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Diamondback Energy (FANG) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Diamondback Energy (FANG - Free Report) closed at $131.95, marking a +0.45% move from the previous day. This move outpaced the S&P 500's daily gain of 0.12%. Elsewhere, the Dow gained 0.03%, while the tech-heavy Nasdaq added 5.14%.
Wall Street will be looking for positivity from Diamondback Energy as it approaches its next earnings report date. This is expected to be July 31, 2023. On that day, Diamondback Energy is projected to report earnings of $4.35 per share, which would represent a year-over-year decline of 38.47%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2 billion, down 27.76% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $18.39 per share and revenue of $8.13 billion, which would represent changes of -23.44% and -15.69%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Diamondback Energy. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 4.13% lower within the past month. Diamondback Energy is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Diamondback Energy's current valuation metrics, including its Forward P/E ratio of 7.14. This represents a discount compared to its industry's average Forward P/E of 7.53.
Investors should also note that FANG has a PEG ratio of 0.33 right now. 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. The Oil and Gas - Exploration and Production - United States was holding an average PEG ratio of 0.38 at yesterday's closing price.
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 225, putting it in the bottom 11% 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.
To follow FANG in the coming trading sessions, be sure to utilize Zacks.com.
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Diamondback Energy (FANG) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Diamondback Energy (FANG - Free Report) closed at $131.95, marking a +0.45% move from the previous day. This move outpaced the S&P 500's daily gain of 0.12%. Elsewhere, the Dow gained 0.03%, while the tech-heavy Nasdaq added 5.14%.
Wall Street will be looking for positivity from Diamondback Energy as it approaches its next earnings report date. This is expected to be July 31, 2023. On that day, Diamondback Energy is projected to report earnings of $4.35 per share, which would represent a year-over-year decline of 38.47%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2 billion, down 27.76% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $18.39 per share and revenue of $8.13 billion, which would represent changes of -23.44% and -15.69%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Diamondback Energy. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 4.13% lower within the past month. Diamondback Energy is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Diamondback Energy's current valuation metrics, including its Forward P/E ratio of 7.14. This represents a discount compared to its industry's average Forward P/E of 7.53.
Investors should also note that FANG has a PEG ratio of 0.33 right now. 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. The Oil and Gas - Exploration and Production - United States was holding an average PEG ratio of 0.38 at yesterday's closing price.
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 225, putting it in the bottom 11% 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.
To follow FANG in the coming trading sessions, be sure to utilize Zacks.com.