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
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