Diamondback Energy, Inc. (FANG Quick QuoteFANG - Free Report) is an independent oil and gas company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on FANG’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Diamondback Energy could be a solid choice for investors.

Current Quarter Estimates for FANG

In the past 30 days, five estimates have gone higher for Diamondback Energy while two have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 59 cents a share 30 days ago, to 68 cents today, a move of 15%.

Current Year Estimates for FANG

Meanwhile, Diamondback Energy’s current year figures are also looking quite promising, with eleven estimates moving higher in the past month, compared to three lower. The consensus estimate trend has also seen a boost for this time frame, increasing from $3.15  per share 30 days ago to $3.68  per share today, an increase of 16.8%.

Bottom Line

The stock has also started to move higher lately, adding 5.2% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #2(Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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