Oil States International (OIS Quick QuoteOIS - Free Report) shares soared 8.9% in the last trading session to close at $6.61. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's no gain, no loss over the past four weeks.

Increased optimism over the accelerated recovery in the energy sector following the massive oil and natural gas price improvement primarily drove the stock. Being a leading provider of completion and land drilling services, especially in North America, the company is well positioned to capitalize on the rapidly improving commodity prices. The company has a strong balance sheet, which will help it to sail through uncertainty in the energy business.

This energy services company is expected to post quarterly loss of $0.14 per share in its upcoming report, which represents a year-over-year change of +57.6%. Revenues are expected to be $152.5 million, up 13.2% 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 Oil States International, 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 OIS 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 >>>>