A month has gone by since the last earnings report for Loews (L). Shares have added about 2.4% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Loews due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Loews Q3 Earnings Miss Estimates, Revenues Rise Y/YLoews Corporation reported third-quarter 2019 earnings of 74 cents per share, which missed the Zacks Consensus Estimate by 1.3% and decreased 15.9% year over year.The decline was largely attributable to soft results at CNA and Diamond Offshore, partially offset by higher parent company net investment income.Behind the Headlines Operating revenues of .7 billion increased 1.9% year over year. Higher insurance premiums and operating revenues and other aided the top line.Total expenses increased 11.1% year over year to .6 billion on higher insurance claims and policyholders' benefits as well as higher operating expenses.Book value excluding accumulated other comprehensive income as of Sep 30, 2019 was .85 per share, up 4.3% from .16 as of Dec 31, 2018.Segment DetailsCNA Financial’s revenues increased 2.4% from the prior-year quarter to .7 billion. Its reported net income attributable to Loews Corp. was million, down 68% year over year. Earnings declined largely on account of unfavorable net prior year development in the Property & Casualty business compared with favorable net prior year development in 2018, partially offset by lower catastrophe losses in 2019.Boardwalk Pipeline’s revenues increased 6.1% year over year to 6 million. Net income increased 3.6% year over year to million. The company witnessed higher earnings from transportation revenues, stemming from growth projects recently placed into service, which mostly offset the negative revenue impact of contract restructurings and expirations.Loews Hotels’ revenues declined 17.9% year over year to 6 million. Income from Loews Corp. was million, down 72.7% year over year. Earnings declined largely due to lower earnings from its properties in Florida as the threat of Hurricane Dorian negatively impacted results. Pre-opening and other non-recurring expenses related to properties under development resulted in the decline.Diamond Offshore’s revenues plunged 13.1% year over year to 1 million. Net loss attributable to Loews Corp. was million, wider than million loss incurred in the year-earlier quarter. This downside was due to continuing challenging market conditions, lower contract drilling revenues and higher contract drilling expense, partially offset by the absence of a legal settlement charge in 2018.Share Repurchase UpdateThe company bought back 3.4 million shares for 8 million in the third quarter. Subsequently, through Oct 25, 2019, it repurchased another 1.8 million shares for million.How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended upward during the past month.VGM ScoresCurrently, Loews has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, Loews has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.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 Loews Corporation (L): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research