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Strength Seen in Riley Exploration Permian, Inc. (REPX): Can Its 10.1% Jump Turn into More Strength?
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Riley Exploration Permian, Inc. (REPX - Free Report) shares soared 10.1% in the last trading session to close at $35.23. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 26.6% gain over the past four weeks.
Riley Exploration Permian stock ended sharply higher on Friday, driven by optimism over crude prices spurred by a supportive macro backdrop, geopolitical tensions and the OPEC+ supply curtailments. The steady increase in commodity prices to more than $100 a barrel has pushed drilling activity higher and contributed to the strength in Riley Exploration Permian, whose productive capacity is based in the horizontal development of the San Andres formation on the Northwest Shelf of the Permian Basin.
This company is expected to post quarterly earnings of $0.85 per share in its upcoming report, which represents a year-over-year change of +114.7%. Revenues are expected to be $45.96 million, up 99.7% 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 Riley Exploration Permian, Inc., the consensus EPS estimate for the quarter has been revised 20.9% 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 REPX going forward to see if this recent jump can turn into more strength down the road.
Riley Exploration Permian, Inc. is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Civitas Resources (CIVI - Free Report) , another stock in the same industry, closed the last trading session 3.5% higher at $57.61. CIVI has returned 1.9% in the past month.
For Bonanza Creek, the consensus EPS estimate for the upcoming report has changed +0.2% over the past month to $1.74. This represents a change of -55.3% from what the company reported a year ago. Bonanza Creek currently has a Zacks Rank of #1 (Strong Buy).
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Strength Seen in Riley Exploration Permian, Inc. (REPX): Can Its 10.1% Jump Turn into More Strength?
Riley Exploration Permian, Inc. (REPX - Free Report) shares soared 10.1% in the last trading session to close at $35.23. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 26.6% gain over the past four weeks.
Riley Exploration Permian stock ended sharply higher on Friday, driven by optimism over crude prices spurred by a supportive macro backdrop, geopolitical tensions and the OPEC+ supply curtailments. The steady increase in commodity prices to more than $100 a barrel has pushed drilling activity higher and contributed to the strength in Riley Exploration Permian, whose productive capacity is based in the horizontal development of the San Andres formation on the Northwest Shelf of the Permian Basin.
This company is expected to post quarterly earnings of $0.85 per share in its upcoming report, which represents a year-over-year change of +114.7%. Revenues are expected to be $45.96 million, up 99.7% 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 Riley Exploration Permian, Inc., the consensus EPS estimate for the quarter has been revised 20.9% 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 REPX 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 >>>>
Riley Exploration Permian, Inc. is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Civitas Resources (CIVI - Free Report) , another stock in the same industry, closed the last trading session 3.5% higher at $57.61. CIVI has returned 1.9% in the past month.
For Bonanza Creek, the consensus EPS estimate for the upcoming report has changed +0.2% over the past month to $1.74. This represents a change of -55.3% from what the company reported a year ago. Bonanza Creek currently has a Zacks Rank of #1 (Strong Buy).