Diamondback Energy, Inc. to Post Q3 2023 Earnings of $4.58 Per Share, Capital One Financial Forecasts (NASDAQ:FANG)

Posted by Defense World Staff on Oct 9th, 2023

Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) – Equities researchers at Capital One Financial lowered their Q3 2023 earnings estimates for shares of Diamondback Energy in a research note issued to investors on Thursday, October 5th. Capital One Financial analyst B. Velie now anticipates that the oil and natural gas company will post earnings per share of $4.58 for the quarter, down from their previous forecast of $5.48. The consensus estimate for Diamondback Energy’s current full-year earnings is $17.62 per share. Capital One Financial also issued estimates for Diamondback Energy’s Q4 2023 earnings at $5.49 EPS, FY2023 earnings at $17.85 EPS, Q1 2024 earnings at $5.37 EPS, Q2 2024 earnings at $5.64 EPS, Q3 2024 earnings at $5.68 EPS, Q4 2024 earnings at $5.86 EPS, FY2024 earnings at $22.55 EPS and FY2025 earnings at $22.68 EPS.

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 (EPS) for the quarter, missing the consensus estimate of $3.92 by ($0.24). Diamondback Energy had a return on equity of 22.43% and a net margin of 41.62%. The company had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter in the previous year, the business earned $7.07 EPS. The company’s revenue for the quarter was down 30.7% on a year-over-year basis.

Several other equities research analysts have also issued reports on FANG. 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. Royal Bank of Canada reiterated an “outperform” rating and issued a $170.00 price objective on shares of Diamondback Energy in a research note on Thursday, August 10th. Benchmark assumed coverage on shares of Diamondback Energy in a research note on Wednesday, July 12th. They issued a “buy” rating and a $154.00 price objective for the company. Truist Financial raised their price target on shares of Diamondback Energy from $182.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, August 2nd. Finally, Morgan Stanley raised their price target on shares of Diamondback Energy from $163.00 to $171.00 and gave the company an “overweight” rating in a report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and an average price target of $178.39.

Check Out Our Latest Stock Analysis on FANG

Diamondback Energy Trading Up 4.2 %

Shares of FANG stock opened at $151.23 on Monday. The company has a 50 day moving average of $151.34 and a 200-day moving average of $140.42. The company has a quick ratio of 0.40, a current ratio of 0.43 and a debt-to-equity ratio of 0.40. Diamondback Energy has a 12-month low of $119.01 and a 12-month high of $168.95. The firm has a market cap of $27.04 billion, a P/E ratio of 7.85, a PEG ratio of 0.39 and a beta of 2.01.

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. Foundations Investment Advisors LLC grew its holdings in Diamondback Energy by 17.6% in the third quarter. Foundations Investment Advisors LLC now owns 3,180 shares of the oil and natural gas company’s stock worth $492,000 after purchasing an additional 476 shares during the period. International Assets Investment Management LLC purchased a new stake in Diamondback Energy in the third quarter worth about $257,000. Massmutual Trust Co. FSB ADV grew its holdings in Diamondback Energy by 2.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 5,662 shares of the oil and natural gas company’s stock worth $877,000 after purchasing an additional 119 shares during the period. Portside Wealth Group LLC purchased a new stake in Diamondback Energy in the second quarter worth about $295,000. Finally, Delphi Management Inc. MA purchased a new stake in Diamondback Energy in the second quarter worth about $1,253,000. Hedge funds and other institutional investors own 87.84% of the company’s stock.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, EVP Matt Zmigrosky sold 5,812 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $150.16, for a total value of $872,729.92. Following the transaction, the executive vice president now owns 30,186 shares in the company, valued at $4,532,729.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Matt Zmigrosky sold 5,812 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $150.16, for a total transaction of $872,729.92. Following the transaction, the executive vice president now owns 30,186 shares in the company, valued at $4,532,729.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven E. West sold 8,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $150.65, for a total transaction of $1,205,200.00. Following the transaction, the director now owns 5,100 shares in the company, valued at approximately $768,315. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 37,518 shares of company stock worth $5,695,092. 0.43% of the stock is currently owned by company insiders.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Thursday, August 10th were given a $0.84 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.80. The ex-dividend date was Wednesday, August 9th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.22%. Diamondback Energy’s payout ratio is presently 17.44%.

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.