APA (APA Quick QuoteAPA - Free Report) shares ended the last trading session 6.2% higher at $23.26. 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 16.9% gain over the past four weeks.

APA extended its rally for the fourth straight day, driven by optimism over rising oil prices spurred by a supportive macro backdrop, ongoing government stimulus and the OPEC+ supply curtailments. The recovery in crude prices to a three year-high of over $75 a barrel has lifted the exploration and production space and contributed to the strength in the multinational oil producer. APA shares have also been buoyed by the recent dividend hike.

This oil and natural gas producer is expected to post quarterly earnings of $0.77 per share in its upcoming report, which represents a year-over-year change of +581.3%. Revenues are expected to be $1.66 billion, up 48.6% 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 APA, the consensus EPS estimate for the quarter has been revised 6.3% 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 APA 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 >>>>