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MARKETS LIVE BLOG:

STOCKS CLIMB AS DOW POSTS 8TH STRAIGHT WIN

Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

Nov Inc. (NOV) Moves 15.7% Higher: Will This Strength Last?

Zacks Equity Research
·2 min read

Nov Inc. (NOV) shares ended the last trading session 15.7% higher at $21.19. 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 13% gain over the past four weeks.

NOV extended its rally for the fourth straight day, driven by optimism over crude prices spurred by a supportive macro backdrop, geopolitical tensions and the OPEC+ supply curtailments. The steady increase in commodity prices to more than $100 a barrel has lifted the oilfield service space and contributed to the strength in this leading oil and gas equipment company.

This oil and gas industry supplier is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +82.1%. Revenues are expected to be $1.53 billion, up 22.6% 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.

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For Nov Inc., the consensus EPS estimate for the quarter has been revised 197.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NOV 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 >>>>

Nov Inc. belongs to the Zacks Technology Services industry. Another stock from the same industry, Exela Technologies, Inc. (XELA), closed the last trading session 0.4% lower at $0.63. Over the past month, XELA has returned -21.2%.

For Exela Technologies, Inc. , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.13. This represents a change of +92.9% from what the company reported a year ago. Exela Technologies, Inc. currently has a Zacks Rank of #3 (Hold).


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Zacks Investment Research