A month has gone by since the last earnings report for Diamondback Energy, Inc. FANG. Shares have lost about 17.2% in that time frame.Will the recent negative trend continue leading up to its next earnings release, or is FANG due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.First-Quarter 2018 ResultsDiamondback reported strong first-quarter 2018 revenues and earnings primarily on the back of robust production growth. Higher oil price realizations also drove results.The company reported adjusted net earnings per share of $1.64, beating the Zacks Consensus Estimate of $1.59. The bottom line also improved significantly from the prior-year quarter’s adjusted income of $1.04 per share.Diamondback’s total operating revenues for the first quarter amounted to $480.2 million, which increased substantially from $235.2 million a year ago. The top line also surpassed the Zacks Consensus Estimate of $443 million.Notably, the company realized cash margins of more than 83% in the quarter under review, representing the highest level in Diamondback’s history.Volume AnalysisDiamondback's average quarterly volume increased 66.5% year over year to 102.6 thousand barrels of oil equivalent per day (MBoe/d). Of the volume, 74% or 75.6 thousand barrels per day was oil.Realized PricesAverage realized oil price jumped about 23.8% from the year-ago quarter to $61.66 per barrel, while average natural gas price realization decreased 14.9% to $2.29 per thousand cubic feet. Overall, the company fetched $47.05 per barrel compared with $41.63 a year ago.Financial PositionDuring the quarter under review, the company spent $275 million on drilling/completion activities and $43 million on infrastructure/midstream activities. As of Mar 31, Diamondback had cash and cash equivalents of $72.5 million. Long-term debt of the company was $1,701.9 million,How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates. There have been three revisions higher for the current quarter compared to ten lower.Diamondback Energy, Inc. Price and Consensus Diamondback Energy, Inc. Price and Consensus | Diamondback Energy, Inc. QuoteVGM ScoresAt this time, FANG has a great Growth Score of A, though it is lagging a lot on the momentum front with a D. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.Our style scores indicate that the stock is more suitable for growth investors than value investors.OutlookEstimates have been broadly trending downward for the stock and the magnitude of these revisions indicates a downward shift. Notably, FANG has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.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.