Valero Energy (VLO) shares ended the last trading session 4.9% higher at $133.35. 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 1.5% loss over the past four weeks.

The bullishness could be attributed to the new sanctions imposed by the U.S. on Russian crude oil exports. These sanctions disrupted the global supply of oil, causing a spike in oil prices as markets anticipated tighter global supplies. Higher oil prices can improve margins for integrated refiners like VLO, as they can pass on increased costs to consumers through higher refined product prices. Additionally, Valero’s refinery network and Gulf Coast operations have been significant drivers of its stock performance. 

This oil refiner is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of -95.5%. Revenues are expected to be $30.43 billion, down 14.1% 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 Valero Energy, the consensus EPS estimate for the quarter has been revised 17.1% 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 VLO 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 >>>>

Valero Energy is part of the Zacks Oil and Gas - Refining and Marketing industry. EnLink Midstream (ENLC), another stock in the same industry, closed the last trading session 2.4% higher at $14.68. ENLC has returned -2.1% in the past month.

EnLink Midstream's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.16. Compared to the company's year-ago EPS, this represents a change of +14.3%. EnLink Midstream currently boasts a Zacks Rank of #3 (Hold).

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