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

Posted by Defense World Staff on Jul 22nd, 2023

Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) – Seaport Res Ptn reduced their Q2 2023 earnings per share (EPS) estimates for Diamondback Energy in a research note issued on Tuesday, July 18th. Seaport Res Ptn analyst N. Pope now forecasts that the oil and natural gas company will post earnings of $4.11 per share for the quarter, down from their prior estimate of $4.57. The consensus estimate for Diamondback Energy’s current full-year earnings is $17.89 per share. Seaport Res Ptn also issued estimates for Diamondback Energy’s Q3 2023 earnings at $4.25 EPS, Q4 2023 earnings at $4.32 EPS, Q1 2024 earnings at $4.04 EPS, Q2 2024 earnings at $3.96 EPS, Q3 2024 earnings at $3.93 EPS, Q4 2024 earnings at $3.91 EPS and FY2024 earnings at $15.83 EPS.

Diamondback Energy (NASDAQ:FANG – Get Free Report) last announced its quarterly earnings data on Monday, May 1st. The oil and natural gas company reported $4.10 EPS for the quarter, missing analysts’ consensus estimates of $4.33 by ($0.23). Diamondback Energy had a return on equity of 27.02% and a net margin of 47.15%. 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 prior year, the firm posted $5.20 earnings per share. The business’s quarterly revenue was down 20.1% compared to the same quarter last year.

A number of other equities analysts also recently commented on the company. Royal Bank of Canada lowered their price objective 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. StockNews.com upgraded shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Friday, June 16th. Stifel Nicolaus dropped their price target on shares of Diamondback Energy from $180.00 to $176.00 in a research note on Monday, May 22nd. Truist Financial dropped their price target on shares of Diamondback Energy from $200.00 to $186.00 and set a “buy” rating on the stock in a research note on Tuesday, April 11th. Finally, Benchmark started coverage on shares of Diamondback Energy in a research note on Wednesday, July 12th. They issued a “buy” rating and a $154.00 price target on the stock. One equities research 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. Based on data from MarketBeat, Diamondback Energy currently has a consensus rating of “Moderate Buy” and an average price target of $175.48.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock opened at $141.24 on Friday. Diamondback Energy has a one year low of $110.97 and a one year high of $168.95. The company has a market cap of $25.58 billion, a PE ratio of 5.85, a P/E/G 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. The business has a 50-day simple moving average of $131.31 and a 200-day simple moving average of $136.47.

Diamondback Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Thursday, May 11th were issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Wednesday, May 10th. Diamondback Energy’s dividend payout ratio is presently 13.25%.

Insider Buying and Selling

In related news, COO Daniel N. Wesson sold 3,000 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $132.51, for a total transaction of $397,530.00. Following the completion of the sale, the chief operating officer now directly owns 65,802 shares of the company’s stock, valued at $8,719,423.02. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Diamondback Energy news, CFO Hof Matthew Kaes Van’t sold 7,500 shares of the firm’s 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 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 filing with the SEC, which is available through this hyperlink. Also, COO Daniel N. Wesson sold 3,000 shares of the firm’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 completion of the sale, the chief operating officer now directly owns 65,802 shares of the company’s stock, valued at approximately $8,719,423.02. The disclosure for this sale can be found here. Insiders sold a total of 22,100 shares of company stock valued at $2,920,988 over the last three months. 0.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Diamondback Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp increased its position 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 buying an additional 112,297 shares in the last quarter. Wellington Management Group LLP increased its position 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 buying an additional 6,748,670 shares in the last quarter. Geode Capital Management LLC increased its position 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 buying an additional 179,405 shares in the last quarter. Morgan Stanley increased its position 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 buying an additional 85,618 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Diamondback Energy by 20.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,056,732 shares of the oil and natural gas company’s stock valued at $277,983,000 after buying an additional 347,833 shares in the last quarter. Institutional investors and hedge funds own 89.21% of the company’s stock.

Diamondback Energy Company Profile

(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.