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Eneti (NETI) shares soared 6.2% in the last trading session to close at $8.73. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock’s 20.5% gain over the past four weeks.
The buoyancy is owing to the overall optimism surrounding the shipping industry. In fact, shares of NETI have gained 6.6% in a year’s time.
This dry bulk ocean shipper is expected to post quarterly earnings of $0.67 per share in its upcoming report, which represents a year-over-year change of +219.6%. Revenues are expected to be $63.79 million, up 85.7% 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 Eneti, 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 NETI 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 >>>>
Eneti is a member of the Zacks Transportation – Shipping industry. One other stock in the same industry, Navigator Holdings (NVGS), finished the last trading session 1.3% higher at $12.71. NVGS has returned 8.5% over the past month.
Navigator Holdings’ consensus EPS estimate for the upcoming report has changed +13% over the past month to $0.16. Compared to the company’s year-ago EPS, this represents a change of +60%. Navigator Holdings currently boasts a Zacks Rank of #2 (Buy).
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Eneti Inc. (NETI): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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