We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Diamondback Energy (FANG) Stock Sinks As Market Gains: What You Should Know
Read MoreHide Full Article
Diamondback Energy (FANG - Free Report) closed the latest trading day at $204.17, indicating a -1.45% change from the previous session's end. The stock's change was less than the S&P 500's daily gain of 0.55%. Elsewhere, the Dow gained 0.62%, while the tech-heavy Nasdaq added 0.63%.
Shares of the energy exploration and production company witnessed a gain of 8.84% over the previous month, beating the performance of the Oils-Energy sector with its loss of 11.53% and the S&P 500's gain of 4.28%.
Market participants will be closely following the financial results of Diamondback Energy in its upcoming release. The company plans to announce its earnings on August 5, 2024. On that day, Diamondback Energy is projected to report earnings of $4.74 per share, which would represent year-over-year growth of 28.8%. At the same time, our most recent consensus estimate is projecting a revenue of $2.25 billion, reflecting a 17.05% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $18.93 per share and revenue of $9.22 billion, which would represent changes of +5.11% and +9.56%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications 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 company's business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.05% downward. Diamondback Energy is currently a Zacks Rank #3 (Hold).
From a valuation perspective, Diamondback Energy is currently exchanging hands at a Forward P/E ratio of 10.94. This denotes a premium relative to the industry's average Forward P/E of 10.63.
One should further note that FANG currently holds a PEG ratio of 1.13. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 1.17.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 100, finds itself in the top 40% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Diamondback Energy (FANG) Stock Sinks As Market Gains: What You Should Know
Diamondback Energy (FANG - Free Report) closed the latest trading day at $204.17, indicating a -1.45% change from the previous session's end. The stock's change was less than the S&P 500's daily gain of 0.55%. Elsewhere, the Dow gained 0.62%, while the tech-heavy Nasdaq added 0.63%.
Shares of the energy exploration and production company witnessed a gain of 8.84% over the previous month, beating the performance of the Oils-Energy sector with its loss of 11.53% and the S&P 500's gain of 4.28%.
Market participants will be closely following the financial results of Diamondback Energy in its upcoming release. The company plans to announce its earnings on August 5, 2024. On that day, Diamondback Energy is projected to report earnings of $4.74 per share, which would represent year-over-year growth of 28.8%. At the same time, our most recent consensus estimate is projecting a revenue of $2.25 billion, reflecting a 17.05% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $18.93 per share and revenue of $9.22 billion, which would represent changes of +5.11% and +9.56%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications 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 company's business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.05% downward. Diamondback Energy is currently a Zacks Rank #3 (Hold).
From a valuation perspective, Diamondback Energy is currently exchanging hands at a Forward P/E ratio of 10.94. This denotes a premium relative to the industry's average Forward P/E of 10.63.
One should further note that FANG currently holds a PEG ratio of 1.13. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Oil and Gas - Exploration and Production - United States industry had an average PEG ratio of 1.17.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 100, finds itself in the top 40% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.