In the latest trading session, Diamondback Energy (FANG) closed at $110, marking a -0.66% move from the previous day. This move lagged the S&P 500's daily loss of 0.24%.Prior to today's trading, shares of the energy exploration and production company had gained 42.33% over the past month. This has outpaced the Oils-Energy sector's gain of 14.14% and the S&P 500's loss of 2.12% in that time.Wall Street will be looking for positivity from FANG as it approaches its next earnings report date. This is expected to be November 1, 2021. On that day, FANG is projected to report earnings of $2.67 per share, which would represent year-over-year growth of 330.65%. Our most recent consensus estimate is calling for quarterly revenue of $1.47 billion, up 104.57% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $10.33 per share and revenue of $5.57 billion, which would represent changes of +239.8% and +97.88%, respectively, from the prior year.Any recent changes to analyst estimates for FANG should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.51% higher within the past month. FANG is currently a Zacks Rank #3 (Hold).Looking at its valuation, FANG is holding a Forward P/E ratio of 10.72. Its industry sports an average Forward P/E of 10.61, so we one might conclude that FANG is trading at a premium comparatively.Investors should also note that FANG has a PEG ratio of 0.49 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 0.49 based on yesterday's closing prices.The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 24, putting it in the top 10% of all 250+ industries.The Zacks Industry Rank gauges the strength of our 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.You can find more information on all of these metrics, and much more, on Zacks.com. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>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 To read this article on Zacks.com click here. Zacks Investment Research