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Diamondback Energy (FANG) Gains As Market Dips: What You Should Know
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In the latest trading session, Diamondback Energy (FANG - Free Report) closed at $206.23, marking a +0.34% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.95%. Elsewhere, the Dow saw a downswing of 1.09%, while the tech-heavy Nasdaq depreciated by 0.84%.
Prior to today's trading, shares of the energy exploration and production company had gained 11.39% over the past month. This has outpaced the Oils-Energy sector's gain of 8.7% and the S&P 500's gain of 1.78% in that time.
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. It is anticipated that the company will report an EPS of $4.31, marking a 5.12% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.09 billion, up 8.8% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $18.52 per share and revenue of $9.08 billion. These totals would mark changes of +2.83% and +7.93%, respectively, from last year.
Any recent changes to analyst estimates for Diamondback Energy should also be noted by investors. 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 4.4% rise in the Zacks Consensus EPS estimate. At present, Diamondback Energy boasts a Zacks Rank of #3 (Hold).
Investors should also note Diamondback Energy's current valuation metrics, including its Forward P/E ratio of 11.1. This valuation marks a discount compared to its industry's average Forward P/E of 11.47.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 202, this industry ranks in the bottom 20% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our 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) Gains As Market Dips: What You Should Know
In the latest trading session, Diamondback Energy (FANG - Free Report) closed at $206.23, marking a +0.34% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.95%. Elsewhere, the Dow saw a downswing of 1.09%, while the tech-heavy Nasdaq depreciated by 0.84%.
Prior to today's trading, shares of the energy exploration and production company had gained 11.39% over the past month. This has outpaced the Oils-Energy sector's gain of 8.7% and the S&P 500's gain of 1.78% in that time.
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. It is anticipated that the company will report an EPS of $4.31, marking a 5.12% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.09 billion, up 8.8% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $18.52 per share and revenue of $9.08 billion. These totals would mark changes of +2.83% and +7.93%, respectively, from last year.
Any recent changes to analyst estimates for Diamondback Energy should also be noted by investors. 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 4.4% rise in the Zacks Consensus EPS estimate. At present, Diamondback Energy boasts a Zacks Rank of #3 (Hold).
Investors should also note Diamondback Energy's current valuation metrics, including its Forward P/E ratio of 11.1. This valuation marks a discount compared to its industry's average Forward P/E of 11.47.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 202, this industry ranks in the bottom 20% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our 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.