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RPC (RES) Moves 11.9% Higher: Will This Strength Last?

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RPC (RES) shares rallied 11.9% in the last trading session to close at $10.78. 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 35.4% 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 RPC since the company is a leading provider of a wide range of specialized oilfield services.

This oil and gas services company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +220%. Revenues are expected to be $268.63 million, up 47.1% 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 RPC, 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 RES 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 >>>>

RPC is a member of the Zacks Oil and Gas - Field Services industry. One other stock in the same industry, Liberty Oilfield Services (LBRT), finished the last trading session 5.9% higher at $15. LBRT has returned 15.4% over the past month.

For Liberty Oilfield Services , the consensus EPS estimate for the upcoming report has changed -171.6% over the past month to -$0.17. This represents a change of +19.1% from what the company reported a year ago. Liberty Oilfield Services currently has a Zacks Rank of #4 (Sell).


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