In the latest trading session, Verizon Communications (VZ) closed at $59.29, marking a +1.21% move from the previous day. This change outpaced the S&P 500's 0.57% gain on the day. Elsewhere, the Dow gained 1.44%, while the tech-heavy Nasdaq lost 0.61%.Coming into today, shares of the largest U.S. cellphone carrier had lost 4.67% in the past month. In that same time, the Computer and Technology sector gained 1.94%, while the S&P 500 gained 0.83%.Wall Street will be looking for positivity from VZ as it approaches its next earnings report date. This is expected to be January 26, 2021. In that report, analysts expect VZ to post earnings of $1.16 per share. This would mark year-over-year growth of 2.65%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $34.41 billion, down 1.06% from the year-ago period.Any recent changes to analyst estimates for VZ should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.03% lower. VZ is currently a Zacks Rank #3 (Hold).In terms of valuation, VZ is currently trading at a Forward P/E ratio of 11.68. This represents a discount compared to its industry's average Forward P/E of 23.12.Meanwhile, VZ's PEG ratio is currently 3.36. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Wireless National industry currently had an average PEG ratio of 2.76 as of yesterday's close.The Wireless National industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 36, putting it in the top 15% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow VZ in the coming trading sessions, be sure to utilize Zacks.com.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 Verizon Communications Inc. (VZ): Free Stock Analysis Report To read this article on Zacks.com click here.