Eagle Bulk Shipping (EGLE) Stock Moves -1.34%: What You Should Know
Eagle Bulk Shipping (EGLE) closed the most recent trading day at $63.45, moving -1.34% from the previous trading session. This change was narrower than the S&P 500's daily loss of 2.91%. At the same time, the Dow lost 2.73%, and the tech-heavy Nasdaq lost 0.25%.
Prior to today's trading, shares of the shipping company had gained 3.33% over the past month. This has outpaced the Transportation sector's loss of 0.94% and the S&P 500's gain of 0.84% in that time.
Eagle Bulk Shipping will be looking to display strength as it nears its next earnings release. In that report, analysts expect Eagle Bulk Shipping to post earnings of $4.46 per share. This would mark year-over-year growth of 69.58%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $147.39 million, up 39.93% from the year-ago period.
EGLE's full-year Zacks Consensus Estimates are calling for earnings of $17.90 per share and revenue of $574.07 million. These results would represent year-over-year changes of +46.96% and +17.18%, respectively.
It is also important to note the recent changes to analyst estimates for Eagle Bulk Shipping. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Eagle Bulk Shipping is currently sporting a Zacks Rank of #2 (Buy).
Digging into valuation, Eagle Bulk Shipping currently has a Forward P/E ratio of 3.59. This valuation marks a discount compared to its industry's average Forward P/E of 4.
The Transportation - Shipping industry is part of the Transportation sector. This group has a Zacks Industry Rank of 28, putting it in the top 12% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow EGLE in the coming trading sessions, be sure to utilize Zacks.com.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
