Q2 2023 EPS Estimates for Diamondback Energy, Inc. Raised by Seaport Res Ptn (NASDAQ:FANG)

Posted by Defense World Staff on May 4th, 2023

Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) – Seaport Res Ptn boosted their Q2 2023 EPS estimates for shares of Diamondback Energy in a report issued on Monday, May 1st. Seaport Res Ptn analyst N. Pope now anticipates that the oil and natural gas company will post earnings per share of $5.03 for the quarter, up from their previous forecast of $5.02. The consensus estimate for Diamondback Energy’s current full-year earnings is $20.73 per share.

Several other equities analysts have also commented on the stock. Piper Sandler lowered their price target on shares of Diamondback Energy from $214.00 to $207.00 and set an “overweight” rating for the company in a research report on Tuesday, March 7th. Roth Capital reaffirmed a “buy” rating on shares of Diamondback Energy in a report on Wednesday, February 22nd. Raymond James upped their price objective on shares of Diamondback Energy from $165.00 to $190.00 and gave the stock a “strong-buy” rating in a report on Friday, April 21st. Citigroup reduced their price objective on shares of Diamondback Energy from $170.00 to $157.00 and set a “buy” rating for the company in a report on Thursday, March 23rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $182.00 price objective on shares of Diamondback Energy in a report on Wednesday, March 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $178.55.

Diamondback Energy Stock Down 4.6 %

Diamondback Energy stock opened at $128.78 on Wednesday. The company has a 50-day simple moving average of $137.98 and a 200-day simple moving average of $142.73. The firm has a market capitalization of $23.39 billion, a P/E ratio of 5.23, a P/E/G ratio of 0.30 and a beta of 2.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 0.81. Diamondback Energy has a one year low of $103.71 and a one year high of $168.95.

Diamondback Energy (NASDAQ:FANG – Get Rating) last released its quarterly earnings results on Monday, May 1st. The oil and natural gas company reported $4.10 earnings per share for the quarter, missing analysts’ consensus estimates of $4.33 by ($0.23). Diamondback Energy had a return on equity of 29.29% and a net margin of 45.48%. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.92 billion. During the same period in the previous year, the business posted $5.20 EPS. The firm’s quarterly revenue was down 20.1% compared to the same quarter last year.

Diamondback Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 18th. Stockholders of record on Thursday, May 11th will be issued a $0.80 dividend. The ex-dividend date of this dividend is Wednesday, May 10th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.48%. Diamondback Energy’s dividend payout ratio is 12.99%.

Hedge Funds Weigh In On Diamondback Energy

A number of large investors have recently made changes to their positions in the business. Savant Capital LLC raised its stake in Diamondback Energy by 3.6% during the 3rd quarter. Savant Capital LLC now owns 1,952 shares of the oil and natural gas company’s stock worth $235,000 after buying an additional 67 shares during the period. Cambridge Trust Co. grew its position in shares of Diamondback Energy by 28.0% in the 4th quarter. Cambridge Trust Co. now owns 366 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 80 shares during the period. Crossmark Global Holdings Inc. increased its stake in Diamondback Energy by 1.2% during the 4th quarter. Crossmark Global Holdings Inc. now owns 6,957 shares of the oil and natural gas company’s stock worth $952,000 after purchasing an additional 83 shares in the last quarter. Venture Visionary Partners LLC raised its holdings in Diamondback Energy by 0.3% during the 4th quarter. Venture Visionary Partners LLC now owns 31,465 shares of the oil and natural gas company’s stock worth $4,304,000 after buying an additional 85 shares during the period. Finally, Raleigh Capital Management Inc. lifted its stake in Diamondback Energy by 83.5% in the fourth quarter. Raleigh Capital Management Inc. now owns 189 shares of the oil and natural gas company’s stock valued at $26,000 after buying an additional 86 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

About Diamondback Energy

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Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.