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Diamondback Energy (FANG) Dips More Than Broader Markets: What You Should Know
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In the latest trading session, Diamondback Energy (FANG - Free Report) closed at $144.99, marking a -0.72% move from the previous day. This move lagged the S&P 500's daily loss of 0.02%. Meanwhile, the Dow gained 0.23%, and the Nasdaq, a tech-heavy index, lost 0.12%.
Coming into today, shares of the energy exploration and production company had gained 14.7% in the past month. In that same time, the Oils-Energy sector gained 8.02%, while the S&P 500 gained 5.14%.
Investors will be hoping for strength from Diamondback Energy as it approaches its next earnings release, which is expected to be July 31, 2023. The company is expected to report EPS of $3.92, down 44.55% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $1.91 billion, down 30.96% from the year-ago period.
FANG's full-year Zacks Consensus Estimates are calling for earnings of $17.32 per share and revenue of $7.95 billion. These results would represent year-over-year changes of -27.89% and -17.58%, respectively.
Investors should also note any 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.
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. Over the past month, the Zacks Consensus EPS estimate has moved 7.22% lower. Diamondback Energy is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Diamondback Energy is holding a Forward P/E ratio of 8.43. This represents a no noticeable deviation compared to its industry's average Forward P/E of 8.43.
It is also worth noting that FANG currently has a PEG ratio of 0.38. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 0.42 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 194, putting it in the bottom 24% 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) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Diamondback Energy (FANG - Free Report) closed at $144.99, marking a -0.72% move from the previous day. This move lagged the S&P 500's daily loss of 0.02%. Meanwhile, the Dow gained 0.23%, and the Nasdaq, a tech-heavy index, lost 0.12%.
Coming into today, shares of the energy exploration and production company had gained 14.7% in the past month. In that same time, the Oils-Energy sector gained 8.02%, while the S&P 500 gained 5.14%.
Investors will be hoping for strength from Diamondback Energy as it approaches its next earnings release, which is expected to be July 31, 2023. The company is expected to report EPS of $3.92, down 44.55% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $1.91 billion, down 30.96% from the year-ago period.
FANG's full-year Zacks Consensus Estimates are calling for earnings of $17.32 per share and revenue of $7.95 billion. These results would represent year-over-year changes of -27.89% and -17.58%, respectively.
Investors should also note any 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.
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. Over the past month, the Zacks Consensus EPS estimate has moved 7.22% lower. Diamondback Energy is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Diamondback Energy is holding a Forward P/E ratio of 8.43. This represents a no noticeable deviation compared to its industry's average Forward P/E of 8.43.
It is also worth noting that FANG currently has a PEG ratio of 0.38. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 0.42 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 194, putting it in the bottom 24% 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.