Tsakos (TNP) Stock Jumps 6.4%: Will It Continue to Soar?
Tsakos Energy (TNP) shares soared 6.4% in the last trading session to close at $15.94. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 37.2% gain over the past four weeks.
The uptick was owing to the bullishness surrounding tanker stocks. On Aug 17, 2022, benchmark earnings for very large crude carriers neared $40,000 a day. This was the highest level reached since June 2020. Supertanker rates touched a two-year high owing to record US crude exports.
This oil and gas shipping company is expected to post quarterly earnings of $1.53 per share in its upcoming report, which represents a year-over-year change of +229.7%. Revenues are expected to be $163.51 million, up 84% 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 Tsakos, 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 TNP 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 >>>>
Tsakos is a member of the Zacks Transportation - Shipping industry. One other stock in the same industry, Nordic American Tankers (NAT), finished the last trading session 3% higher at $2.78. NAT has returned 10.7% over the past month.
Nordic American Tankers' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.06. Compared to the company's year-ago EPS, this represents a change of +66.7%. Nordic American Tankers currently boasts a Zacks Rank of #3 (Hold).
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