Matson (MATX) Stock Jumps 7.6%: Will It Continue to Soar?
Matson (MATX) shares rallied 7.6% in the last trading session to close at $88.32. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 11.9% gain over the past four weeks.
While announcing the preliminary results for second-quarter 2023, management stated that earnings per share for the quarter is expected in the $2.14-$2.28 range. The Zacks Consensus Estimate is currently pegged at $1.21. The better-than-expected forecast found favor with investors, leading to the stock price appreciation. Detailed results will be out on Aug 1.
This ocean transportation and logistics services company is expected to post quarterly earnings of $1.21 per share in its upcoming report, which represents a year-over-year change of -87.3%. Revenues are expected to be $770.79 million, down 38.9% 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 Matson, 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 MATX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Matson is a member of the Zacks Transportation - Services industry. One other stock in the same industry, Universal Logistics (ULH), finished the last trading session 0.6% lower at $31.62. ULH has returned 12.1% over the past month.
Universal Truckload's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.01. Compared to the company's year-ago EPS, this represents a change of -40.2%. Universal Truckload currently boasts a Zacks Rank of #3 (Hold).
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