ZIM Shipping Stock Set For Year's 3rd Breakout After Hefty Dividend

Blockhead11-20 21:43

ZIM Integrated Shipping (ZIM) was poised for its third breakout of the year after a blowout Q3 earnings report. The Israel-based container fleet operator reported earnings of $9.34 per share, up from ...

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Revenue came in at $2.77 billion, vs. consensus views for $2.41 billion.\nThe company ratcheted up its guidance for earnings before interest, tax, depreciation and amortization to between $3.3 billion and $3.6 billion. Prior guidance topped out at $3 billion.\n\n\n\n↑\nX\n\n\n\n\nRS Line vs. RS Rating: Which Is The Better Stock Indicator?\n\n\nSee All Videos\n\n\n\n\nNOW PLAYING\nRS Line vs. RS Rating: Which Is The Better Stock Indicator?\n\n\n\n\nZIM President and Chief Executive Eli Glickman said the company's growing earnings power reflects \"a strong rate environment, but also a testament to our diligent execution, upscaling our capacity and enhancing our cost structure.\"\nGlickman said the company would receive the final four deliveries of 46 newly-built ships added to the fleet. Those include 28 LNG-powered container vessels.\nThe company's cash position increased by $441 million during the quarter, with cash and equivalents ending the quarter at $3.13 billion. In addition, ZIM said it would distribute $100 million as a special dividend, raising its total per share dividend for the quarter to $3.65.\nZim Shipping Stock\nZIM shares swung 8.5% higher in premarket trade. The stock ended Tuesday in a buy zone narrowly above a 26.20 entry in a six-week cup base.\nZIM broke out of an earlier cup base in September. It then retreated after an analyst downgrade, and following the resolution of the dockworkers' strike in a deal that included a 61% pay increase.\nDespite that pullback, ZIM ended Tuesday's session with a year-to-date gain of 171%.\nZIM holds an EPS Rating of 81 from IBD. Its Composite Rating is 82. The stock's Relative Strength line is trend to new highs, a bullish signal alongside a breakout.\nAmong other shippers, Star Bulk Carriers (SBLK) traded lower early Tuesday after its late-Monday report.\nYOU MAY ALSO LIKE:\nWhy This IBD Tool Simplifies The Search For Top Stocks\nBest Growth Stocks To Buy And Watch\nIBD Digital: Unlock IBD's Premium Stock Lists, Tools And Analysis Today\nLooking For Market Insights? 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