Yahoo Finance Why the Market Dipped But Diamondback Energy (FANG) Gained Today
Diamondback Energy (FANG) closed the latest trading day at $200.19, indicating a +0.5% change from the previous session's end. The stock's change was more than the S&P 500's daily loss of 0.41%. Meanwhile, the Dow lost 0.12%, and the Nasdaq, a tech-heavy index, lost 0.71%.
Coming into today, shares of the energy exploration and production company had gained 0.94% in the past month. In that same time, the Oils-Energy sector lost 1.17%, while the S&P 500 gained 3.53%.
Investors will be eagerly watching for the performance of Diamondback Energy in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 5, 2024. The company is forecasted to report an EPS of $4.81, showcasing a 30.71% upward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $2.25 billion, showing a 17.09% escalation compared to the year-ago quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $19.06 per share and a revenue of $9.24 billion, representing changes of +5.83% and +9.86%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Diamondback Energy. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection has moved 0.07% higher. Diamondback Energy is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Diamondback Energy is holding a Forward P/E ratio of 10.45. This indicates a premium in contrast to its industry's Forward P/E of 10.16.
Meanwhile, FANG's PEG ratio is currently 1.08. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Oil and Gas - Exploration and Production - United States industry currently had an average PEG ratio of 1.16 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 70, placing it within the top 28% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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, Inc. (FANG): Free Stock Analysis Report
