Ecopetrol (EC Quick QuoteEC - Free Report) shares ended the last trading session 5.4% higher at $13.96. 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 5% loss over the past four weeks.

Ecopetrol 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 international crude prices to a three year-high of almost $80 a barrel has lifted the energy space and contributed to the strength in the Colombian oil company.

This oil and natural gas exploration company is expected to post quarterly earnings of $0.62 per share in its upcoming report, which represents a year-over-year change of +463.6%. Revenues are expected to be $5.81 billion, up 76% 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 Ecopetrol, 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 EC 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 >>>>