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Strength Seen in SELECT EGY SVCS (WTTR): Can Its 7.6% Jump Turn into More Strength?

SELECT EGY SVCS (WTTR) shares rallied 7.6% in the last trading session to close at $5.55. 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 3.7% loss over the past four weeks.

Increased optimism over an accelerated recovery of oil and gas prices primarily drove Select Energy Services' stock higher. As oil price is witnessing a significant gain and natural gas price is attaining major highs, due to low supplies, more upstream activities are expected in the coming days. This, in turn, will increase demand for oilfield service providers like Select Energy Services.

Price and Consensus

This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +80.6%. Revenues are expected to be $196.3 million, up 93.9% 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 SELECT EGY SVCS, the consensus EPS estimate for the quarter has been revised 6.7% 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 WTTR 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 >>>>


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