Analysts on Wall Street project that Diamondback Energy (FANG) will announce quarterly earnings of $1.88 per share in its forthcoming report, representing a decline of 48.4% year over year. Revenues are projected to reach $3.16 billion, declining 14.8% from the same quarter last year.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 12.3% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
Bearing this in mind, let's now explore the average estimates of specific Diamondback metrics that are commonly monitored and projected by Wall Street analysts.
Analysts' assessment points toward 'Revenues- Oil, natural gas and natural gas liquid' reaching $3.03 billion. The estimate indicates a year-over-year change of -12.7%.
Analysts expect 'Revenues- Other operating income' to come in at $24.12 million. The estimate suggests a change of +60.8% year over year.
Analysts forecast 'Average daily production / Daily combined volumes' to reach 951118 barrels of oil equivalent per day. Compared to the present estimate, the company reported 883424 barrels of oil equivalent per day in the same quarter last year.
The collective assessment of analysts points to an estimated 'Average Prices - Natural gas liquids, hedged' of 14 dollars per barrel. Compared to the current estimate, the company reported 19 dollars per barrel in the same quarter of the previous year.
The average prediction of analysts places 'Average Prices - Oil -hedged' at 57 dollars per barrel. Compared to the current estimate, the company reported 69 dollars per barrel in the same quarter of the previous year.
Based on the collective assessment of analysts, 'Average Prices - Natural gas liquids' should arrive at 14 dollars per barrel. The estimate is in contrast to the year-ago figure of 19 dollars per barrel.
The combined assessment of analysts suggests that 'Total Production Volume - Natural gas liquids' will likely reach 20974 thousands of barrels of oil. The estimate is in contrast to the year-ago figure of 19615 thousands of barrels of oil.
The consensus estimate for 'Total Production Volume - Natural gas' stands at $118400.70 millions of cubic feet. Compared to the present estimate, the company reported $107249.00 millions of cubic feet in the same quarter last year.
The consensus among analysts is that 'Total Production Volume - Oil' will reach 46919 thousands of barrels of oil. Compared to the current estimate, the company reported 43785 thousands of barrels of oil in the same quarter of the previous year.
According to the collective judgment of analysts, 'Total Production Volume (Combined volumes)' should come in at 87626 thousands of barrels of oil equivalent. Compared to the present estimate, the company reported 81275 thousands of barrels of oil equivalent in the same quarter last year.
It is projected by analysts that the 'Average Prices - Oil' will reach 57 dollars per barrel. The estimate is in contrast to the year-ago figure of 69 dollars per barrel.
View all Key Company Metrics for Diamondback here>>>
Over the past month, Diamondback shares have recorded returns of +13.4% versus the Zacks S&P 500 composite's -1.3% change. Based on its Zacks Rank #3 (Hold), FANG will likely exhibit a performance that aligns with the overall market in the upcoming period. 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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