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Genco Shipping (GNK) Stock Jumps 8.6%: Will It Continue to Soar? (Revised)

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Genco Shipping & Trading (GNK) shares soared 8.6% in the last trading session to close at $24.64. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.2% gain over the past four weeks.

The stock gained primarily on optimism surrounding the favorable demand-supply balance in the dry bulk market and higher rates for minor and major bulk vessels.

This transporter of drybulk cargo is expected to post quarterly earnings of $0.98 per share in its upcoming report, which represents a year-over-year change of +1533.3%. Revenues are expected to be $95.81 million, up 82.4% 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 Genco Shipping, 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 GNK 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 >>>>

Genco Shipping is a member of the Zacks Transportation - Shipping industry. One other stock in the same industry, Costamare (CMRE), finished the last trading session 2.1% higher at $15.91. CMRE has returned -3.5% over the past month.

Costamare's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.95. Compared to the company's year-ago EPS, this represents a change of +206.5%. Costamare currently boasts a Zacks Rank of #3 (Hold).

(We are reissuing this article to correct a mistake. The original article, issued on Apr 15, 2022, should no longer be relied upon.)

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