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Golar LNG (GLNG) Surges 8.9%: Is This an Indication of Further Gains?
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Golar LNG (GLNG - Free Report) shares rallied 8.9% in the last trading session to close at $24.47. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 38.9% gain over the past four weeks.
Strong LNG market boosted the stock. Amid the Russia-Ukraine war, Europe is likely to look for gas supplies outside Russia. This is expected to drive demand for LNG vessels, which bodes well for the company.
This operator of carriers for natural gas shipping is expected to post quarterly earnings of $0.25 per share in its upcoming report, which represents a year-over-year change of +400%. Revenues are expected to be $91.86 million, down 22.4% 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 Golar LNG, the consensus EPS estimate for the quarter has been revised 29.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on GLNG going forward to see if this recent jump can turn into more strength down the road.
Golar LNG is part of the Zacks Transportation - Shipping industry. International Seaways (INSW - Free Report) , another stock in the same industry, closed the last trading session 4.7% higher at $17.64. INSW has returned -4.3% in the past month.
For International Seaways, the consensus EPS estimate for the upcoming report has changed -590.2% over the past month to -$0.46. This represents a change of +4.2% from what the company reported a year ago. International Seaways currently has a Zacks Rank of #3 (Hold).
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Golar LNG (GLNG) Surges 8.9%: Is This an Indication of Further Gains?
Golar LNG (GLNG - Free Report) shares rallied 8.9% in the last trading session to close at $24.47. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 38.9% gain over the past four weeks.
Strong LNG market boosted the stock. Amid the Russia-Ukraine war, Europe is likely to look for gas supplies outside Russia. This is expected to drive demand for LNG vessels, which bodes well for the company.
This operator of carriers for natural gas shipping is expected to post quarterly earnings of $0.25 per share in its upcoming report, which represents a year-over-year change of +400%. Revenues are expected to be $91.86 million, down 22.4% 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 Golar LNG, the consensus EPS estimate for the quarter has been revised 29.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on GLNG 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 >>>>
Golar LNG is part of the Zacks Transportation - Shipping industry. International Seaways (INSW - Free Report) , another stock in the same industry, closed the last trading session 4.7% higher at $17.64. INSW has returned -4.3% in the past month.
For International Seaways, the consensus EPS estimate for the upcoming report has changed -590.2% over the past month to -$0.46. This represents a change of +4.2% from what the company reported a year ago. International Seaways currently has a Zacks Rank of #3 (Hold).