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Diamondback Energy (FANG) Stock Slides as Market Rises: Facts to Know Before You Trade
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Diamondback Energy (FANG - Free Report) closed the most recent trading day at $158.43, moving -1.01% from the previous trading session. The stock's performance was behind the S&P 500's daily gain of 1.2%. Meanwhile, the Dow gained 1.58%, and the Nasdaq, a tech-heavy index, added 1.16%.
Shares of the energy exploration and production company have appreciated by 3.34% over the course of the past month, outperforming the Oils-Energy sector's loss of 5.73% and the S&P 500's loss of 3.58%.
Investors will be eagerly watching for the performance of Diamondback Energy in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 6, 2023. The company is expected to report EPS of $4.90, down 24.38% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.18 billion, down 10.67% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $17.95 per share and revenue of $8.27 billion, which would represent changes of -25.27% and -14.2%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Diamondback Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.54% upward. Diamondback Energy is currently a Zacks Rank #3 (Hold).
Investors should also note Diamondback Energy's current valuation metrics, including its Forward P/E ratio of 8.92. This denotes a discount relative to the industry's average Forward P/E of 9.27.
We can additionally observe that FANG currently boasts a PEG ratio of 0.41. 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. By the end of yesterday's trading, the Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 0.43.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 21, finds itself in the top 9% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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 Slides as Market Rises: Facts to Know Before You Trade
Diamondback Energy (FANG - Free Report) closed the most recent trading day at $158.43, moving -1.01% from the previous trading session. The stock's performance was behind the S&P 500's daily gain of 1.2%. Meanwhile, the Dow gained 1.58%, and the Nasdaq, a tech-heavy index, added 1.16%.
Shares of the energy exploration and production company have appreciated by 3.34% over the course of the past month, outperforming the Oils-Energy sector's loss of 5.73% and the S&P 500's loss of 3.58%.
Investors will be eagerly watching for the performance of Diamondback Energy in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 6, 2023. The company is expected to report EPS of $4.90, down 24.38% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.18 billion, down 10.67% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $17.95 per share and revenue of $8.27 billion, which would represent changes of -25.27% and -14.2%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Diamondback Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.54% upward. Diamondback Energy is currently a Zacks Rank #3 (Hold).
Investors should also note Diamondback Energy's current valuation metrics, including its Forward P/E ratio of 8.92. This denotes a discount relative to the industry's average Forward P/E of 9.27.
We can additionally observe that FANG currently boasts a PEG ratio of 0.41. 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. By the end of yesterday's trading, the Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 0.43.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 21, finds itself in the top 9% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.