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Ranger Energy (RNGR) Stock Jumps 6%: Will It Continue to Soar?

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Ranger Energy (RNGR - Free Report) shares soared 6% in the last trading session to close at $10.76. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 0.2% gain over the past four weeks.

The recent surge in oil prices on account of geopolitical tensions primarily drove the stock. The price of oil is trading at more than $120-per barrel mark, reflecting a significant improvement in the past year. This is beneficial for Ranger Energy since the company is a leading provider of well services in the United States.

This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +83.7%. Revenues are expected to be $121.9 million, up 193.7% 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 Ranger Energy, 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 RNGR 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 >>>>

Ranger Energy belongs to the Zacks Oil and Gas - Field Services industry. Another stock from the same industry, Baker Hughes (BKR - Free Report) , closed the last trading session 4.7% higher at $34.78. Over the past month, BKR has returned 24.9%.

Baker Hughes' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.21. Compared to the company's year-ago EPS, this represents a change of +75%. Baker Hughes currently boasts a Zacks Rank of #3 (Hold).


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