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Diamondback (FANG) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
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Diamondback Energy (FANG - Free Report) reported $1.92 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 30.7%. EPS of $3.68 for the same period compares to $7.07 a year ago.
The reported revenue represents a surprise of +0.42% over the Zacks Consensus Estimate of $1.91 billion. With the consensus EPS estimate being $3.92, the EPS surprise was -6.12%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Diamondback performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average daily production / Daily combined volumes: 449912 BOE/D versus the 10-analyst average estimate of 436701.2 BOE/D.
Average Prices - Oil: $71.33 per barrel versus the five-analyst average estimate of $71.13 per barrel.
Average Prices - Natural gas, hedged: $1.08 per thousand cubic feet versus the five-analyst average estimate of $1.44 per thousand cubic feet.
Average Prices - Oil -hedged: $70.41 per barrel compared to the $71.89 per barrel average estimate based on five analysts.
Average Prices - Natural gas: $0.94 per thousand cubic feet versus $0.96 per thousand cubic feet estimated by five analysts on average.
Average Prices - Natural gas liquids, hedged: $16.42 per barrel versus the five-analyst average estimate of $21.11 per barrel.
Average Prices - Natural gas liquids: $16.42 per barrel versus $20.56 per barrel estimated by five analysts on average.
Total Production Volume: 40942 MBOE compared to the 39516.07 MBOE average estimate based on four analysts.
Revenues- Oil, natural gas and natural gas liquid: $1.90 billion versus the four-analyst average estimate of $1.86 billion. The reported number represents a year-over-year change of -31.1%.
Revenues- Oil sales: $1.71 billion compared to the $1.65 billion average estimate based on three analysts. The reported number represents a change of -22% year over year.
Revenues- Natural gas liquid sales: $140 million versus $163.50 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -53.2% change.
Revenues- Natural gas sales: $48 million versus $73.35 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -81.8% change.
Shares of Diamondback have returned +8.8% over the past month versus the Zacks S&P 500 composite's +2.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Diamondback (FANG) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
Diamondback Energy (FANG - Free Report) reported $1.92 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 30.7%. EPS of $3.68 for the same period compares to $7.07 a year ago.
The reported revenue represents a surprise of +0.42% over the Zacks Consensus Estimate of $1.91 billion. With the consensus EPS estimate being $3.92, the EPS surprise was -6.12%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Diamondback performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Average daily production / Daily combined volumes: 449912 BOE/D versus the 10-analyst average estimate of 436701.2 BOE/D.
- Average Prices - Oil: $71.33 per barrel versus the five-analyst average estimate of $71.13 per barrel.
- Average Prices - Natural gas, hedged: $1.08 per thousand cubic feet versus the five-analyst average estimate of $1.44 per thousand cubic feet.
- Average Prices - Oil -hedged: $70.41 per barrel compared to the $71.89 per barrel average estimate based on five analysts.
- Average Prices - Natural gas: $0.94 per thousand cubic feet versus $0.96 per thousand cubic feet estimated by five analysts on average.
- Average Prices - Natural gas liquids, hedged: $16.42 per barrel versus the five-analyst average estimate of $21.11 per barrel.
- Average Prices - Natural gas liquids: $16.42 per barrel versus $20.56 per barrel estimated by five analysts on average.
- Total Production Volume: 40942 MBOE compared to the 39516.07 MBOE average estimate based on four analysts.
- Revenues- Oil, natural gas and natural gas liquid: $1.90 billion versus the four-analyst average estimate of $1.86 billion. The reported number represents a year-over-year change of -31.1%.
- Revenues- Oil sales: $1.71 billion compared to the $1.65 billion average estimate based on three analysts. The reported number represents a change of -22% year over year.
- Revenues- Natural gas liquid sales: $140 million versus $163.50 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -53.2% change.
- Revenues- Natural gas sales: $48 million versus $73.35 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -81.8% change.
View all Key Company Metrics for Diamondback here>>>Shares of Diamondback have returned +8.8% over the past month versus the Zacks S&P 500 composite's +2.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.