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Strength Seen in SilverBow (SBOW): Can Its 6.2% Jump Turn into More Strength?
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SilverBow Resources (SBOW - Free Report) shares rallied 6.2% in the last trading session to close at $36.58. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 3.8% gain over the past four weeks.
SilverBow Resources stock ended sharply higher on Wednesday, driven by optimism over rising natural gas prices spurred by the ongoing strength in liquefied natural gas demand and geopolitical turmoil over Russian invasion of Ukraine. The recovery in the fuel’s price to around $7 per MMBtu has pushed drilling activity higher and contributed to the strength in SilverBow Resources, a natural gas operator in the Eagle Ford Shale in South Texas.
This energy company is expected to post quarterly earnings of $2.23 per share in its upcoming report, which represents a year-over-year change of -3.5%. Revenues are expected to be $103 million, up 18.8% 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 SilverBow, the consensus EPS estimate for the quarter has been revised 18.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SBOW going forward to see if this recent jump can turn into more strength down the road.
SilverBow is a member of the Zacks Oil and Gas - Exploration and Production - United States industry. One other stock in the same industry, Ring Energy (REI - Free Report) , finished the last trading session 3.6% higher at $4.36. REI has returned 12.6% over the past month.
Ring Energy's consensus EPS estimate for the upcoming report has changed +58.3% over the past month to $0.18. Compared to the company's year-ago EPS, this represents a change of +157.1%. Ring Energy currently boasts a Zacks Rank of #1 (Strong Buy).
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Strength Seen in SilverBow (SBOW): Can Its 6.2% Jump Turn into More Strength?
SilverBow Resources (SBOW - Free Report) shares rallied 6.2% in the last trading session to close at $36.58. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 3.8% gain over the past four weeks.
SilverBow Resources stock ended sharply higher on Wednesday, driven by optimism over rising natural gas prices spurred by the ongoing strength in liquefied natural gas demand and geopolitical turmoil over Russian invasion of Ukraine. The recovery in the fuel’s price to around $7 per MMBtu has pushed drilling activity higher and contributed to the strength in SilverBow Resources, a natural gas operator in the Eagle Ford Shale in South Texas.
This energy company is expected to post quarterly earnings of $2.23 per share in its upcoming report, which represents a year-over-year change of -3.5%. Revenues are expected to be $103 million, up 18.8% 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 SilverBow, the consensus EPS estimate for the quarter has been revised 18.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SBOW going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
SilverBow is a member of the Zacks Oil and Gas - Exploration and Production - United States industry. One other stock in the same industry, Ring Energy (REI - Free Report) , finished the last trading session 3.6% higher at $4.36. REI has returned 12.6% over the past month.
Ring Energy's consensus EPS estimate for the upcoming report has changed +58.3% over the past month to $0.18. Compared to the company's year-ago EPS, this represents a change of +157.1%. Ring Energy currently boasts a Zacks Rank of #1 (Strong Buy).