Chart Industries (GTLS) Surges 12.1%: Is This an Indication of Further Gains?
Chart Industries (GTLS) shares soared 12.1% in the last trading session to close at $126.02. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.7% loss over the past four weeks.
The stock gained primarily on optimism surrounding improving supply chains and, reduction in raw material costs owing to deceleration in inflation.
This equipment maker for the energy sector is expected to post quarterly earnings of $0.56 per share in its upcoming report, which represents a year-over-year change of -9.7%. Revenues are expected to be $500.41 million, up 41.3% 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 Chart Industries, the consensus EPS estimate for the quarter has been revised 7.3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on GTLS 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 >>>>
Chart Industries belongs to the Zacks Manufacturing - General Industrial industry. Another stock from the same industry, Xometry (XMTR), closed the last trading session 0.7% lower at $15.39. Over the past month, XMTR has returned -2%.
For Xometry , the consensus EPS estimate for the upcoming report has changed -6.5% over the past month to -$0.18. This represents a change of +33.3% from what the company reported a year ago. Xometry currently has a Zacks Rank of #4 (Sell).
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