Wall Street analysts forecast that Diamondback Energy (FANG) will report quarterly earnings of $4.09 per share in its upcoming release, pointing to a year-over-year decline of 9.1%. It is anticipated that revenues will amount to $3.75 billion, exhibiting an increase of 68.2% compared to the year-ago quarter.
The current level reflects a downward revision of 12.6% 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 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 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 $3.67 billion. The estimate indicates a change of +74.7% from the prior-year quarter.
Analysts forecast 'Revenues- Oil sales' to reach $3.03 billion. The estimate indicates a year-over-year change of +62.1%.
Analysts' assessment points toward 'Revenues- Natural gas liquid sales' reaching $410.54 million. The estimate points to a change of +123.1% from the year-ago quarter.
Analysts expect 'Revenues- Natural gas sales' to come in at $243.41 million. The estimate suggests a change of +386.8% year over year.
According to the collective judgment of analysts, 'Average daily production / Daily combined volumes' should come in at 855,815.50 BOE/D. Compared to the present estimate, the company reported 461,110 BOE/D in the same quarter last year.
It is projected by analysts that the 'Average Prices - Oil' will reach $70.67 per barrel. Compared to the current estimate, the company reported $75.06 per barrel in the same quarter of the previous year.
The consensus estimate for 'Average Prices - Oil -hedged' stands at $70.36 per barrel. Compared to the current estimate, the company reported $74.13 per barrel in the same quarter of the previous year.
Analysts predict that the 'Total Production Volume - Natural gas liquids' will reach 17,430.23 MBBL. Compared to the current estimate, the company reported 8,653 MBBL in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Total Production Volume - Oil' of 42,783.51 MBBL. The estimate is in contrast to the year-ago figure of 24,874 MBBL.
The average prediction of analysts places 'Average Prices - Natural gas liquids' at $23.27 per barrel. Compared to the present estimate, the company reported $21.26 per barrel in the same quarter last year.
The consensus among analysts is that 'Total Production Volume (Combined volumes)' will reach 76,894.90 MBOE. The estimate is in contrast to the year-ago figure of 41,961 MBOE.
The combined assessment of analysts suggests that 'Average Prices - Natural gas liquids, hedged' will likely reach $22.61 per barrel. Compared to the current estimate, the company reported $21.26 per barrel in the same quarter of the previous year.
View all Key Company Metrics for Diamondback here>>>
Shares of Diamondback have experienced a change of -4.6% in the past month compared to the -0.5% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), FANG is expected to mirror 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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