Lufkin Industries, Inc. (LUFK) recently hit a new 52-week high on rising estimates, a bullish next-year growth projection and better than expected Q4 results from mid February.

First-Quarter Results

Shares of LUFK surged higher on Feb 11 after the company reported better than expected Q4 results. Revenue was up 8% from the previous quarter to $127 million, producing earnings of 28 cents per share, 65% ahead of the Zacks Consensus Estimate of 17 cents.

Lufkin’s results are largely driven by oil prices and the overall strength of the economy. On that note, CEO John Glick sees an inflection point in the company’s business, saying “market fundamentals have been strengthening as the global economy continues to recover from the recession. This in turn is likely to encourage increased exploration and production spending in response to rising energy demand.”

Estimates Up

Estimates jumped higher on the good quarter, with the current year adding 36 cents to $2.88. The next-year estimate is up 49 cents in the same time to $4.39, a bullish 52% earnings growth projection.

The Chart

Shares of LUFK recently surged above some short-term resistance to hit a new 52-week high at $78.49. Take a look below.

Read the Dec 11, 2009 article

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Michael Vodicka is the Momentum Stock Strategist for He is also the Editor in charge of the market-beating Zacks Surprise Trader Service. Zacks Investment Research