Strength Seen in Navios Maritime Partners (NMM): Can Its 7.2% Jump Turn into More Strength?
Navios Maritime Partners LP (NMM) shares rallied 7.2% in the last trading session to close at $61.23. 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 10% gain over the past four weeks.
Shares of this shipping company have performed exceedingly well this year, gaining 119% year to date. The buoyancy is driven by the bullishness surrounding the shipping industry driven by the uptick in trade volumes. NMM's fleet expansion initiatives are praiseworthy. Time charter and voyage revenues have been impressive driven by revenues from freight voyages.
This company is expected to post quarterly earnings of $4.07 per share in its upcoming report, which represents a year-over-year change of +51.9%. Revenues are expected to be $335.48 million, up 3.8% 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 Navios Maritime Partners, the consensus EPS estimate for the quarter has been revised 1.2% 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 NMM 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 >>>>
Navios Maritime Partners belongs to the Zacks Transportation - Shipping industry. Another stock from the same industry, Martin Midstream Partners L.P. (MMLP), closed the last trading session 0.6% higher at $3.65. Over the past month, MMLP has returned -1.9%.
Martin Midstream Partners' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.03. Compared to the company's year-ago EPS, this represents no change. Martin Midstream Partners currently boasts a Zacks Rank of #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Navios Maritime Partners LP (NMM) : Free Stock Analysis Report
Martin Midstream Partners L.P. (MMLP) : Free Stock Analysis Report