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Diamondback Energy Rallies Post-Breakout, Ahead Of Nov. 1 Earnings Report

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may be setting up for a fresh round of gains after resetting its base count in August. It cleared a first-stage, cup-shaped base on October 5, and has been trending higher since then.

The base-count reset came on August 20, as the stock pulled back to a session low of $68.18, slashing through the previous structure low of $69.53.

This kind of reset often means new investors see an opening to scoop up shares at a lower price, which can result in a fresh run-up.

That's indeed what's been happening to Diamondback, so far. Since clearing the cup buy point above $102.53, shares are up more than 8%, trading at their best levels since late 2018.

In the past month, Diamondback advanced 32.24%.

Even with the recent base-count reset, the stock has notched some impressive recent returns:

3 months: 40.01%

Year-to-date: 128.33%

One year: 278.58%

Analysts' consensus rating on the stock is a "buy," with a price target of $104.09, representing a 6.30% downside, according to MarketBeat's analyst ratings data.

This month alone, five analysts boosted their price targets on the stock, ahead of the company's third-quarter earnings report on November 1.

Analysts expect Diamondback to earn $2.70 per share on revenue of $1.47 billion. Both would be significant gains over the year-earlier quarter.

According to MarketBeat earnings data, Diamondback beat Wall Street earnings views in the past seven quarters. It missed revenue views in some of those quarters, but the three-year revenue growth rate stands at an impressive 32.55%.

Well-Positioned For Global Competition

Some analysts believe that domestic shale companies such as Diamondback, along with others, including Continental Resources and EOG Resources, may be........

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