Dycom Industries (DY Quick QuoteDY - Free Report) shares ended the last trading session 12.4% higher at $87.15. 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 12.7% loss over the past four weeks.

The stock rallied following its fourth-quarter fiscal 2021 results. Although this specialty contracting services provider reported loss and missed the Zacks Consensus Estimate, its revenues topped analysts’ expectations. Additionally, it announced a share buyback plan of $150 million.

Price and Consensus

This provider of specialty contracting services is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of +121.7%. Revenues are expected to be $726.3 million, down 1.5% 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 Dycom Industries, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on DY 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 >>>>