Diamondback Energy (FANG) shares ended the last trading session 13.2% higher at $134.93. 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 17.6% loss over the past four weeks.

The stock price of Diamondback Energy significantly surged as oil and natural gas prices experienced an increase. This upward movement in commodity prices was supported by President Trump's announcement to pause "reciprocal" tariff hikes and implement a reduced 10% tariff rate for most countries over the next 90 days. The announcement helped ease concerns about potential trade disruptions, which in turn encouraged investor confidence. With higher oil and natural gas prices and reduced trade uncertainties, the outlook for Diamondback Energy improved, leading to a boost in its stock value.

This energy exploration and production company is expected to post quarterly earnings of $3.69 per share in its upcoming report, which represents a year-over-year change of -18%. Revenues are expected to be $3.58 billion, up 60.7% 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 Diamondback, the consensus EPS estimate for the quarter has been revised 7.9% 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 FANG 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 >>>>

Diamondback is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Cheniere Energy (LNG), another stock in the same industry, closed the last trading session 6.2% higher at $217.83. LNG has returned -2.9% in the past month.

Cheniere Energy's consensus EPS estimate for the upcoming report has changed +0.3% over the past month to $3.31. Compared to the company's year-ago EPS, this represents a change of +55.4%. Cheniere Energy currently boasts a Zacks Rank of #3 (Hold).

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This article originally published on Zacks Investment Research (zacks.com).

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