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 $3.15 billion, declining 15% from the same quarter last year.
The consensus EPS estimate for the quarter has been revised 12.3% lower 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.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation 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.
The average prediction of analysts places 'Revenues- Oil, natural gas and natural gas liquid' at $3.02 billion. The estimate indicates a change of -12.9% from the prior-year quarter.
Analysts forecast 'Revenues- Other operating income' to reach $24.12 million. The estimate points to a change of +60.8% from the year-ago quarter.
According to the collective judgment of analysts, 'Average daily production / Daily combined volumes' should come in at 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.
Analysts predict that the 'Average Prices - Oil -hedged' will reach 57 dollars per barrel. Compared to the current estimate, the company reported 69 dollars per barrel in the same quarter of the previous year.
The consensus estimate for 'Average Prices - Natural gas liquids' stands at 14 dollars per barrel. Compared to the present estimate, the company reported 19 dollars per barrel in the same quarter last year.
It is projected by analysts that the 'Total Production Volume - Natural gas liquids' will reach 20974 thousands of barrels of oil. Compared to the current estimate, the company reported 19615 thousands of barrels of oil in the same quarter of the previous year.
The combined assessment of analysts suggests that 'Total Production Volume - Natural gas' will likely reach $118400.70 millions of cubic feet. The estimate compares to the year-ago value of $107249.00 millions of cubic feet.
Analysts' assessment points toward 'Total Production Volume - Oil' reaching 46919 thousands of barrels of oil. The estimate compares to the year-ago value of 43785 thousands of barrels of oil.
Analysts expect 'Total Production Volume (Combined volumes)' to come in at 87626 thousands of barrels of oil equivalent. The estimate compares to the year-ago value of 81275 thousands of barrels of oil equivalent.
The consensus among analysts is that 'Average Prices - Oil' will reach 57 dollars per barrel. Compared to the current estimate, the company reported 69 dollars per barrel in the same quarter of the previous year.
View all Key Company Metrics for Diamondback here>>>
Diamondback shares have witnessed a change of +15.1% in the past month, in contrast to the Zacks S&P 500 composite's -0.8% move. With a Zacks Rank #3 (Hold), FANG is expected closely follow the overall market performance in the near term. 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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