International Seaways (INSW) Soars 8.6%: Is Further Upside Left in the Stock?
International Seaways (INSW) shares ended the last trading session 8.6% higher at $22.28. 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 18.7% gain over the past four weeks.
The upsurge was part of the brodeer rally by tanker stocks on Apr 27. Tanker stocks including International Seaways gained yesterday, following Russia's decision to halt gas supplies to Bulgaria and Poland,
This company is expected to post quarterly loss of $0.46 per share in its upcoming report, which represents a year-over-year change of +4.2%. Revenues are expected to be $87.51 million, up 87.2% 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 International Seaways, 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 INSW 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 >>>>
International Seaways belongs to the Zacks Transportation - Shipping industry. Another stock from the same industry, SFL Corporation (SFL), closed the last trading session 2.3% higher at $10.13. Over the past month, SFL has returned -2.7%.
SFL Corporation's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.23. Compared to the company's year-ago EPS, this represents a change of +21.1%. SFL Corporation currently boasts a Zacks Rank of #3 (Hold).
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