Wall Street analysts expect Diamondback Energy (FANG) to post quarterly earnings of $4.07 per share in its upcoming report, which indicates a year-over-year decline of 9.6%. Revenues are expected to be $3.74 billion, up 68.2% from the year-ago quarter.

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 9.3% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.

While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.

Bearing this in mind, let's now explore the average estimates of specific Diamondback metrics that are commonly monitored and projected by Wall Street analysts.

According to the collective judgment of analysts, 'Revenues- Oil, natural gas and natural gas liquid' should come in at $3.67 billion. The estimate suggests a change of +74.7% year over year.

The combined assessment of analysts suggests that 'Revenues- Oil sales' will likely reach $3.03 billion. The estimate suggests a change of +62.1% year over year.

Analysts predict that the 'Revenues- Natural gas liquid sales' will reach $410.54 million. The estimate indicates a year-over-year change of +123.1%.

The consensus among analysts is that 'Revenues- Natural gas sales' will reach $243.41 million. The estimate indicates a change of +386.8% from the prior-year quarter.

Analysts' assessment points toward 'Average daily production / Daily combined volumes' reaching 855,303.90 BOE/D. The estimate is in contrast to the year-ago figure of 461,110 BOE/D.

The consensus estimate for 'Average Prices - Oil' stands at $70.67 per barrel. The estimate is in contrast to the year-ago figure of $75.06 per barrel.

The average prediction of analysts places 'Average Prices - Oil -hedged' at $70.36 per barrel. The estimate compares to the year-ago value of $74.13 per barrel.

Analysts expect 'Total Production Volume - Natural gas liquids' to come in at 17,430.23 MBBL. Compared to the present estimate, the company reported 8,653 MBBL in the same quarter last year.

Analysts forecast 'Total Production Volume - Oil' to reach 42,783.51 MBBL. Compared to the present estimate, the company reported 24,874 MBBL in the same quarter last year.

The collective assessment of analysts points to an estimated 'Average Prices - Natural gas liquids' of $23.27 per barrel. Compared to the current estimate, the company reported $21.26 per barrel in the same quarter of the previous year.

It is projected by analysts that the '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.

Based on the collective assessment of analysts, 'Average Prices - Natural gas liquids, hedged' should arrive at $22.61 per barrel. The estimate compares to the year-ago value of $21.26 per barrel.

View all Key Company Metrics for Diamondback here>>>

Over the past month, shares of Diamondback have returned -15.1% versus the Zacks S&P 500 composite's -0.2% change. Currently, FANG carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Diamondback Energy, Inc. (FANG) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research