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Nexa Resources (NEXA) Moves 6.2% Higher: Will This Strength Last?
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Nexa Resources S.A. (NEXA - Free Report) shares soared 6.2% in the last trading session to close at $10.74. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 26.9% gain over the past four weeks.
Shares of Nexa Resources has been gaining since the company announced the sale of its Otavi Project in Namibia to Midnab Resources (Pty) Ltd., a wholly owned subsidiary of Midas Minerals Ltd. The Otavi project was previously a joint venture between Nexa Resources and Japan's JOGMEC. JOGMEC will receive 49% of the sale proceeds. The company will continue to assess opportunities in its portfolio, with Namibia being a key region for expanding copper exploration beyond Latin America.
This company is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents a year-over-year change of +135%. Revenues are expected to be $828.12 million, up 11.8% 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 Nexa Resources, the consensus EPS estimate for the quarter has been revised 135.7% 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 NEXA going forward to see if this recent jump can turn into more strength down the road.
Nexa Resources is a member of the Zacks Mining - Miscellaneous industry. One other stock in the same industry, Reliance (RS - Free Report) , finished the last trading session 0.4% higher at $310.06. RS has returned 5.9% over the past month.
Reliance's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.78. Compared to the company's year-ago EPS, this represents a change of +25.2%. Reliance currently boasts a Zacks Rank of #4 (Sell).
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Nexa Resources (NEXA) Moves 6.2% Higher: Will This Strength Last?
Nexa Resources S.A. (NEXA - Free Report) shares soared 6.2% in the last trading session to close at $10.74. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 26.9% gain over the past four weeks.
Shares of Nexa Resources has been gaining since the company announced the sale of its Otavi Project in Namibia to Midnab Resources (Pty) Ltd., a wholly owned subsidiary of Midas Minerals Ltd. The Otavi project was previously a joint venture between Nexa Resources and Japan's JOGMEC. JOGMEC will receive 49% of the sale proceeds. The company will continue to assess opportunities in its portfolio, with Namibia being a key region for expanding copper exploration beyond Latin America.
This company is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents a year-over-year change of +135%. Revenues are expected to be $828.12 million, up 11.8% 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 Nexa Resources, the consensus EPS estimate for the quarter has been revised 135.7% 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 NEXA 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 >>>>
Nexa Resources is a member of the Zacks Mining - Miscellaneous industry. One other stock in the same industry, Reliance (RS - Free Report) , finished the last trading session 0.4% higher at $310.06. RS has returned 5.9% over the past month.
Reliance's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.78. Compared to the company's year-ago EPS, this represents a change of +25.2%. Reliance currently boasts a Zacks Rank of #4 (Sell).