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Diamondback Energy (FANG) Ascends While Market Falls: Some Facts to Note
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The most recent trading session ended with Diamondback Energy (FANG - Free Report) standing at $207.10, reflecting a +0.91% shift from the previouse trading day's closing. The stock outpaced the S&P 500's daily loss of 0.46%. Elsewhere, the Dow lost 0.98%, while the tech-heavy Nasdaq lost 0.64%.
The energy exploration and production company's stock has climbed by 4.43% in the past month, exceeding the Oils-Energy sector's gain of 4.21% and the S&P 500's loss of 3.04%.
Market participants will be closely following the financial results of Diamondback Energy in its upcoming release. The company plans to announce its earnings on April 30, 2024. The company's upcoming EPS is projected at $4.25, signifying a 3.66% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $2.09 billion, up 8.56% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $18.83 per share and a revenue of $9.27 billion, indicating changes of +4.55% and +10.22%, respectively, from the former year.
Investors should also pay attention to any latest changes in analyst estimates for Diamondback Energy. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
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, 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 last 30 days, the Zacks Consensus EPS estimate has moved 5.06% higher. Diamondback Energy currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Diamondback Energy currently has a Forward P/E ratio of 10.9. Its industry sports an average Forward P/E of 10.37, so one might conclude that Diamondback Energy is trading at a premium comparatively.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 152, putting it in the bottom 40% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Diamondback Energy (FANG) Ascends While Market Falls: Some Facts to Note
The most recent trading session ended with Diamondback Energy (FANG - Free Report) standing at $207.10, reflecting a +0.91% shift from the previouse trading day's closing. The stock outpaced the S&P 500's daily loss of 0.46%. Elsewhere, the Dow lost 0.98%, while the tech-heavy Nasdaq lost 0.64%.
The energy exploration and production company's stock has climbed by 4.43% in the past month, exceeding the Oils-Energy sector's gain of 4.21% and the S&P 500's loss of 3.04%.
Market participants will be closely following the financial results of Diamondback Energy in its upcoming release. The company plans to announce its earnings on April 30, 2024. The company's upcoming EPS is projected at $4.25, signifying a 3.66% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $2.09 billion, up 8.56% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $18.83 per share and a revenue of $9.27 billion, indicating changes of +4.55% and +10.22%, respectively, from the former year.
Investors should also pay attention to any latest changes in analyst estimates for Diamondback Energy. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
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, 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 last 30 days, the Zacks Consensus EPS estimate has moved 5.06% higher. Diamondback Energy currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Diamondback Energy currently has a Forward P/E ratio of 10.9. Its industry sports an average Forward P/E of 10.37, so one might conclude that Diamondback Energy is trading at a premium comparatively.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 152, putting it in the bottom 40% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.