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Diamondback Energy (FANG) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, Diamondback Energy (FANG - Free Report) closed at $140.55, marking a -1.7% move from the previous day. This move lagged the S&P 500's daily gain of 0.36%. Meanwhile, the Dow gained 0.01%, and the Nasdaq, a tech-heavy index, added 1.91%.
Heading into today, shares of the energy exploration and production company had gained 0.34% over the past month, outpacing the Oils-Energy sector's loss of 2.56% and lagging the S&P 500's gain of 1.24% 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 May 1, 2023. The company is expected to report EPS of $4.76, down 8.46% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.08 billion, down 13.65% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $20.81 per share and revenue of $8.78 billion, which would represent changes of -13.36% and -8.94%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Diamondback Energy. 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.
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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 8.99% lower. Diamondback Energy is currently a Zacks Rank #5 (Strong Sell).
Valuation is also important, so investors should note that Diamondback Energy has a Forward P/E ratio of 6.87 right now. This represents a premium compared to its industry's average Forward P/E of 6.65.
Investors should also note that FANG has a PEG ratio of 0.31 right now. 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. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 0.35 based on yesterday's closing prices.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 242, putting it in the bottom 4% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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 FANG in the coming trading sessions, be sure to utilize Zacks.com.
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Diamondback Energy (FANG) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Diamondback Energy (FANG - Free Report) closed at $140.55, marking a -1.7% move from the previous day. This move lagged the S&P 500's daily gain of 0.36%. Meanwhile, the Dow gained 0.01%, and the Nasdaq, a tech-heavy index, added 1.91%.
Heading into today, shares of the energy exploration and production company had gained 0.34% over the past month, outpacing the Oils-Energy sector's loss of 2.56% and lagging the S&P 500's gain of 1.24% 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 May 1, 2023. The company is expected to report EPS of $4.76, down 8.46% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.08 billion, down 13.65% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $20.81 per share and revenue of $8.78 billion, which would represent changes of -13.36% and -8.94%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Diamondback Energy. 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.
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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 8.99% lower. Diamondback Energy is currently a Zacks Rank #5 (Strong Sell).
Valuation is also important, so investors should note that Diamondback Energy has a Forward P/E ratio of 6.87 right now. This represents a premium compared to its industry's average Forward P/E of 6.65.
Investors should also note that FANG has a PEG ratio of 0.31 right now. 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. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 0.35 based on yesterday's closing prices.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 242, putting it in the bottom 4% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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 FANG in the coming trading sessions, be sure to utilize Zacks.com.