Euronav NV shares (EURN), rose 11.7% to close at $19.91. Solid volume supported the move with more shares being traded than usual. This compares with the stock’s 5.8% losses over the last four weeks.
The uptick may have been owing to the price cap imposed on Russian oil by G7 countries as they attempt to limit Russia’s revenues from oil. This could limit Russia’s ability fund its invasion in Ukraine. This may have been aided by the recent Keystone pipeline oil leak.
In its next quarterly report, the company will post earnings of $0.84 per share. This represents an increase of +321.1% year-overyear. The revenue is expected to rise by 310.1% over the previous quarter and reach $349.99million.
While revenue growth and earnings expectations are important factors in evaluating a stock’s potential strength, empirical research has shown strong correlations between revisions to earnings estimates and stock price movements.
Euronav NV’s consensus EPS estimate has remained the same over the past 30 days. In the absence of any trends in earnings estimate revisions, a stock’s value doesn’t tend to move higher. EURN will continue to rise so keep an eye out for any changes in earnings estimates.
The stock currently has a Zacks Rank 2 (Buy). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here >>>>
Euronav NV belongs to the Zacks Transportation – Shipping industry. Capital Product Partners L.P. was 0.3% higher at $13.98 in the last trading session. CPLP returned -8% in one month.
Capital Product Partners L.P.
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