Diamondback Energy, Inc. Expected to Earn Q3 2024 Earnings of $4.84 Per Share (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG) – Equities research analysts at Roth Capital increased their Q3 2024 earnings per share (EPS) estimates for shares of Diamondback Energy in a research note issued to investors on Wednesday, May 1st. Roth Capital analyst L. Mariani now anticipates that the oil and natural gas company will post earnings of $4.84 per share for the quarter, up from their prior estimate of $4.83. The consensus estimate for Diamondback Energy’s current full-year earnings is $18.96 per share. Roth Capital also issued estimates for Diamondback Energy’s FY2024 earnings at $18.75 EPS, Q1 2025 earnings at $4.58 EPS, Q2 2025 earnings at $4.45 EPS, Q3 2025 earnings at $4.85 EPS, Q4 2025 earnings at $5.44 EPS and FY2025 earnings at $19.32 EPS.

A number of other research firms have also recently weighed in on FANG. BMO Capital Markets boosted their target price on shares of Diamondback Energy from $167.00 to $175.00 and gave the company a “market perform” rating in a research note on Tuesday, February 13th. Barclays assumed coverage on Diamondback Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 target price on the stock. UBS Group lifted their price objective on Diamondback Energy from $183.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. StockNews.com raised Diamondback Energy from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $195.00 price objective on shares of Diamondback Energy in a research note on Monday, March 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Diamondback Energy has an average rating of “Moderate Buy” and an average price target of $204.37.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $201.50 on Thursday. The company has a market capitalization of $35.94 billion, a P/E ratio of 11.36 and a beta of 1.91. The company’s 50-day moving average is $194.99 and its 200 day moving average is $170.58. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.74 and a current ratio of 0.92. Diamondback Energy has a fifty-two week low of $123.41 and a fifty-two week high of $211.96.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, beating the consensus estimate of $4.29 by $0.21. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.10 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter last year, the business posted $4.10 EPS.

Institutional Trading of Diamondback Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Founders Capital Management grew its position in Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 101 shares during the last quarter. BKM Wealth Management LLC acquired a new stake in Diamondback Energy during the fourth quarter worth about $27,000. BluePath Capital Management LLC purchased a new position in Diamondback Energy during the third quarter valued at approximately $28,000. Logan Capital Management Inc. purchased a new stake in Diamondback Energy in the 4th quarter worth approximately $31,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in shares of Diamondback Energy during the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the completion of the transaction, the chief operating officer now owns 78,218 shares in the company, valued at $15,031,153.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Teresa L. Dick sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total transaction of $384,000.00. Following the sale, the chief accounting officer now directly owns 96,523 shares in the company, valued at approximately $18,532,416. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total value of $1,153,020.00. Following the transaction, the chief operating officer now directly owns 78,218 shares of the company’s stock, valued at $15,031,153.06. The disclosure for this sale can be found here. Insiders have sold a total of 57,675 shares of company stock valued at $11,311,096 over the last ninety days. Company insiders own 0.43% of the company’s stock.

Diamondback Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Wednesday, May 15th will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.60 annualized dividend and a dividend yield of 1.79%. Diamondback Energy’s dividend payout ratio is presently 20.29%.

Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, 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.