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Diamondback Energy (FANG) Rises Yet Lags Behind Market: Some Facts Worth Knowing
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In the latest market close, Diamondback Energy (FANG - Free Report) reached $183.99, with a +0.02% movement compared to the previous day. The stock's change was less than the S&P 500's daily gain of 0.4%. Elsewhere, the Dow gained 0.09%, while the tech-heavy Nasdaq added 0.63%.
Shares of the energy exploration and production company witnessed a gain of 1.28% over the previous month, beating the performance of the Oils-Energy sector with its loss of 7.82% and underperforming the S&P 500's gain of 3.76%.
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 November 4, 2024. The company's earnings per share (EPS) are projected to be $4.14, reflecting a 24.59% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $2.43 billion, indicating a 4.05% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $17.36 per share and a revenue of $10.24 billion, signifying shifts of -3.61% and +21.75%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Diamondback Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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 moved 6.33% lower. Diamondback Energy presently features a Zacks Rank of #3 (Hold).
From a valuation perspective, Diamondback Energy is currently exchanging hands at a Forward P/E ratio of 10.6. This represents a premium compared to its industry's average Forward P/E of 10.29.
One should further note that FANG currently holds a PEG ratio of 1.27. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 1.36 based on yesterday's closing prices.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 237, which puts it in the bottom 6% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Diamondback Energy (FANG) Rises Yet Lags Behind Market: Some Facts Worth Knowing
In the latest market close, Diamondback Energy (FANG - Free Report) reached $183.99, with a +0.02% movement compared to the previous day. The stock's change was less than the S&P 500's daily gain of 0.4%. Elsewhere, the Dow gained 0.09%, while the tech-heavy Nasdaq added 0.63%.
Shares of the energy exploration and production company witnessed a gain of 1.28% over the previous month, beating the performance of the Oils-Energy sector with its loss of 7.82% and underperforming the S&P 500's gain of 3.76%.
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 November 4, 2024. The company's earnings per share (EPS) are projected to be $4.14, reflecting a 24.59% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $2.43 billion, indicating a 4.05% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $17.36 per share and a revenue of $10.24 billion, signifying shifts of -3.61% and +21.75%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Diamondback Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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 moved 6.33% lower. Diamondback Energy presently features a Zacks Rank of #3 (Hold).
From a valuation perspective, Diamondback Energy is currently exchanging hands at a Forward P/E ratio of 10.6. This represents a premium compared to its industry's average Forward P/E of 10.29.
One should further note that FANG currently holds a PEG ratio of 1.27. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 1.36 based on yesterday's closing prices.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 237, which puts it in the bottom 6% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.