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Diamondback Energy (FANG) Dips More Than Broader Markets: What You Should Know
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Diamondback Energy (FANG - Free Report) closed the most recent trading day at $150.57, moving -0.52% from the previous trading session. This change lagged the S&P 500's daily loss of 0.23%. At the same time, the Dow lost 0.31%, and the tech-heavy Nasdaq lost 0.09%.
Heading into today, shares of the energy exploration and production company had gained 1.58% over the past month, lagging the Oils-Energy sector's gain of 2.43% and outpacing the S&P 500's loss of 1.43% 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 6, 2023. In that report, analysts expect Diamondback Energy to post earnings of $4.54 per share. This would mark a year-over-year decline of 29.94%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.06 billion, down 15.62% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $17.48 per share and revenue of $8.02 billion, which would represent changes of -27.23% and -16.82%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Diamondback Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. Within the past 30 days, our consensus EPS projection has moved 2.78% higher. Diamondback Energy is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Diamondback Energy has a Forward P/E ratio of 8.66 right now. This represents a discount compared to its industry's average Forward P/E of 9.26.
Meanwhile, FANG's PEG ratio is currently 0.39. 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 0.47 at yesterday's closing price.
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 170, which puts it in the bottom 33% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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) Dips More Than Broader Markets: What You Should Know
Diamondback Energy (FANG - Free Report) closed the most recent trading day at $150.57, moving -0.52% from the previous trading session. This change lagged the S&P 500's daily loss of 0.23%. At the same time, the Dow lost 0.31%, and the tech-heavy Nasdaq lost 0.09%.
Heading into today, shares of the energy exploration and production company had gained 1.58% over the past month, lagging the Oils-Energy sector's gain of 2.43% and outpacing the S&P 500's loss of 1.43% 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 6, 2023. In that report, analysts expect Diamondback Energy to post earnings of $4.54 per share. This would mark a year-over-year decline of 29.94%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.06 billion, down 15.62% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $17.48 per share and revenue of $8.02 billion, which would represent changes of -27.23% and -16.82%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Diamondback Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. Within the past 30 days, our consensus EPS projection has moved 2.78% higher. Diamondback Energy is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Diamondback Energy has a Forward P/E ratio of 8.66 right now. This represents a discount compared to its industry's average Forward P/E of 9.26.
Meanwhile, FANG's PEG ratio is currently 0.39. 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 0.47 at yesterday's closing price.
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 170, which puts it in the bottom 33% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.