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Diamondback Energy (FANG) Stock Drops Despite Market Gains: Important Facts to Note
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Diamondback Energy (FANG - Free Report) closed at $156.38 in the latest trading session, marking a -0.06% move from the prior day. This change lagged the S&P 500's 0.52% gain on the day. Elsewhere, the Dow gained 0.4%, while the tech-heavy Nasdaq added 0.58%.
Prior to today's trading, shares of the energy exploration and production company had gained 2.56% over the past month. This has outpaced the Oils-Energy sector's loss of 2.11% and the S&P 500's loss of 2.61% in that time.
Market participants will be closely following the financial results of Diamondback Energy in its upcoming release. The company plans to announce its earnings on November 6, 2023. The company's earnings per share (EPS) are projected to be $4.67, reflecting a 27.93% decrease from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $2.09 billion, indicating a 14.17% decline compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $17.52 per share and a revenue of $8.12 billion, demonstrating changes of -27.06% and -15.82%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Diamondback Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.17% higher. Diamondback Energy is holding a Zacks Rank of #2 (Buy) right now.
In terms of valuation, Diamondback Energy is currently trading at a Forward P/E ratio of 8.93. This denotes a discount relative to the industry's average Forward P/E of 9.74.
We can additionally observe that FANG currently boasts a PEG ratio of 0.41. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Exploration and Production - United States was holding an average PEG ratio of 0.51 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 16, which puts it in the top 7% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Diamondback Energy (FANG) Stock Drops Despite Market Gains: Important Facts to Note
Diamondback Energy (FANG - Free Report) closed at $156.38 in the latest trading session, marking a -0.06% move from the prior day. This change lagged the S&P 500's 0.52% gain on the day. Elsewhere, the Dow gained 0.4%, while the tech-heavy Nasdaq added 0.58%.
Prior to today's trading, shares of the energy exploration and production company had gained 2.56% over the past month. This has outpaced the Oils-Energy sector's loss of 2.11% and the S&P 500's loss of 2.61% in that time.
Market participants will be closely following the financial results of Diamondback Energy in its upcoming release. The company plans to announce its earnings on November 6, 2023. The company's earnings per share (EPS) are projected to be $4.67, reflecting a 27.93% decrease from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $2.09 billion, indicating a 14.17% decline compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $17.52 per share and a revenue of $8.12 billion, demonstrating changes of -27.06% and -15.82%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Diamondback Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.17% higher. Diamondback Energy is holding a Zacks Rank of #2 (Buy) right now.
In terms of valuation, Diamondback Energy is currently trading at a Forward P/E ratio of 8.93. This denotes a discount relative to the industry's average Forward P/E of 9.74.
We can additionally observe that FANG currently boasts a PEG ratio of 0.41. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Exploration and Production - United States was holding an average PEG ratio of 0.51 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 16, which puts it in the top 7% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.