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Diamondback Energy (FANG) Ascends While Market Falls: Some Facts to Note
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The latest trading session saw Diamondback Energy (FANG - Free Report) ending at $198.83, denoting a +0.24% adjustment from its last day's close. The stock's change was more than the S&P 500's daily loss of 2.32%. Elsewhere, the Dow saw a downswing of 1.25%, while the tech-heavy Nasdaq depreciated by 3.64%.
Heading into today, shares of the energy exploration and production company had gained 0.24% over the past month, outpacing the Oils-Energy sector's loss of 8.99% and lagging the S&P 500's gain of 1.79% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Diamondback Energy in its upcoming earnings disclosure. The company's earnings report is set to go public on August 5, 2024. The company is forecasted to report an EPS of $4.51, showcasing a 22.55% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $2.19 billion, indicating a 14.34% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $18.63 per share and a revenue of $9.13 billion, signifying shifts of +3.44% and +8.57%, 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. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.25% downward. Right now, Diamondback Energy possesses a Zacks Rank of #4 (Sell).
With respect to valuation, Diamondback Energy is currently being traded at a Forward P/E ratio of 10.65. Its industry sports an average Forward P/E of 10.49, so one might conclude that Diamondback Energy is trading at a premium comparatively.
We can additionally observe that FANG currently boasts a PEG ratio of 1.1. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. FANG's industry had an average PEG ratio of 1.14 as of yesterday's close.
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 76, placing it within the top 31% of over 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Diamondback Energy (FANG) Ascends While Market Falls: Some Facts to Note
The latest trading session saw Diamondback Energy (FANG - Free Report) ending at $198.83, denoting a +0.24% adjustment from its last day's close. The stock's change was more than the S&P 500's daily loss of 2.32%. Elsewhere, the Dow saw a downswing of 1.25%, while the tech-heavy Nasdaq depreciated by 3.64%.
Heading into today, shares of the energy exploration and production company had gained 0.24% over the past month, outpacing the Oils-Energy sector's loss of 8.99% and lagging the S&P 500's gain of 1.79% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Diamondback Energy in its upcoming earnings disclosure. The company's earnings report is set to go public on August 5, 2024. The company is forecasted to report an EPS of $4.51, showcasing a 22.55% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $2.19 billion, indicating a 14.34% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $18.63 per share and a revenue of $9.13 billion, signifying shifts of +3.44% and +8.57%, 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. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.25% downward. Right now, Diamondback Energy possesses a Zacks Rank of #4 (Sell).
With respect to valuation, Diamondback Energy is currently being traded at a Forward P/E ratio of 10.65. Its industry sports an average Forward P/E of 10.49, so one might conclude that Diamondback Energy is trading at a premium comparatively.
We can additionally observe that FANG currently boasts a PEG ratio of 1.1. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. FANG's industry had an average PEG ratio of 1.14 as of yesterday's close.
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 76, placing it within the top 31% of over 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.