ConocoPhillips (COP) Surges 10.7%: Is This an Indication of Further Gains?

ConocoPhillips COP shares soared 10.7% in the last trading session to close at $91.51. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 13.4% loss over the past four weeks.Oil prices have bounced back as investors remain hopeful that an energy market downturn is unlikely, thanks to a broader market recovery following President Donald Trump's move to pause "reciprocal" tariff hikes and implement a lower 10% tariff rate for most countries over the next 90 days. This rebound in crude prices is favorable for exploration and production companies like ConocoPhillips, leading to a sharp rise in its stock price.This energy company is expected to post quarterly earnings of $2.03 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $16.23 billion, up 12.1% 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 ConocoPhillips, the consensus EPS estimate for the quarter has been revised 5.4% 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 COP 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 >>>>ConocoPhillips is part of the Zacks Oil and Gas - Integrated - United States industry. Berry Petroleum BRY, another stock in the same industry, closed the last trading session 18.9% higher at $2.58. BRY has returned -38.5% in the past month.Berry Petroleum's consensus EPS estimate for the upcoming report has changed -3.6% over the past month to $0.14. Compared to the company's year-ago EPS, this represents no change. Berry Petroleum currently boasts a Zacks Rank of #3 (Hold).7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention. See them 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 ConocoPhillips (COP): Free Stock Analysis Report Berry Corporation (BRY): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks