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International Seaways (INSW) Soars 7.5%: Is Further Upside Left in the Stock?
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International Seaways (INSW - Free Report) shares rallied 7.5% in the last trading session to close at $36.27. 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 15.6% loss over the past four weeks.
In a major development in the oil-tanker space, Frontline Plc (FRO), controlled by John Fredriksen, called off its plans to take over Euronav NV (EURN - Free Report) following opposing by a major stakeholder of the latter, the Saverys Group. Shares of Frontline rose on the news. Simultaneously, shares of International Seaways, where John Fredriksen is a major stakeholder, also gained.
International Seaways is expected to post quarterly earnings of $3.27 per share in its upcoming report, which represents a year-over-year change of +673.7%. Revenues are expected to be $281.61 million, up 197.5% 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 International Seaways, 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 INSW going forward to see if this recent jump can turn into more strength down the road.
International Seaways is part of the Zacks Transportation - Shipping industry. Euronav NV (EURN - Free Report) , another stock in the same industry, closed the last trading session 15.3% lower at $13.50. EURN has returned -19.9% in the past month.
Euronav NV's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.84. Compared to the company's year-ago EPS, this represents a change of +321.1%. Euronav NV currently boasts a Zacks Rank of #2 (Buy).
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International Seaways (INSW) Soars 7.5%: Is Further Upside Left in the Stock?
International Seaways (INSW - Free Report) shares rallied 7.5% in the last trading session to close at $36.27. 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 15.6% loss over the past four weeks.
In a major development in the oil-tanker space, Frontline Plc (FRO), controlled by John Fredriksen, called off its plans to take over Euronav NV (EURN - Free Report) following opposing by a major stakeholder of the latter, the Saverys Group. Shares of Frontline rose on the news. Simultaneously, shares of International Seaways, where John Fredriksen is a major stakeholder, also gained.
International Seaways is expected to post quarterly earnings of $3.27 per share in its upcoming report, which represents a year-over-year change of +673.7%. Revenues are expected to be $281.61 million, up 197.5% 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 International Seaways, 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 INSW 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 >>>>
International Seaways is part of the Zacks Transportation - Shipping industry. Euronav NV (EURN - Free Report) , another stock in the same industry, closed the last trading session 15.3% lower at $13.50. EURN has returned -19.9% in the past month.
Euronav NV's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.84. Compared to the company's year-ago EPS, this represents a change of +321.1%. Euronav NV currently boasts a Zacks Rank of #2 (Buy).