Diamondback Energy (FANG) reports Q3: everything you need to know ahead of earnings
Oil and gas producer Diamondback Energy (NASDAQ:FANG) will be reporting earnings this Monday after market hours. Here’s what to expect.
Diamondback Energy beat analysts’ revenue expectations last quarter, reporting revenues of $5.56 billion, up 51.2% year on year. It was an exceptional quarter for the company, with a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates. It reported year-on-year oil production growth of 5.9%.
Is Diamondback Energy a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Diamondback Energy’s revenue to grow 24.1% year on year, slowing from the 48.6% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Diamondback Energy has a history of exceeding Wall Street’s expectations.
Looking at Diamondback Energy’s peers in the upstream & integrated segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Cactus delivered year-on-year revenue growth of 63.2%, meeting analysts’ expectations, and Expand Energy reported revenues up 11.6%, topping estimates by 54.4%. Cactus traded up 1.8% following the results while Expand Energy was down 3.2%.
Read our full analysis of Cactus’s results here and Expand Energy’s results here.
There has been positive sentiment among investors in the upstream & integrated segment, with share prices up 6.2% on average over the last month. Diamondback Energy is up 11.8% during the same time and is heading into earnings with an average analyst price target of $239.45 (compared to the current share price of $206.58).
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