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Strength Seen in Euronav NV (EURN): Can Its 11.7% Jump Turn into More Strength?
Euronav NV (EURN - Free Report) shares soared 11.7% in the last trading session to close at $19.91. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5.8% loss over the past four weeks.
The uptick may have been owing to the price cap imposed on Russian oil by G7 countries as they attempt to limit Russia's revenues from oil. This may limit Russia's ability to fund its invasion of Ukraine. The recent Keystone pipeline oil spill may also have contributed to the upside.
This company is expected to post quarterly earnings of $0.84 per share in its upcoming report, which represents a year-over-year change of +321.1%. Revenues are expected to be $349.99 million, up 310.1% 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 Euronav NV, 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 EURN 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 >>>>
Euronav NV 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 0.3% higher at $13.98. CPLP has returned -8% in the past month.
For Capital Product Partners L.P.
, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.96. This represents a change of -11.9% from what the company reported a year ago. Capital Product Partners L.P. currently has a Zacks Rank of #5 (Strong Sell).