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Weatherford (WFRD) Stock Jumps 3.6%: Will It Continue to Soar?
Weatherford (WFRD - Free Report) shares ended the last trading session 3.6% higher at $120.26. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.8% gain over the past four weeks.
The surge can be attributed to a higher demand for Weatherford’s oilfield services due to favorable oil and gas prices. International and offshore markets are currently exhibiting resilience and strength, leading to increased spending by customers and higher demand for its services. Additionally, Weatherford has been awarded several contracts that will support its financial performance and aid in free cash flow generation. WFRD’s commitment to providing innovative oilfield services, combined with a favorable commodity price environment, has been a significant growth driver for the company.
This oilfield service company is expected to post quarterly earnings of $1.67 per share in its upcoming report, which represents a year-over-year change of +49.1%. Revenues are expected to be $1.42 billion, up 11.7% 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 Weatherford, 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 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. Oceaneering International (OII - Free Report) , another stock in the same industry, closed the last trading session 2.8% higher at $22.64. OII has returned -5.3% in the past month.
Oceaneering International's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.37. Compared to the company's year-ago EPS, this represents a change of +105.6%. Oceaneering International currently boasts a Zacks Rank of #3 (Hold).