Forum Energy Technologies (FET Quick QuoteFET - Free Report) shares rallied 7.4% in the last trading session to close at $24.37. 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 25.8% gain over the past four weeks.

Forum Energy Technologies stock ended sharply higher yesterday after Piper Sandler analyst Ian Macpherson raised the price target on the oilfield service provider. The recovery in crude prices to around $65 a barrel has pushed drilling and completion activity higher and contributed to the strength in Forum Energy Technologies, which sells equipment and products to energy companies.

Price and Consensus

This provider of manufactured technologies and applied products in the energy sector is expected to post quarterly loss of $2.40 per share in its upcoming report, which represents a year-over-year change of +40%. Revenues are expected to be $119 million, down 34.8% 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 Forum Energy, 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 FET 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 >>>>