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Diamondback Energy (FANG) Advances While Market Declines: Some Information for Investors
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Diamondback Energy (FANG - Free Report) closed the latest trading day at $200.74, indicating a +0.57% change from the previous session's end. The stock exceeded the S&P 500, which registered a loss of 0.88% for the day. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq lost 2.05%.
The energy exploration and production company's stock has climbed by 2.67% in the past month, falling short of the Oils-Energy sector's gain of 2.78% and outpacing the S&P 500's loss of 2.57%.
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. The company's earnings per share (EPS) are projected to be $4.28, reflecting a 4.39% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $2.1 billion, up 9% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $18.53 per share and a revenue of $9.17 billion, indicating changes of +2.89% and +8.96%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for Diamondback Energy. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, 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, there's been a 4.36% rise in the Zacks Consensus EPS estimate. Diamondback Energy presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Diamondback Energy is currently trading at a Forward P/E ratio of 10.77. This signifies a premium in comparison to the average Forward P/E of 10.69 for its industry.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 195, placing it within the bottom 23% of over 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.
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) Advances While Market Declines: Some Information for Investors
Diamondback Energy (FANG - Free Report) closed the latest trading day at $200.74, indicating a +0.57% change from the previous session's end. The stock exceeded the S&P 500, which registered a loss of 0.88% for the day. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq lost 2.05%.
The energy exploration and production company's stock has climbed by 2.67% in the past month, falling short of the Oils-Energy sector's gain of 2.78% and outpacing the S&P 500's loss of 2.57%.
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. The company's earnings per share (EPS) are projected to be $4.28, reflecting a 4.39% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $2.1 billion, up 9% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $18.53 per share and a revenue of $9.17 billion, indicating changes of +2.89% and +8.96%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for Diamondback Energy. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, 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, there's been a 4.36% rise in the Zacks Consensus EPS estimate. Diamondback Energy presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Diamondback Energy is currently trading at a Forward P/E ratio of 10.77. This signifies a premium in comparison to the average Forward P/E of 10.69 for its industry.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 195, placing it within the bottom 23% of over 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.