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Diamondback Energy (FANG) closed the most recent trading day at $118.77, moving +1.91% from the previous trading session. This change outpaced the S&P 500's 0.59% gain on the day. Elsewhere, the Dow gained 0.15%, while the tech-heavy Nasdaq lost 0.02%.
Prior to today's trading, shares of the energy exploration and production company had lost 11.9% over the past month. This has lagged the Oils-Energy sector's gain of 0.29% and the S&P 500's gain of 7.25% in that time.
Wall Street will be looking for positivity from Diamondback Energy as it approaches its next earnings report date. This is expected to be August 1, 2022. On that day, Diamondback Energy is projected to report earnings of $6.69 per share, which would represent year-over-year growth of 178.75%. Meanwhile, our latest consensus estimate is calling for revenue of $2.49 billion, up 48.22% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $26.02 per share and revenue of $9.86 billion, which would represent changes of +127.65% and +45.02%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Diamondback Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. The Zacks Consensus EPS estimate has moved 0.34% lower within the past month. Diamondback Energy currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Diamondback Energy is currently trading at a Forward P/E ratio of 4.48. For comparison, its industry has an average Forward P/E of 4.32, which means Diamondback Energy is trading at a premium to the group.
It is also worth noting that FANG currently has a PEG ratio of 0.2. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Exploration and Production - United States industry currently had an average PEG ratio of 0.21 as of yesterday's close.
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 18, which puts it in the top 8% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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Diamondback Energy, Inc. (FANG) : Free Stock Analysis Report
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