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Liberty Oilfield Services (LBRT) Surges 11.6%: Is This an Indication of Further Gains?
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Liberty Oilfield Services (LBRT - Free Report) shares ended the last trading session 11.6% higher at $17.29. 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 23.5% gain over the past four weeks.
Liberty Oilfield Services stock rose for the seventh time in nine days, driven by improving outlook for the industry. In a presentation yesterday, oilfield service biggie Schlumberger (SLB - Free Report) painted an optimistic picture of the energy sector, asserting the strong fundamentals and an imminent growth cycle. As it is, the rally in crude prices to a multi-year high of around $68 a barrel on the back of calibrated OPEC+ cuts and an upbeat demand forecast has lifted the oilfield service space and contributed to the strength in the company.
Price and Consensus
This provider of hydraulic fracturing services is expected to post quarterly loss of $0.11 per share in its upcoming report, which represents a year-over-year change of +76.1%. Revenues are expected to be $591.75 million, up 569.7% 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 Liberty Oilfield Services, the consensus EPS estimate for the quarter has been revised 3.1% 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 LBRT going forward to see if this recent jump can turn into more strength down the road.
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Liberty Oilfield Services (LBRT) Surges 11.6%: Is This an Indication of Further Gains?
Liberty Oilfield Services (LBRT - Free Report) shares ended the last trading session 11.6% higher at $17.29. 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 23.5% gain over the past four weeks.
Liberty Oilfield Services stock rose for the seventh time in nine days, driven by improving outlook for the industry. In a presentation yesterday, oilfield service biggie Schlumberger (SLB - Free Report) painted an optimistic picture of the energy sector, asserting the strong fundamentals and an imminent growth cycle. As it is, the rally in crude prices to a multi-year high of around $68 a barrel on the back of calibrated OPEC+ cuts and an upbeat demand forecast has lifted the oilfield service space and contributed to the strength in the company.
Price and Consensus
This provider of hydraulic fracturing services is expected to post quarterly loss of $0.11 per share in its upcoming report, which represents a year-over-year change of +76.1%. Revenues are expected to be $591.75 million, up 569.7% 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 Liberty Oilfield Services, the consensus EPS estimate for the quarter has been revised 3.1% 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 LBRT 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 >>>>