Diamondback Energy (FANG) closed at $179.91 in the latest trading session, marking a -1.45% move from the prior day. The stock’s change was less than the S&P 500’s daily loss of 0.05%. On the other hand, the Dow registered a loss of 0.09%, and the technology-centric Nasdaq decreased by 0.24%.
Shares of the energy exploration and production company witnessed a loss of 5.97% over the previous month, beating the performance of the Oils-Energy sector with its loss of 8.57%, and underperforming the S&P 500’s loss of 1.42%.
The upcoming earnings release of Diamondback Energy will be of great interest to investors. The company is forecasted to report an EPS of $5.73, showcasing a 114.61% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $4.8 billion, indicating a 30.5% upward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $19.92 per share and a revenue of $18.13 billion, signifying shifts of +48.99% and +20.68%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Diamondback Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we’ve established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there’s been a 2.37% rise in the Zacks Consensus EPS estimate. As of now, Diamondback Energy holds a Zacks Rank of #3 (Hold).
Investors should also note Diamondback Energy’s current valuation metrics, including its Forward P/E ratio of 9.16. This denotes no noticeable deviation relative to the industry average Forward P/E of 9.16.
The Oil and Gas – Exploration and Production – United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 107, which puts it in the top 44% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
