Oil tanker stocks have emerged as 2023 leaders, posting strong quarterly results amid high expectations. Many are near 52-week highs, flashing exceptional Relative Strength Ratings as they approach or pass buy points.
This oil and gas transportation industry has benefited from changes in shipping routes triggered by the Russia-Ukraine war.
Crude transporter International Seaways broke out of a cup base Monday, crossing the 48.22 buy point, and is in the 5% buy zone that reaches to 50.63. The relative strength line hit a new high on the weekly chart, flashing a blue dot on the MarketSmith chart. Shares have risen an impressive 31% so far this year.
Nordic American Tankers rallied over 12%, mounting a 4.04 buy point of a cup base in heavy volume after Q4 earnings Monday. The Bermuda oil tanker posted a profit of 17 cents per share, showing significant improvement over the prior two quarters. In addition, quarterly sales grew 214% year over year.
Oil Tankers: Time To Ring The Register?
Oil tanker stock Teekay Tankers hit the 20%-25% profit zone of a cup base with a 36.71 buy point. Shares gapped past the buy zone after the company beat Q4 top and bottom lines on Thursday.
Frontline gained over 3%, also soaring above the 20%-25% profit-taking zone. Analysts expect 37% annualized EPS growth in 2023. The oil tanker reports Q4 earnings in Tuesday's premarket.
Tsakos Energy Navigation popped over 9% and is trading above the profit-taking zone.
Scorpio Tankers rallied past the 5% buy zone of a choppy base with a 57.81 buy point.
Liquefied petroleum gas shipper Dorian LPG is above the 5% buy zone of a choppy base with a 20.27 buy point. Shares gapped up more than 11% following a beat on Q4 EPS and sales.
DHT mounted the top of the 5% buy zone of a cup base with a 10.74 buy point. Shares gapped up following better-than expected Q4 EPS and sales earlier this month. Shares have gained 29% so far this year.
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