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Why the Market Dipped But Diamondback Energy (FANG) Gained Today
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In the latest trading session, Diamondback Energy (FANG - Free Report) closed at $197.06, marking a +2.75% move from the previous day. This move outpaced the S&P 500's daily loss of 0.37%. On the other hand, the Dow registered a loss of 0.18%, and the technology-centric Nasdaq decreased by 0.84%.
Prior to today's trading, shares of the energy exploration and production company had gained 10.33% outpaced the Oils-Energy sector's gain of 8.79% and the S&P 500's loss of 3.7%.
The upcoming earnings release of Diamondback Energy will be of great interest to investors. On that day, Diamondback Energy is projected to report earnings of $2.41 per share, which would represent a year-over-year decline of 46.92%. Meanwhile, our latest consensus estimate is calling for revenue of $3.37 billion, down 16.66% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $10.76 per share and a revenue of $14.08 billion, indicating changes of -19.52% and -6.32%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Diamondback Energy. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the 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 last 30 days, the Zacks Consensus EPS estimate has moved 18.9% higher. Diamondback Energy is holding a Zacks Rank of #3 (Hold) right now.
Looking at valuation, Diamondback Energy is presently trading at a Forward P/E ratio of 17.83. This represents a premium compared to its industry average Forward P/E of 16.64.
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 149, placing it within the bottom 40% of over 250 industries.
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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Why the Market Dipped But Diamondback Energy (FANG) Gained Today
In the latest trading session, Diamondback Energy (FANG - Free Report) closed at $197.06, marking a +2.75% move from the previous day. This move outpaced the S&P 500's daily loss of 0.37%. On the other hand, the Dow registered a loss of 0.18%, and the technology-centric Nasdaq decreased by 0.84%.
Prior to today's trading, shares of the energy exploration and production company had gained 10.33% outpaced the Oils-Energy sector's gain of 8.79% and the S&P 500's loss of 3.7%.
The upcoming earnings release of Diamondback Energy will be of great interest to investors. On that day, Diamondback Energy is projected to report earnings of $2.41 per share, which would represent a year-over-year decline of 46.92%. Meanwhile, our latest consensus estimate is calling for revenue of $3.37 billion, down 16.66% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $10.76 per share and a revenue of $14.08 billion, indicating changes of -19.52% and -6.32%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Diamondback Energy. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the 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 last 30 days, the Zacks Consensus EPS estimate has moved 18.9% higher. Diamondback Energy is holding a Zacks Rank of #3 (Hold) right now.
Looking at valuation, Diamondback Energy is presently trading at a Forward P/E ratio of 17.83. This represents a premium compared to its industry average Forward P/E of 16.64.
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 149, placing it within the bottom 40% of over 250 industries.
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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.