Diamondback Energy (FANG) closed the most recent trading day at $176.77, moving +0.07% from the previous trading session. The stock's performance was ahead of the S&P 500's daily loss of 1.86%. Meanwhile, the Dow experienced a drop of 0.9%, and the technology-dominated Nasdaq saw a decrease of 2.76%.

Shares of the energy exploration and production company witnessed a loss of 2.56% over the previous month, trailing the performance of the Oils-Energy sector with its loss of 0.42% and the S&P 500's gain of 1.01%.

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 November 4, 2024. The company's upcoming EPS is projected at $3.99, signifying a 27.32% drop compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $2.48 billion, indicating a 6.04% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates project earnings of $17.10 per share and a revenue of $10.52 billion, demonstrating changes of -5.05% and +25%, respectively, from the preceding year.

It is also important to note the recent changes 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 utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

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. Over the past month, the Zacks Consensus EPS estimate has moved 6.32% lower. At present, Diamondback Energy boasts a Zacks Rank of #3 (Hold).

Digging into valuation, Diamondback Energy currently has a Forward P/E ratio of 10.33. This expresses no noticeable deviation compared to the average Forward P/E of 10.33 of its industry.

It's also important to note that FANG currently trades at a PEG ratio of 1.24. 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 had an average PEG ratio of 1.38 as trading concluded yesterday.

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 227, which puts it in the bottom 10% of all 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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