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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 $157.14, marking a -0.06% move from the previous day. This move lagged the S&P 500's daily gain of 0.59%. Elsewhere, the Dow gained 0.35%, while the tech-heavy Nasdaq added 0.83%.
Heading into today, shares of the energy exploration and production company had gained 3.91% over the past month, lagging the Oils-Energy sector's gain of 5.29% and outpacing the S&P 500's loss of 2.84% 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.
Any recent changes to analyst estimates for Diamondback Energy should also be noted by investors. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.85% higher within the past month. Diamondback Energy is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Diamondback Energy has a Forward P/E ratio of 8.99 right now. This represents a discount compared to its industry's average Forward P/E of 9.74.
Meanwhile, FANG's PEG ratio is currently 0.41. 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. FANG's industry had an average PEG ratio of 0.5 as of yesterday's close.
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 98, putting it in the top 39% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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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 $157.14, marking a -0.06% move from the previous day. This move lagged the S&P 500's daily gain of 0.59%. Elsewhere, the Dow gained 0.35%, while the tech-heavy Nasdaq added 0.83%.
Heading into today, shares of the energy exploration and production company had gained 3.91% over the past month, lagging the Oils-Energy sector's gain of 5.29% and outpacing the S&P 500's loss of 2.84% 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.
Any recent changes to analyst estimates for Diamondback Energy should also be noted by investors. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.85% higher within the past month. Diamondback Energy is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Diamondback Energy has a Forward P/E ratio of 8.99 right now. This represents a discount compared to its industry's average Forward P/E of 9.74.
Meanwhile, FANG's PEG ratio is currently 0.41. 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. FANG's industry had an average PEG ratio of 0.5 as of yesterday's close.
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 98, putting it in the top 39% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.