It is always worth to pay attention when several stocks from the same industry are on the all-time high list. In this case, I am referring to chemicals and more specifically $CE, $FMC and $TPCG.
TPC Group ($TPCG) has the smallest market cap out of the three: a bit more than $700M. 15.6M shares in the float, 4% out of which are currently shorted.
The company destroyed analysts’ consensus estimates in May, reporting an EPS of $0.70 vs expectations for $0.35.$TPCG gapped 20% on the next day, only to give back its entire gain in the following few days. Nevertheless, it managed to hold above its rising 50-day MA and form a solid base above it.
Next Earnings report is scheduled for August 10 and this time the estimates are much higher. The Street is looking for an EPS of $0.96. The stock broke out to a new all-time high today and it won’t be unexpected if it runs in front of its next earnings report, especially if the market cooperates.