The upcoming report from Diamondback Energy (FANG) is expected to reveal quarterly earnings of $6.08 per share, indicating an increase of 127.7% compared to the year-ago period. Analysts forecast revenues of $4.82 billion, representing an increase of 31.1% year over year.

Over the last 30 days, there has been a downward revision of 12.5% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.

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 $4.60 billion. The estimate indicates a year-over-year change of +38.8%.

The combined assessment of analysts suggests that 'Revenues- Oil sales' will likely reach $4.17 billion. The estimate suggests a change of +46.2% year over year.

The average prediction of analysts places 'Revenues- Natural gas liquid sales' at $444.33 million. The estimate indicates a change of +21.1% from the prior-year quarter.

The collective assessment of analysts points to an estimated 'Revenues- Natural gas sales' of -$71.41 million. The estimate indicates a year-over-year change of -173.6%.

Analysts' assessment points toward 'Average daily production / Daily combined volumes' reaching 976805 barrels of oil equivalent per day. The estimate is in contrast to the year-ago figure of 919879 barrels of oil equivalent per day.

The consensus estimate for 'Average Prices - Natural gas liquids, hedged' stands at 21 dollars per barrel. The estimate compares to the year-ago value of 18 dollars per barrel.

Analysts predict that the 'Average Prices - Oil -hedged' will reach 96 dollars per barrel. Compared to the present estimate, the company reported 62 dollars per barrel in the same quarter last year.

According to the collective judgment of analysts, 'Average Prices - Natural gas liquids' should come in at 21 dollars per barrel. The estimate is in contrast to the year-ago figure of 18 dollars per barrel.

Analysts forecast 'Total Production Volume - Natural gas liquids' to reach 21440 thousands of barrels of oil. Compared to the current estimate, the company reported 20248 thousands of barrels of oil in the same quarter of the previous year.

It is projected by analysts that the 'Total Production Volume - Natural gas' will reach $118874.10 millions of cubic feet. Compared to the present estimate, the company reported $110119.00 millions of cubic feet in the same quarter last year.

The consensus among analysts is that 'Total Production Volume - Oil' will reach 47492 thousands of barrels of oil. Compared to the current estimate, the company reported 45108 thousands of barrels of oil in the same quarter of the previous year.

Analysts expect 'Total Production Volume (Combined volumes)' to come in at 88744 thousands of barrels of oil equivalent. The estimate is in contrast to the year-ago figure of 83709 thousands of barrels of oil equivalent.

View all Key Company Metrics for Diamondback here>>>

Shares of Diamondback have experienced a change of +15.8% in the past month compared to the -1.5% 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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This article originally published on Zacks Investment Research (zacks.com).

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