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Diamondback Energy (FANG) Gains As Market Dips: What You Should Know
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In the latest trading session, Diamondback Energy (FANG - Free Report) closed at $158.63, marking a +0.97% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.41%. Elsewhere, the Dow lost 0.24%, while the tech-heavy Nasdaq lost 0.09%.
Prior to today's trading, shares of the energy exploration and production company had gained 21.3% over the past month. This has outpaced the Oils-Energy sector's gain of 18.26% and the S&P 500's gain of 8.12% in that time.
Wall Street will be looking for positivity from Diamondback Energy as it approaches its next earnings report date. This is expected to be November 7, 2022. In that report, analysts expect Diamondback Energy to post earnings of $6.45 per share. This would mark year-over-year growth of 119.39%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.37 billion, up 23.97% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $24.93 per share and revenue of $9.63 billion. These totals would mark changes of +118.11% and +41.7%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Diamondback Energy. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. The Zacks Consensus EPS estimate has moved 4.47% lower within the past month. Diamondback Energy is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Diamondback Energy is holding a Forward P/E ratio of 6.3. Its industry sports an average Forward P/E of 5.53, so we one might conclude that Diamondback Energy is trading at a premium comparatively.
Meanwhile, FANG's PEG ratio is currently 0.29. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 0.29 based on yesterday's closing prices.
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 87, which puts it in the top 35% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Diamondback Energy (FANG) Gains As Market Dips: What You Should Know
In the latest trading session, Diamondback Energy (FANG - Free Report) closed at $158.63, marking a +0.97% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.41%. Elsewhere, the Dow lost 0.24%, while the tech-heavy Nasdaq lost 0.09%.
Prior to today's trading, shares of the energy exploration and production company had gained 21.3% over the past month. This has outpaced the Oils-Energy sector's gain of 18.26% and the S&P 500's gain of 8.12% in that time.
Wall Street will be looking for positivity from Diamondback Energy as it approaches its next earnings report date. This is expected to be November 7, 2022. In that report, analysts expect Diamondback Energy to post earnings of $6.45 per share. This would mark year-over-year growth of 119.39%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.37 billion, up 23.97% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $24.93 per share and revenue of $9.63 billion. These totals would mark changes of +118.11% and +41.7%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Diamondback Energy. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. The Zacks Consensus EPS estimate has moved 4.47% lower within the past month. Diamondback Energy is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Diamondback Energy is holding a Forward P/E ratio of 6.3. Its industry sports an average Forward P/E of 5.53, so we one might conclude that Diamondback Energy is trading at a premium comparatively.
Meanwhile, FANG's PEG ratio is currently 0.29. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 0.29 based on yesterday's closing prices.
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 87, which puts it in the top 35% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.