Diamondback Energy, Inc. Expected to Post Q3 2023 Earnings of $5.48 Per Share (NASDAQ:FANG)

Posted by Defense World Staff on Oct 6th, 2023

Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) – Research analysts at Capital One Financial boosted their Q3 2023 earnings estimates for Diamondback Energy in a research report issued on Tuesday, October 3rd. Capital One Financial analyst B. Velie now expects that the oil and natural gas company will post earnings per share of $5.48 for the quarter, up from their previous estimate of $5.19. The consensus estimate for Diamondback Energy’s current full-year earnings is $17.72 per share. Capital One Financial also issued estimates for Diamondback Energy’s Q4 2023 earnings at $6.00 EPS, FY2023 earnings at $19.26 EPS, Q1 2024 earnings at $5.75 EPS, Q2 2024 earnings at $5.86 EPS and FY2025 earnings at $23.32 EPS.

Other equities analysts also recently issued research reports about the company. UBS Group boosted their price target on Diamondback Energy from $191.00 to $198.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley lifted their target price on Diamondback Energy from $163.00 to $171.00 and gave the stock an “overweight” rating in a report on Monday. Bank of America raised their target price on Diamondback Energy from $140.00 to $145.00 in a research note on Wednesday, September 27th. Stifel Nicolaus upped their price target on Diamondback Energy from $178.00 to $179.00 and gave the stock a “buy” rating in a report on Friday, August 18th. Finally, Piper Sandler raised their price target on shares of Diamondback Energy from $185.00 to $191.00 and gave the stock an “overweight” rating in a research note on Monday, August 14th. One analyst has rated the stock with a sell rating, two have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $178.39.

View Our Latest Report on FANG

Diamondback Energy Stock Down 0.3 %

FANG stock opened at $145.12 on Thursday. The business has a 50-day moving average of $151.23 and a 200-day moving average of $140.08. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.43 and a quick ratio of 0.40. The stock has a market capitalization of $25.95 billion, a P/E ratio of 7.53, a P/E/G ratio of 0.39 and a beta of 2.01. Diamondback Energy has a fifty-two week low of $119.01 and a fifty-two week high of $168.95.

Diamondback Energy (NASDAQ:FANG – Get Free Report) last issued its quarterly earnings results on Monday, July 31st. The oil and natural gas company reported $3.68 earnings per share for the quarter, missing analysts’ consensus estimates of $3.92 by ($0.24). The company had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.90 billion. Diamondback Energy had a net margin of 41.62% and a return on equity of 22.43%. The business’s revenue for the quarter was down 30.7% on a year-over-year basis. During the same period in the prior year, the business earned $7.07 EPS.

Institutional Trading of Diamondback Energy

Several institutional investors and hedge funds have recently made changes to their positions in FANG. Bessemer Group Inc. boosted its holdings in shares of Diamondback Energy by 0.6% in the second quarter. Bessemer Group Inc. now owns 10,905 shares of the oil and natural gas company’s stock valued at $1,433,000 after acquiring an additional 67 shares in the last quarter. Contravisory Investment Management Inc. lifted its stake in Diamondback Energy by 2.0% in the second quarter. Contravisory Investment Management Inc. now owns 3,810 shares of the oil and natural gas company’s stock valued at $500,000 after acquiring an additional 73 shares during the last quarter. Greenup Street Wealth Management LLC increased its stake in shares of Diamondback Energy by 0.8% during the 1st quarter. Greenup Street Wealth Management LLC now owns 10,003 shares of the oil and natural gas company’s stock worth $1,352,000 after purchasing an additional 81 shares during the last quarter. KLK Capital Management LLC increased its position in Diamondback Energy by 0.8% during the first quarter. KLK Capital Management LLC now owns 10,067 shares of the oil and natural gas company’s stock worth $1,361,000 after buying an additional 83 shares during the last quarter. Finally, J2 Capital Management Inc raised its stake in shares of Diamondback Energy by 3.6% in the 2nd quarter. J2 Capital Management Inc now owns 2,537 shares of the oil and natural gas company’s stock valued at $333,000 after acquiring an additional 87 shares in the last quarter. 87.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Diamondback Energy news, EVP Matt Zmigrosky sold 2,706 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $157.17, for a total transaction of $425,302.02. Following the sale, the executive vice president now directly owns 27,480 shares in the company, valued at approximately $4,319,031.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Diamondback Energy news, EVP Matt Zmigrosky sold 2,706 shares of the stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $157.17, for a total value of $425,302.02. Following the sale, the executive vice president now owns 27,480 shares of the company’s stock, valued at approximately $4,319,031.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Daniel N. Wesson sold 4,000 shares of Diamondback Energy stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $149.68, for a total transaction of $598,720.00. Following the completion of the transaction, the chief operating officer now owns 61,802 shares of the company’s stock, valued at approximately $9,250,523.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,518 shares of company stock valued at $5,695,092. Corporate insiders own 0.43% of the company’s stock.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Thursday, August 10th were paid a $0.84 dividend. The ex-dividend date of this dividend was Wednesday, August 9th. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.80. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.32%. Diamondback Energy’s payout ratio is presently 17.44%.

Diamondback Energy Company Profile

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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.