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McEwen (MUX) Soars 14.5%: Is Further Upside Left in the Stock?
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McEwen (MUX - Free Report) shares ended the last trading session 14.5% higher at $11. 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 11.5% gain over the past four weeks.
McEwen shares have gained in tandem with gold prices. Gold is currently above $3,330 per ounce, supported by ongoing weakness in the U.S. dollar amid fiscal concerns and trade uncertainty.
This gold and silver mining company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of +119.2%. Revenues are expected to be $51.4 million, up 8.3% 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 McEwen, 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 MUX going forward to see if this recent jump can turn into more strength down the road.
McEwen belongs to the Zacks Mining - Miscellaneous industry. Another stock from the same industry, Reliance (RS - Free Report) , closed the last trading session 2.4% higher at $321.33. Over the past month, RS has returned 4%.
For Reliance, the consensus EPS estimate for the upcoming report has changed +0.1% over the past month to $4.63. This represents a change of -0.4% from what the company reported a year ago. Reliance currently has a Zacks Rank of #3 (Hold).
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McEwen (MUX) Soars 14.5%: Is Further Upside Left in the Stock?
McEwen (MUX - Free Report) shares ended the last trading session 14.5% higher at $11. 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 11.5% gain over the past four weeks.
McEwen shares have gained in tandem with gold prices. Gold is currently above $3,330 per ounce, supported by ongoing weakness in the U.S. dollar amid fiscal concerns and trade uncertainty.
This gold and silver mining company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of +119.2%. Revenues are expected to be $51.4 million, up 8.3% 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 McEwen, 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 MUX 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 >>>>
McEwen belongs to the Zacks Mining - Miscellaneous industry. Another stock from the same industry, Reliance (RS - Free Report) , closed the last trading session 2.4% higher at $321.33. Over the past month, RS has returned 4%.
For Reliance, the consensus EPS estimate for the upcoming report has changed +0.1% over the past month to $4.63. This represents a change of -0.4% from what the company reported a year ago. Reliance currently has a Zacks Rank of #3 (Hold).