HomeMost PopularCool Company Ltd. (CLCO) Surges 5.6%: Is This an Indication of Further...

Cool Company Ltd. (CLCO) Surges 5.6%: Is This an Indication of Further Gains?

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Cool Company Ltd. (CLCO) shares ended the last trading session 5.6% higher at $12.39. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock’s 9.6% gain over the past four weeks.

The uptick followed the long-term charter between Cool Company and GAIL (India). The charter increases Cool Company’s total revenue backlog to almost $1.9 billion

This company is expected to post quarterly earnings of $0.46 per share in its upcoming report, which represents a year-over-year change of -32.4%. Revenues are expected to be $88.55 million, down 10.2% 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 Cool Company Ltd., 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 CLCO 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 >>>>

Cool Company Ltd. belongs to the Zacks Transportation – Shipping industry. Another stock from the same industry, ZIM Integrated Shipping Services (ZIM), closed the last trading session 1.3% higher at $18.95. Over the past month, ZIM has returned 83%.

For ZIM, the consensus EPS estimate for the upcoming report has changed -80.1% over the past month to $1.09. This represents a change of +318% from what the company reported a year ago. ZIM currently has a Zacks Rank of #4 (Sell).

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This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.

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Cool Company Ltd. (CLCO) : Free Stock Analysis Report

ZIM Integrated Shipping Services Ltd. (ZIM) : 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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