Diamondback Energy, Inc. Forecasted to Post Q2 2023 Earnings of $3.81 Per Share (NASDAQ:FANG)

Posted by Defense World Staff on Jul 21st, 2023

Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) – Stock analysts at Capital One Financial decreased their Q2 2023 earnings per share (EPS) estimates for shares of Diamondback Energy in a research note issued on Tuesday, July 18th. Capital One Financial analyst B. Velie now anticipates that the oil and natural gas company will post earnings per share of $3.81 for the quarter, down from their prior forecast of $4.40. The consensus estimate for Diamondback Energy’s current full-year earnings is $17.89 per share.

FANG has been the subject of several other reports. Mizuho lowered their price objective on Diamondback Energy from $177.00 to $174.00 in a research note on Friday, May 19th. Royal Bank of Canada lowered their price target on Diamondback Energy from $175.00 to $170.00 and set an “outperform” rating for the company in a research report on Thursday, July 13th. Truist Financial cut their price objective on shares of Diamondback Energy from $200.00 to $186.00 and set a “buy” rating on the stock in a report on Tuesday, April 11th. The Goldman Sachs Group raised their price target on shares of Diamondback Energy from $142.00 to $163.00 and gave the company a “buy” rating in a research report on Friday, April 21st. Finally, 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 research report on Friday, April 21st. One analyst has rated the stock with a sell rating, two have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $175.48.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $140.02 on Thursday. The stock has a market cap of $25.36 billion, a price-to-earnings ratio of 5.80, a PEG ratio of 0.35 and a beta of 2.02. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.58 and a current ratio of 0.62. Diamondback Energy has a fifty-two week low of $110.97 and a fifty-two week high of $168.95. The firm’s 50-day simple moving average is $131.05 and its 200 day simple moving average is $136.44.

Diamondback Energy (NASDAQ:FANG – Get Free Report) last released its quarterly earnings data 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). The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.92 billion. Diamondback Energy had a net margin of 47.15% and a return on equity of 27.02%. The firm’s quarterly revenue was down 20.1% on a year-over-year basis. During the same period last year, the business posted $5.20 earnings per share.

Diamondback Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Shareholders of record on Thursday, May 11th were issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Wednesday, May 10th. Diamondback Energy’s dividend payout ratio (DPR) is presently 13.25%.

Insiders Place Their Bets

In other news, CFO Hof Matthew Kaes Van’t sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $132.10, for a total value of $990,750.00. Following the sale, the chief financial officer now owns 164,980 shares of the company’s stock, valued at $21,793,858. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Hof Matthew Kaes Van’t sold 7,500 shares of Diamondback Energy stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $132.10, for a total value of $990,750.00. Following the completion of the transaction, the chief financial officer now directly owns 164,980 shares in the company, valued at $21,793,858. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Daniel N. Wesson sold 3,000 shares of the stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $132.51, for a total value of $397,530.00. Following the sale, the chief operating officer now directly owns 65,802 shares in the company, valued at approximately $8,719,423.02. The disclosure for this sale can be found here. Insiders sold 22,100 shares of company stock worth $2,920,988 over the last quarter. 0.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds have recently bought and sold shares of FANG. State Street Corp boosted its holdings in Diamondback Energy by 1.0% in the 1st 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 purchasing an additional 112,297 shares during the period. Wellington Management Group LLP boosted its stake in Diamondback Energy by 149.7% during 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 buying an additional 6,748,670 shares during the period. Geode Capital Management LLC grew its position in Diamondback Energy by 4.8% during the first quarter. Geode Capital Management LLC now owns 3,919,925 shares of the oil and natural gas company’s stock worth $528,736,000 after buying an additional 179,405 shares in the last quarter. Morgan Stanley grew its position in Diamondback Energy by 2.5% during the fourth quarter. Morgan Stanley now owns 3,572,083 shares of the oil and natural gas company’s stock worth $488,590,000 after buying an additional 85,618 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Diamondback Energy by 20.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,056,732 shares of the oil and natural gas company’s stock worth $277,983,000 after acquiring an additional 347,833 shares during the last quarter. Hedge funds and other institutional investors own 89.21% of the company’s stock.

About Diamondback Energy

(Get Free Report)

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.