Noble Midstream Partners shares ended the last trading session 5.9% higher at $14.83. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 19% gain over the past four weeks.

Optimism around oil prices stemming from the OPEC+ supply curbs and an earlier-than-expected pickup in the commodity’s demand on the back of successful deployment of COVID-19 vaccines primarily drove the stock higher. The recovery in crude prices to more than $60 a barrel has buoyed the midstream space and contributed to the strength in Noble Midstream Partners, which recently received a buyout offer from majority unitholder Chevron Corporation (CVX Quick QuoteCVX - Free Report) .

Price and Consensus

This provider of oil, gas and water-related midstream services is expected to post quarterly earnings of $0.49 per share in its upcoming report, which represents a year-over-year change of -63.2%. Revenues are expected to be $205 million, down 8.5% 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 Noble Midstream Partners, the consensus EPS estimate for the quarter has been revised 7.7% 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 NBLX 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 >>>>