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Pyxis Tankers Inc. (PXS) Surges 8%: Is This an Indication of Further Gains?

Pyxis Tankers Inc. (PXS) shares soared 8% in the last trading session to close at $5.52. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 21.4% gain over the past four weeks.

Shares of Pyxis Tankers have surged 187.5% so far this year driven by the bullishness surrounding the shipping industry. The bullishness prompted Univest Securities' analyst James Jang to increase the price target for PXS to $8 from $4.50. The rating on the stock has been reiterated at Buy.

This company is expected to post quarterly earnings of $0.39 per share in its upcoming report, which represents a year-over-year change of +197.5%. Revenues are expected to be $16.41 million, up 134% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Pyxis Tankers Inc., the consensus EPS estimate for the quarter has been revised 27.4% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PXS 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 >>>>

Pyxis Tankers Inc. belongs to the Zacks Transportation - Shipping industry. Another stock from the same industry, Diana Shipping (DSX), closed the last trading session 4.7% higher at $4.50. Over the past month, DSX has returned 3.1%.

Diana Shipping's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.35. Compared to the company's year-ago EPS, this represents a change of +118.8%. Diana Shipping currently boasts a Zacks Rank of #3 (Hold).


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