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Diamondback Energy (FANG) Exceeds Market Returns: Some Facts to Consider
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The most recent trading session ended with Diamondback Energy (FANG - Free Report) standing at $203.22, reflecting a +1.42% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a gain of 0.11% for the day. At the same time, the Dow lost 0.11%, and the tech-heavy Nasdaq gained 0.23%.
The the stock of energy exploration and production company has risen by 11.28% in the past month, leading the Oils-Energy sector's gain of 8.5% and the S&P 500's gain of 1.5%.
The investment community will be closely monitoring the performance of Diamondback Energy in its forthcoming earnings report. The company is scheduled to release its earnings on April 30, 2024. In that report, analysts expect Diamondback Energy to post earnings of $4.20 per share. This would mark year-over-year growth of 2.44%. At the same time, our most recent consensus estimate is projecting a revenue of $2.11 billion, reflecting a 9.58% rise from the equivalent quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $18.01 per share and revenue of $9.04 billion, indicating changes of 0% and +7.49%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Diamondback Energy. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Over the past month, there's been a 0.41% rise in the Zacks Consensus EPS estimate. Diamondback Energy is currently a Zacks Rank #3 (Hold).
Digging into valuation, Diamondback Energy currently has a Forward P/E ratio of 11.12. Its industry sports an average Forward P/E of 11.55, so one might conclude that Diamondback Energy is trading at a discount comparatively.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 213, positioning it in the bottom 16% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Diamondback Energy (FANG) Exceeds Market Returns: Some Facts to Consider
The most recent trading session ended with Diamondback Energy (FANG - Free Report) standing at $203.22, reflecting a +1.42% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a gain of 0.11% for the day. At the same time, the Dow lost 0.11%, and the tech-heavy Nasdaq gained 0.23%.
The the stock of energy exploration and production company has risen by 11.28% in the past month, leading the Oils-Energy sector's gain of 8.5% and the S&P 500's gain of 1.5%.
The investment community will be closely monitoring the performance of Diamondback Energy in its forthcoming earnings report. The company is scheduled to release its earnings on April 30, 2024. In that report, analysts expect Diamondback Energy to post earnings of $4.20 per share. This would mark year-over-year growth of 2.44%. At the same time, our most recent consensus estimate is projecting a revenue of $2.11 billion, reflecting a 9.58% rise from the equivalent quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $18.01 per share and revenue of $9.04 billion, indicating changes of 0% and +7.49%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Diamondback Energy. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Over the past month, there's been a 0.41% rise in the Zacks Consensus EPS estimate. Diamondback Energy is currently a Zacks Rank #3 (Hold).
Digging into valuation, Diamondback Energy currently has a Forward P/E ratio of 11.12. Its industry sports an average Forward P/E of 11.55, so one might conclude that Diamondback Energy is trading at a discount comparatively.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 213, positioning it in the bottom 16% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.