Genco Shipping (GNK) Stock Jumps 8.6%: Will It Continue to Soar?
gShares of enco Shipping & Trading (GNK) climbed 8.6% in the last trading session to close at $24.64. The move was supported by solid volume with significantly more shares changing hands than in a normal session. That compares to the stock’s 16.2% gain over the past four weeks.
Fundamental/tangible driver(s) to be added by analyst
This dry bulk carrier is expected to post quarterly earnings of $0.98 per share in its next report, representing a year-over-year change of +1533.3%. Revenue is expected to be $95.81 million, up 82.4% from the prior year quarter.
While earnings and revenue growth expectations are important in gauging a stock’s potential strength, empirical research shows a strong correlation between trends in earnings estimate revisions and short-term stock price movements. term.
For Genco Shipping, the consensus EPS estimate for the quarter was unchanged for the past 30 days. And the price of a stock generally does not continue to rise in the absence of any trend in earnings estimate revisions. So, be sure to keep an eye on GNK to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks rank of No. 2 (buy). You can see the full list of today’s Zacks Rank #1 (Strong Buy) stocks here >>>>
Genco Shipping is a Zacks Transportation – Shipping industry member. Another stock in the same sector, Costamare (CMRE), ended the last trading session up 2.1% at $15.91. CMRE has returned -3.5% over the past month.
Costamare’s consensus EPS estimate for the next report remained unchanged over the past month at $0.95. Compared to the company’s EPS a year ago, this represents a change of +206.5%. Costamare currently has a Zacks rank of #3 (Hold).
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