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Teekay Tankers (TNK) Soars 12.5%: Is Further Upside Left in the Stock?

·2 min read

Teekay Tankers (TNK) shares soared 12.5% in the last trading session to close at $31.01. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.2% gain over the past four weeks.

The stock is being aided by the rising tanker rates. Owing to this buoyancy, shares of TNK have surged 189% year to date.

This oil and gas shipping company is expected to post quarterly earnings of $2 per share in its upcoming report, which represents a year-over-year change of +235.1%. Revenues are expected to be $154.19 million, up 310.5% 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 Teekay Tankers, 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 TNK 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 >>>>

Teekay Tankers is part of the Zacks Transportation - Shipping industry. Eagle Bulk Shipping (EGLE), another stock in the same industry, closed the last trading session 1.3% lower at $42.52. EGLE has returned -9.8% in the past month.

For Eagle Bulk Shipping , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $4.44. This represents a change of -9.8% from what the company reported a year ago. Eagle Bulk Shipping currently has a Zacks Rank of #4 (Sell).


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