Wall Street analysts forecast that Diamondback Energy (FANG) will report quarterly earnings of $3.26 per share in its upcoming release, pointing to a year-over-year decline of 31.2%. It is anticipated that revenues will amount to $3.4 billion, exhibiting an increase of 52.7% compared to the year-ago quarter.
The consensus EPS estimate for the quarter has been revised 8.9% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
Given this perspective, it's time to examine the average forecasts of specific Diamondback metrics that are routinely monitored and predicted by Wall Street analysts.
It is projected by analysts that the 'Revenues- Oil, natural gas and natural gas liquid' will reach $3.36 billion. The estimate suggests a change of +55.1% year over year.
Analysts expect 'Revenues- Oil sales' to come in at $2.98 billion. The estimate indicates a year-over-year change of +55.3%.
The average prediction of analysts places 'Revenues- Natural gas liquid sales' at $293.64 million. The estimate points to a change of +63.1% from the year-ago quarter.
Analysts forecast 'Revenues- Other operating income' to reach $7.07 million. The estimate suggests a change of -35.7% year over year.
The combined assessment of analysts suggests that 'Average daily production / Daily combined volumes' will likely reach 848,160.30 BOE/D. The estimate is in contrast to the year-ago figure of 462,565 BOE/D.
Analysts' assessment points toward 'Total Production Volume (Combined volumes)' reaching 77,974.23 MBOE. Compared to the current estimate, the company reported 42,556 MBOE in the same quarter of the previous year.
The consensus among analysts is that 'Total Production Volume - Oil' will reach 43,564.94 MBBL. Compared to the present estimate, the company reported 25,124 MBBL in the same quarter last year.
Based on the collective assessment of analysts, 'Average Prices - Oil -hedged' should arrive at $69.28 per barrel. Compared to the current estimate, the company reported $75.59 per barrel in the same quarter of the previous year.
According to the collective judgment of analysts, 'Total Production Volume - Natural gas liquids' should come in at 17,226.70 MBBL. Compared to the current estimate, the company reported 9,016 MBBL in the same quarter of the previous year.
Analysts predict that the 'Average Prices - Natural gas liquids' will reach $18.42 per barrel. The estimate is in contrast to the year-ago figure of $19.96 per barrel.
The consensus estimate for 'Average Prices - Oil' stands at $67.78 per barrel. The estimate is in contrast to the year-ago figure of $76.42 per barrel.
The collective assessment of analysts points to an estimated 'Average Prices - Natural gas liquids, hedged' of $19.40 per barrel. The estimate compares to the year-ago value of $19.96 per barrel.
View all Key Company Metrics for Diamondback here>>>
Over the past month, shares of Diamondback have returned -12.9% versus the Zacks S&P 500 composite's +4.7% change. Currently, FANG carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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