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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 $203.95, moving -0.68% from the previous trading session. The stock trailed the S&P 500, which registered a daily gain of 0.03%. Elsewhere, the Dow gained 0.41%, while the tech-heavy Nasdaq added 0.12%.
The energy exploration and production company's stock has climbed by 8.04% in the past month, exceeding the Oils-Energy sector's gain of 4.4% and the S&P 500's loss of 0.9%.
The investment community will be paying close attention to the earnings performance of Diamondback Energy in its upcoming release. The company is slated to reveal its earnings on April 30, 2024. In that report, analysts expect Diamondback Energy to post earnings of $4.30 per share. This would mark year-over-year growth of 4.88%. Meanwhile, our latest consensus estimate is calling for revenue of $2.11 billion, up 9.49% from the prior-year quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $18.71 per share and a revenue of $9.16 billion, representing changes of +3.89% and +8.94%, respectively, from the prior year.
Investors should also note any recent changes to 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5.49% upward. As of now, Diamondback Energy holds a Zacks Rank of #3 (Hold).
From a valuation perspective, Diamondback Energy is currently exchanging hands at a Forward P/E ratio of 10.98. This expresses no noticeable deviation compared to the average Forward P/E of 10.98 of its industry.
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 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming 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 $203.95, moving -0.68% from the previous trading session. The stock trailed the S&P 500, which registered a daily gain of 0.03%. Elsewhere, the Dow gained 0.41%, while the tech-heavy Nasdaq added 0.12%.
The energy exploration and production company's stock has climbed by 8.04% in the past month, exceeding the Oils-Energy sector's gain of 4.4% and the S&P 500's loss of 0.9%.
The investment community will be paying close attention to the earnings performance of Diamondback Energy in its upcoming release. The company is slated to reveal its earnings on April 30, 2024. In that report, analysts expect Diamondback Energy to post earnings of $4.30 per share. This would mark year-over-year growth of 4.88%. Meanwhile, our latest consensus estimate is calling for revenue of $2.11 billion, up 9.49% from the prior-year quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $18.71 per share and a revenue of $9.16 billion, representing changes of +3.89% and +8.94%, respectively, from the prior year.
Investors should also note any recent changes to 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5.49% upward. As of now, Diamondback Energy holds a Zacks Rank of #3 (Hold).
From a valuation perspective, Diamondback Energy is currently exchanging hands at a Forward P/E ratio of 10.98. This expresses no noticeable deviation compared to the average Forward P/E of 10.98 of its industry.
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 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.