Pangaea Logistics (PANL) Moves 7.0% Higher: Will This Strength Last?
Pangaea Logistics (PANL) shares ended the last trading session 7% higher at $6.72. 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 4.8% gain over the past four weeks.
The upside was owing to the positive sentiment surrounding the dry bulk market. In fact, PANL shares have been good performers throughout this year, gaining 30.2% year to date.
This maritime logistics company is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of -79.7%. Revenues are expected to be $118.64 million, down 39.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Pangaea Logistics, 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 PANL 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 >>>>
Pangaea Logistics is part of the Zacks Transportation - Shipping industry. Eagle Bulk Shipping (EGLE), another stock in the same industry, closed the last trading session 0.5% higher at $45.31. EGLE has returned 4.1% in the past month.
Eagle Bulk Shipping's consensus EPS estimate for the upcoming report has changed +5.9% over the past month to $1.04. Compared to the company's year-ago EPS, this represents a change of -79.1%. Eagle Bulk Shipping currently boasts a Zacks Rank of #3 (Hold).
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Pangaea Logistics Solutions Ltd. (PANL) : Free Stock Analysis Report
Eagle Bulk Shipping Inc. (EGLE) : Free Stock Analysis Report
