a Zacks Rank of #3 (Hold).