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In the latest market close, Diamondback Energy (FANG) reached $178.12, with a -0.92% movement compared to the previous day. This move lagged the S&P 500's daily loss of 0.29%. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.31%.
Prior to today's trading, shares of the energy exploration and production company had lost 5.26% over the past month. This has lagged the Oils-Energy sector's loss of 2.45% and the S&P 500's gain of 1.57% in that time.
The investment community will be paying close attention to the earnings performance of Diamondback Energy in its upcoming release. On that day, Diamondback Energy is projected to report earnings of $4.68 per share, which would represent a year-over-year decline of 14.75%. Alongside, our most recent consensus estimate is anticipating revenue of $2.33 billion, indicating a 0.59% downward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $19.14 per share and a revenue of $9.8 billion, signifying shifts of +6.27% and +16.52%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Diamondback Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.08% decrease. Diamondback Energy presently features a Zacks Rank of #3 (Hold).
In the context of valuation, Diamondback Energy is at present trading with a Forward P/E ratio of 9.39. This indicates a discount in contrast to its industry's Forward P/E of 9.95.
It's also important to note that FANG currently trades at a PEG ratio of 1.13. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Oil and Gas - Exploration and Production - United States industry held an average PEG ratio of 1.24.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 218, this industry ranks in the bottom 14% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
ConocoPhillips COP, a leading upstream energy firm in the world in terms of production and reserves, is well-positioned to capitalize on handsome crude prices. Currently, the firm carries a Zacks Rank #3 (Hold).
Factors Working in Favor of COP
West Texas Intermediate crude price, trading above $70 per barrel, is highly favorable for upstream activities.
COP secured a solid production outlook thanks to its decades of drilling inventories across its low-cost and diversified upstream asset base. The resource base represents the company’s strong footprint in prolific acres in the United States, comprising Eagle Ford shale, the Permian Basin and Bakken shale. COP boasted that its drilling and completion activities are becoming more efficient in all key U.S. basins.
Compared with composite stocks belonging to the industry, the leading upstream energy company has considerably lower exposure to debt capital. This reflects that COP is better positioned to rely on its strong balance sheet to withstand any adverse business scenario.
Risks to the COP’s Business
Being an upstream energy player, the company’s overall operations are exposed to oil and natural gas price volatility. Other exploration and production players that are also exposed to commodity price volatility are EOG Resources EOG, Diamondback Energy, Inc. FANG and Matador Resources Company MTDR.
In the United States, EOG Resources, with Zacks Rank of 3, is one of the foremost explorers and producers of oil and gas, with its crude reserves spanning across the United States and Trinidad.
Diamondback Energy, a leading pure-play Permian operator, reported ongoing enhancements in the average productivity per well in the Midland Basin. Thus, the Zacks #3 Ranked exploration and production company will likely continue witnessing increased production volumes. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Matador Resources recently entered into a $1.91-billion agreement to expand its footprint in the prolific Delaware Basin. With the deal expected to close in the late third-quarter 2024, the Zacks #3 Ranked company is projected to have more than 190,000 net acres in the Delaware Basin on a pro-forma basis.
Zacks Investment Research
Since the announcement of an acquisition agreement on Sept. 11, Viper Energy Inc.’s VNOM stock has experienced a slight decline of 0.6%. While concerns about a potential U.S. economic slowdown caused by the high-interest rate environment are weighing on the broader stock market, VNOM’s anticipated benefits from the acquisition have helped to support its stock price.
Overview of VNOM’s Acquisition Agreement
VNOM and its operating affiliate Viper Energy Partners LLC (OpCo) have recently signed a definitive purchase and sale agreement to acquire the subsidiaries of Tumbleweed Royalty IV LLC. These affiliates own mineral and royalty interests in the Permian, which are rights to earn income from the extraction of natural resources.
The transaction, likely to be consummated by the early fourth quarter, will comprise $461 million in cash and around 10.1 million OpCo units. Viper Energy, carrying a Zacks Rank #3 (Hold), stated that a combination of cash on hand, borrowings under its credit facility, and proceeds from one or more capital markets transactions will likely be utilized to finance the cash portion of the acquisition. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The acquisition also involves a possible additional payment of up to $41 million in the first quarter of 2026, contingent on the average West Texas Intermediate crude price in 2025.
Viper Energy also disclosed the completion of two earlier related acquisitions which would substantially increase its portfolio in the Permian Basin. On Sept. 3, OpCo acquired entities holding mineral and royalty interests from Tumbleweed-Q Royalty Partners LLC and MC Tumbleweed Royalty LLC for a total cash consideration of $189 million.
VNOM’s Combined Acquisition Highlights
VNOM, an affiliate of Diamondback Energy Inc FANG, estimated that the acquisitions added approximately 3,727 net royalty acres in the Permian Basin, comprising the Midland and Delaware Basins. Although the assets are largely undeveloped, they are expected to experience significant production growth. Current production from these assets is around 2,500 barrels of oil per day (Bbls/D), with VNOM projecting volumes to jump to 4,500 Bbls/D for 2025. On these properties, Diamondback is expected to complete between 120 and 140 gross drilling locations by 2026, according to Viper's projections.
According to Viper Energy, the acquisitions align with its ongoing strategy to consolidate high-quality mineral and royalty assets, aim to deliver financial accretion. Overall, the company’s long-term production outlook seems bright, with the acquisitions adding significant undeveloped inventory to its portfolio.
These transactions also boost Diamondback Energy’s production as a major operator in the Permian Basin, with Exxon Mobil Corporation XOM and ConocoPhillips COP as the other key players in the area.
In the low-cost Permian, ExxonMobil has a pipeline of profitable projects, while ConocoPhillips derives a significant production volume from the most prolific basin of the United States.
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