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Global Ship Lease, Inc. (GSL) - free report >>
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Global Ship Lease, Inc. (GSL) - free report >>
ZIM Integrated Shipping Services Ltd. (ZIM) - free report >>
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ZIM (ZIM) Surges 13.5%: Is This an Indication of Further Gains?
ZIM Integrated Shipping Services (ZIM - Free Report) shares soared 13.5% in the last trading session to close at $20.01. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 15.5% loss over the past four weeks.
In fact shares of ZIM have been performing well ever since the start of the year. Evidently, the stock has gained 16.4% year to date driven by the uptick in trading volumes from pandemic lows. While releasing its fourth-quarter results last month, management provided an upbeat outlook for the current year. For 2023, ZIM's management expects to generate adjusted EBITDA between $1.8 billion to $2.2 billion. Adjusted EBIT is expected in the $100-$500 million range.
This container shipping company is expected to post quarterly loss of $0.17 per share in its upcoming report, which represents a year-over-year change of -101.2%. Revenues are expected to be $1.54 billion, down 58.5% 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 ZIM, the consensus EPS estimate for the quarter has been revised 76.9% 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 ZIM 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 >>>>
ZIM belongs to the Zacks Transportation - Shipping industry. Another stock from the same industry, Global Ship Lease (GSL - Free Report) , closed the last trading session 3.4% higher at $19.45. Over the past month, GSL has returned -0.8%.
Global Ship Lease's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.96. Compared to the company's year-ago EPS, this represents a change of +2.6%. Global Ship Lease currently boasts a Zacks Rank of #1 (Strong Buy).