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Weatherford (WFRD) Moves 6.2% Higher: Will This Strength Last?
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Weatherford (WFRD - Free Report) shares rallied 6.2% in the last trading session to close at $109.01. 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 16.6% gain over the past four weeks.
Weatherford’s shares rallied on the last trading day. The bullishness could be attributed to the sustained high oil and gas prices which is encouraging customers to increase drilling activities. Despite a slight pullback from its peak, oil prices remain favorable for exploration and production activities. This has resulted in higher demand for the company’s oilfield services. With the strong demand for its services, Weatherford is well positioned to generate high free cash flows this year.
This oilfield service company is expected to post quarterly earnings of $1.41 per share in its upcoming report, which represents a year-over-year change of +45.4%. Revenues are expected to be $1.33 billion, up 11.8% 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 Weatherford, the consensus EPS estimate for the quarter has been revised 7% 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 WFRD going forward to see if this recent jump can turn into more strength down the road.
Weatherford is part of the Zacks Oil and Gas - Field Services industry. Baker Hughes (BKR - Free Report) , another stock in the same industry, closed the last trading session 1.3% higher at $29.96. BKR has returned 3.4% in the past month.
Baker Hughes' consensus EPS estimate for the upcoming report has changed -5.6% over the past month to $0.40. Compared to the company's year-ago EPS, this represents a change of +42.9%. Baker Hughes currently boasts a Zacks Rank of #3 (Hold).
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Weatherford (WFRD) Moves 6.2% Higher: Will This Strength Last?
Weatherford (WFRD - Free Report) shares rallied 6.2% in the last trading session to close at $109.01. 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 16.6% gain over the past four weeks.
Weatherford’s shares rallied on the last trading day. The bullishness could be attributed to the sustained high oil and gas prices which is encouraging customers to increase drilling activities. Despite a slight pullback from its peak, oil prices remain favorable for exploration and production activities. This has resulted in higher demand for the company’s oilfield services. With the strong demand for its services, Weatherford is well positioned to generate high free cash flows this year.
This oilfield service company is expected to post quarterly earnings of $1.41 per share in its upcoming report, which represents a year-over-year change of +45.4%. Revenues are expected to be $1.33 billion, up 11.8% 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 Weatherford, the consensus EPS estimate for the quarter has been revised 7% 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 WFRD 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 >>>>
Weatherford is part of the Zacks Oil and Gas - Field Services industry. Baker Hughes (BKR - Free Report) , another stock in the same industry, closed the last trading session 1.3% higher at $29.96. BKR has returned 3.4% in the past month.
Baker Hughes' consensus EPS estimate for the upcoming report has changed -5.6% over the past month to $0.40. Compared to the company's year-ago EPS, this represents a change of +42.9%. Baker Hughes currently boasts a Zacks Rank of #3 (Hold).