Diamondback Energy (FANG) closed the most recent trading day at $184.38, moving +1.92% from the previous trading session. This change outpaced the S&P 500's 0.03% loss on the day. Elsewhere, the Dow saw a downswing of 0.61%, while the tech-heavy Nasdaq appreciated by 0.56%.

Coming into today, shares of the energy exploration and production company had gained 7.14% in the past month. In that same time, the Oils-Energy sector lost 10.96%, while the S&P 500 gained 1.39%.

The upcoming earnings release of Diamondback Energy will be of great interest to investors. The company's earnings report is expected on November 4, 2024. The company is predicted to post an EPS of $4.01, indicating a 26.96% decline compared to the equivalent quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $2.45 billion, showing a 4.65% escalation compared to the year-ago quarter.

FANG's full-year Zacks Consensus Estimates are calling for earnings of $17.13 per share and revenue of $10.52 billion. These results would represent year-over-year changes of -4.89% and +25%, respectively.

Investors should also take note of any recent adjustments to analyst estimates for Diamondback Energy. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending 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, 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. Over the past month, the Zacks Consensus EPS estimate has moved 7.48% lower. Right now, Diamondback Energy possesses a Zacks Rank of #4 (Sell).

In the context of valuation, Diamondback Energy is at present trading with a Forward P/E ratio of 10.56. Its industry sports an average Forward P/E of 10.51, so one might conclude that Diamondback Energy is trading at a premium comparatively.

One should further note that FANG currently holds a PEG ratio of 1.27. 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. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 1.32 based on yesterday's closing prices.

The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 238, putting it in the bottom 6% of all 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.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

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