Wall Street analysts forecast that Diamondback Energy (FANG) will report quarterly earnings of $2.85 per share in its upcoming release, pointing to a year-over-year decline of 15.7%. It is anticipated that revenues will amount to $3.46 billion, exhibiting an increase of 30.9% compared to the year-ago quarter.
The current level reflects a downward revision of 7.1% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
In light of this perspective, let's dive into the average estimates of certain Diamondback metrics that are commonly tracked and forecasted by Wall Street analysts.
Based on the collective assessment of analysts, 'Revenues- Oil, natural gas and natural gas liquid' should arrive at $3.27 billion. The estimate points to a change of +38.8% from the year-ago quarter.
According to the collective judgment of analysts, 'Revenues- Oil sales' should come in at $2.78 billion. The estimate indicates a year-over-year change of +28.8%.
Analysts expect 'Revenues- Natural gas liquid sales' to come in at $352.64 million. The estimate indicates a change of +67.1% from the prior-year quarter.
The consensus among analysts is that 'Average daily production / Daily combined volumes' will reach 920999 barrels of oil equivalent per day. The estimate compares to the year-ago value of 571098 barrels of oil equivalent per day.
Analysts forecast 'Average Prices - Natural gas liquids, hedged' to reach 18 dollars per barrel. The estimate is in contrast to the year-ago figure of 18 dollars per barrel.
The consensus estimate for 'Average Prices - Oil -hedged' stands at 63 dollars per barrel. Compared to the present estimate, the company reported 72 dollars per barrel in the same quarter last year.
The average prediction of analysts places 'Average Prices - Natural gas liquids' at 17 dollars per barrel. The estimate is in contrast to the year-ago figure of 18 dollars per barrel.
It is projected by analysts that the 'Total Production Volume - Natural gas liquids' will reach 20222 thousands of barrels of oil. Compared to the current estimate, the company reported 11918 thousands of barrels of oil in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Total Production Volume - Natural gas' of $113465.90 millions of cubic feet. Compared to the current estimate, the company reported $66519.00 millions of cubic feet in the same quarter of the previous year.
The combined assessment of analysts suggests that 'Total Production Volume - Oil' will likely reach 45917 thousands of barrels of oil. Compared to the present estimate, the company reported 29537 thousands of barrels of oil in the same quarter last year.
Analysts' assessment points toward 'Total Production Volume (Combined volumes)' reaching 85050 thousands of barrels of oil equivalent. Compared to the current estimate, the company reported 52541 thousands of barrels of oil equivalent in the same quarter of the previous year.
Analysts predict that the 'Average Prices - Oil' will reach 63 dollars per barrel. The estimate compares to the year-ago value of 73 dollars per barrel.
View all Key Company Metrics for Diamondback here>>>
Shares of Diamondback have demonstrated returns of +0.1% over the past month compared to the Zacks S&P 500 composite's +3.6% change. With a Zacks Rank #4 (Sell), FANG is expected to lag the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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Diamondback Energy, Inc. (FANG): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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