Diamondback Energy (FANG Quick QuoteFANG - Free Report) closed at $187.22 in the latest trading session, marking a +2.68% move from the prior day. This move outpaced the S&P 500's daily gain of 0.25%. At the same time, the Dow added 0.1%, and the tech-heavy Nasdaq gained 0.47%.

Shares of the energy exploration and production company witnessed a gain of 7.8% over the previous month, beating the performance of the Oils-Energy sector with its gain of 7.67%, and the S&P 500's loss of 1.88%.

The investment community will be closely monitoring the performance of Diamondback Energy in its forthcoming earnings report. In that report, analysts expect Diamondback Energy to post earnings of $2.25 per share. This would mark a year-over-year decline of 50.44%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.38 billion, down 16.55% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $9.66 per share and a revenue of $13.77 billion, signifying shifts of -27.75% and -8.33%, respectively, from the last year.

Investors might also notice recent changes to analyst estimates for Diamondback Energy. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

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 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 last 30 days, the Zacks Consensus EPS estimate has witnessed a 9.58% increase. Currently, Diamondback Energy is carrying a Zacks Rank of #3 (Hold).

From a valuation perspective, Diamondback Energy is currently exchanging hands at a Forward P/E ratio of 18.87. This valuation marks a premium compared to its industry average Forward P/E of 16.22.

The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 188, this industry ranks in the bottom 24% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our individual 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.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.