Nexa Resources (NEXA) Moves 6.2% Higher: Will This Strength Last?

Nexa Resources S.A. (NEXA) shares soared 6.2% in the last trading session to close at $10.74. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 26.9% gain over the past four weeks.Shares of Nexa Resources has been gaining since the company announced the sale of its Otavi Project in Namibia to Midnab Resources (Pty) Ltd., a wholly owned subsidiary of Midas Minerals Ltd. The Otavi project was previously a joint venture between Nexa Resources and Japan's JOGMEC. JOGMEC will receive 49% of the sale proceeds. The company will continue to assess opportunities in its portfolio, with Namibia being a key region for expanding copper exploration beyond Latin America.This company is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents a year-over-year change of +135%. Revenues are expected to be $828.12 million, up 11.8% 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 Nexa Resources, the consensus EPS estimate for the quarter has been revised 135.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on NEXA 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 >>>>Nexa Resources is a member of the Zacks Mining - Miscellaneous industry. One other stock in the same industry, Reliance (RS), finished the last trading session 0.4% higher at $310.06. RS has returned 5.9% over the past month.Reliance's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.78. Compared to the company's year-ago EPS, this represents a change of +25.2%. Reliance currently boasts a Zacks Rank of #4 (Sell).Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpWant 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 Nexa Resources S.A. (NEXA): Free Stock Analysis Report Reliance, Inc. (RS): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks