National Oilwell Varco (NOV - Free Report) shares rallied 12.1% in the last trading session to close at $17.29. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 11.9% gain over the past four weeks.
NOV extended its rally for the third straight day, driven by optimism over the OPEC+ cartel’s surprise decision to extend the oil production cuts till the end of April. The stock has also been driven up by an earlier-than-expected pickup in the commodity’s demand on the back of successful deployment of COVID-19 vaccines. The recovery in crude prices to more than $65 a barrel has pushed energy activity higher and contributed to the strength in NOV, which provides drilling services to the oil producers.
Price and Consensus
This oil and gas industry supplier is expected to post quarterly loss of $0.18 per share in its upcoming report, which represents a year-over-year change of -228.6%. Revenues are expected to be $1.31 billion, down 30.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For National Oilwell Varco, the consensus EPS estimate for the quarter has been revised 47.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NOV 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 >>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
National Oilwell Varco (NOV - Free Report) shares rallied 12.1% in the last trading session to close at $17.29. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 11.9% gain over the past four weeks.
NOV extended its rally for the third straight day, driven by optimism over the OPEC+ cartel’s surprise decision to extend the oil production cuts till the end of April. The stock has also been driven up by an earlier-than-expected pickup in the commodity’s demand on the back of successful deployment of COVID-19 vaccines. The recovery in crude prices to more than $65 a barrel has pushed energy activity higher and contributed to the strength in NOV, which provides drilling services to the oil producers.
Price and Consensus
This oil and gas industry supplier is expected to post quarterly loss of $0.18 per share in its upcoming report, which represents a year-over-year change of -228.6%. Revenues are expected to be $1.31 billion, down 30.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For National Oilwell Varco, the consensus EPS estimate for the quarter has been revised 47.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NOV 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 >>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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