Diamondback Energy (FANG) Stock Moves -0.23%: What You Should Know
Diamondback Energy (FANG) closed at $165.60 in the latest trading session, marking a -0.23% move from the prior day. This move was narrower than the S&P 500's daily loss of 1.37%. At the same time, the Dow lost 1.35%, and the tech-heavy Nasdaq lost 1.8%.
Shares of the energy exploration and production company witnessed a gain of 7.89% over the previous month, beating the performance of the Oils-Energy sector with its gain of 0.81% and the S&P 500's gain of 5.1%.
The investment community will be paying close attention to the earnings performance of Diamondback Energy in its upcoming release. The company is slated to reveal its earnings on February 20, 2024. The company is forecasted to report an EPS of $4.77, showcasing a 9.83% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.17 billion, up 6.8% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Diamondback Energy. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 7.92% lower. Diamondback Energy is currently a Zacks Rank #4 (Sell).
Investors should also note Diamondback Energy's current valuation metrics, including its Forward P/E ratio of 9.17. This signifies a premium in comparison to the average Forward P/E of 8.72 for its industry.
We can additionally observe that FANG currently boasts a PEG ratio of 0.42. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected 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 0.67.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 247, this industry ranks in the bottom 2% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Diamondback Energy, Inc. (FANG) : Free Stock Analysis Report
