Seaport Res Ptn Weighs in on Diamondback Energy, Inc.’s Q2 2023 Earnings (NASDAQ:FANG)

Posted by on Jun 24th, 2023

Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) – Investment analysts at Seaport Res Ptn boosted their Q2 2023 earnings per share estimates for shares of Diamondback Energy in a report released on Wednesday, June 21st. Seaport Res Ptn analyst N. Pope now expects that the oil and natural gas company will post earnings per share of $4.57 for the quarter, up from their prior estimate of $4.46. The consensus estimate for Diamondback Energy’s current full-year earnings is $18.22 per share. Seaport Res Ptn also issued estimates for Diamondback Energy’s Q3 2023 earnings at $4.21 EPS, Q4 2023 earnings at $4.19 EPS, Q2 2024 earnings at $3.85 EPS, Q3 2024 earnings at $3.83 EPS, Q4 2024 earnings at $3.85 EPS and FY2024 earnings at $15.48 EPS.

Diamondback Energy (NASDAQ:FANG – Get Rating) last released its quarterly earnings data on Monday, May 1st. The oil and natural gas company reported $4.10 EPS for the quarter, missing the consensus estimate of $4.33 by ($0.23). The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.92 billion. Diamondback Energy had a return on equity of 27.02% and a net margin of 47.15%. Diamondback Energy’s quarterly revenue was down 20.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.20 earnings per share.

Several other brokerages have also recently issued reports on FANG. Mizuho dropped their target price on shares of Diamondback Energy from $177.00 to $174.00 in a report on Friday, May 19th. Barclays lifted their price objective on Diamondback Energy from $166.00 to $182.00 in a report on Thursday, March 16th. Raymond James increased their target price on Diamondback Energy from $165.00 to $190.00 and gave the company a “strong-buy” rating in a report on Friday, April 21st. Piper Sandler cut their price target on Diamondback Energy from $202.00 to $184.00 in a research note on Tuesday, June 13th. Finally, Citigroup lowered their price objective on shares of Diamondback Energy from $170.00 to $157.00 and set a “buy” rating on the stock in a research note on Thursday, March 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $177.18.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $125.40 on Friday. The company has a quick ratio of 0.58, a current ratio of 0.62 and a debt-to-equity ratio of 0.43. The company has a 50 day moving average price of $132.38 and a 200-day moving average price of $136.69. Diamondback Energy has a 52 week low of $103.71 and a 52 week high of $168.95. The firm has a market capitalization of $22.71 billion, a PE ratio of 5.19, a P/E/G ratio of 0.32 and a beta of 2.05.

Diamondback Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Thursday, May 11th were issued a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend was Wednesday, May 10th. Diamondback Energy’s dividend payout ratio (DPR) is presently 13.25%.

Insider Transactions at Diamondback Energy

In other news, COO Daniel N. Wesson sold 3,000 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $132.51, for a total value of $397,530.00. Following the transaction, the chief operating officer now owns 65,802 shares of the company’s stock, valued at $8,719,423.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, COO Daniel N. Wesson sold 3,000 shares of the company’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $132.51, for a total transaction of $397,530.00. Following the sale, the chief operating officer now owns 65,802 shares of the company’s stock, valued at $8,719,423.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Travis D. Stice sold 11,600 shares of the company’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $132.13, for a total transaction of $1,532,708.00. Following the sale, the chief executive officer now directly owns 23,400 shares in the company, valued at approximately $3,091,842. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,100 shares of company stock valued at $2,920,988. 0.42% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Diamondback Energy

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Diamondback Energy by 2.8% during the third quarter. Vanguard Group Inc. now owns 21,771,852 shares of the oil and natural gas company’s stock valued at $2,622,637,000 after purchasing an additional 584,025 shares in the last quarter. State Street Corp raised its stake in shares of Diamondback Energy by 1.0% in the first quarter. State Street Corp now owns 11,656,848 shares of the oil and natural gas company’s stock valued at $1,575,653,000 after acquiring an additional 112,297 shares during the period. Wellington Management Group LLP raised its stake in shares of Diamondback Energy by 149.7% in the first quarter. Wellington Management Group LLP now owns 11,257,540 shares of the oil and natural gas company’s stock valued at $1,521,682,000 after acquiring an additional 6,748,670 shares during the period. Geode Capital Management LLC raised its stake in shares of Diamondback Energy by 4.8% in the first quarter. Geode Capital Management LLC now owns 3,919,925 shares of the oil and natural gas company’s stock valued at $528,736,000 after acquiring an additional 179,405 shares during the period. Finally, Morgan Stanley raised its stake in shares of Diamondback Energy by 2.5% in the fourth quarter. Morgan Stanley now owns 3,572,083 shares of the oil and natural gas company’s stock valued at $488,590,000 after acquiring an additional 85,618 shares during the period. Hedge funds and other institutional investors own 89.21% of the company’s stock.

About Diamondback Energy

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Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.

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Earnings History and Estimates for Diamondback Energy (NASDAQ:FANG)

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