Patterson-UTI (PTEN) shares rallied 8.4% in the last trading session to close at $15.77. 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 25.4% loss over the past four weeks.Patterson-UTI Energy stock ended sharply higher on the last trading day, driven by optimism over oil prices spurred by curbs on Russia, plus a demand spike owing to the reopening of economies and a rebound in activity. The steady increase in crude prices to over $100 a barrel has lifted the onshore contract drilling space and contributed to the strength in the company.This provider of onshore contract drilling services is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +94.4%. Revenues are expected to be $570.58 million, up 95.6% 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 Patterson-UTI, the consensus EPS estimate for the quarter has been revised 10.5% 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 PTEN going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Patterson-UTI belongs to the Zacks Oil and Gas - Drilling industry. Another stock from the same industry, Transocean (RIG), closed the last trading session 6.4% higher at $3.49. Over the past month, RIG has returned -21.9%.Transocean's consensus EPS estimate for the upcoming report has changed +4.9% over the past month to -$0.13. Compared to the company's year-ago EPS, this represents a change of +27.8%. Transocean currently boasts a Zacks Rank of #3 (Hold). Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through 2021, the Zacks Top 10 Stocks portfolios gained an impressive +1,001.2% versus the S&P 500’s +348.7%. Now our Director of Research has combed through 4,000 companies covered by the Zacks Rank and has handpicked the best 10 tickers to buy and hold. Don’t miss your chance to get in…because the sooner you do, the more upside you stand to grab.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PattersonUTI Energy, Inc. (PTEN): Free Stock Analysis Report Transocean Ltd. (RIG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research