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Diamondback (FANG) Reports Q3 Earnings: What Key Metrics Have to Say
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Diamondback Energy (FANG - Free Report) reported $2.34 billion in revenue for the quarter ended September 2023, representing a year-over-year decline of 4%. EPS of $5.49 for the same period compares to $6.48 a year ago.
The reported revenue represents a surprise of +7.49% over the Zacks Consensus Estimate of $2.18 billion. With the consensus EPS estimate being $4.90, the EPS surprise was +12.04%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Diamondback performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average daily production / Daily combined volumes: 452,848 BOE/D versus 446,969.3 BOE/D estimated by 10 analysts on average.
Average Prices - Natural gas liquids: $21.02 per barrel versus the six-analyst average estimate of $21.24 per barrel.
Average Prices - Oil: $81.57 per barrel versus the six-analyst average estimate of $79.91 per barrel.
Average Prices - Natural gas, hedged: $1.62 per thousand cubic feet compared to the $1.63 per thousand cubic feet average estimate based on six analysts.
Average Prices - Natural gas: $1.62 per thousand cubic feet compared to the $1.6 per thousand cubic feet average estimate based on six analysts.
Average Prices - Oil -hedged: $80.51 per barrel versus the five-analyst average estimate of $79.39 per barrel.
Total Production Volume: 41,662 MBOE versus 40,953.2 MBOE estimated by five analysts on average.
Average Prices - Natural gas liquids, hedged: $21.02 per barrel versus $21.63 per barrel estimated by five analysts on average.
Revenues- Oil, natural gas and natural gas liquid: $2.27 billion compared to the $2.10 billion average estimate based on four analysts. The reported number represents a change of -6.3% year over year.
Revenues- Natural gas liquid sales: $188 million versus $180.38 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -29.9% change.
Revenues- Natural gas sales: $80 million compared to the $70.43 million average estimate based on three analysts. The reported number represents a change of -73% year over year.
Revenues- Oil sales: $2 billion compared to the $1.86 billion average estimate based on two analysts. The reported number represents a change of +7.8% year over year.
Shares of Diamondback have returned +1.5% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Diamondback (FANG) Reports Q3 Earnings: What Key Metrics Have to Say
Diamondback Energy (FANG - Free Report) reported $2.34 billion in revenue for the quarter ended September 2023, representing a year-over-year decline of 4%. EPS of $5.49 for the same period compares to $6.48 a year ago.
The reported revenue represents a surprise of +7.49% over the Zacks Consensus Estimate of $2.18 billion. With the consensus EPS estimate being $4.90, the EPS surprise was +12.04%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Diamondback performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Average daily production / Daily combined volumes: 452,848 BOE/D versus 446,969.3 BOE/D estimated by 10 analysts on average.
- Average Prices - Natural gas liquids: $21.02 per barrel versus the six-analyst average estimate of $21.24 per barrel.
- Average Prices - Oil: $81.57 per barrel versus the six-analyst average estimate of $79.91 per barrel.
- Average Prices - Natural gas, hedged: $1.62 per thousand cubic feet compared to the $1.63 per thousand cubic feet average estimate based on six analysts.
- Average Prices - Natural gas: $1.62 per thousand cubic feet compared to the $1.6 per thousand cubic feet average estimate based on six analysts.
- Average Prices - Oil -hedged: $80.51 per barrel versus the five-analyst average estimate of $79.39 per barrel.
- Total Production Volume: 41,662 MBOE versus 40,953.2 MBOE estimated by five analysts on average.
- Average Prices - Natural gas liquids, hedged: $21.02 per barrel versus $21.63 per barrel estimated by five analysts on average.
- Revenues- Oil, natural gas and natural gas liquid: $2.27 billion compared to the $2.10 billion average estimate based on four analysts. The reported number represents a change of -6.3% year over year.
- Revenues- Natural gas liquid sales: $188 million versus $180.38 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -29.9% change.
- Revenues- Natural gas sales: $80 million compared to the $70.43 million average estimate based on three analysts. The reported number represents a change of -73% year over year.
- Revenues- Oil sales: $2 billion compared to the $1.86 billion average estimate based on two analysts. The reported number represents a change of +7.8% year over year.
View all Key Company Metrics for Diamondback here>>>Shares of Diamondback have returned +1.5% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.