Brokers Offer Predictions for Diamondback Energy, Inc.’s Q2 2024 Earnings (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG) – Analysts at Roth Capital reduced their Q2 2024 earnings estimates for shares of Diamondback Energy in a research note issued to investors on Wednesday, May 1st. Roth Capital analyst L. Mariani now forecasts that the oil and natural gas company will earn $4.63 per share for the quarter, down from their prior estimate of $4.64. 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 Q4 2024 earnings at $4.74 EPS.

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

A number of other research firms also recently commented on FANG. Piper Sandler increased their price objective on shares of Diamondback Energy from $227.00 to $247.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. KeyCorp increased their price target on Diamondback Energy from $210.00 to $225.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. Barclays assumed coverage on Diamondback Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 price target for the company. Evercore ISI upped their price objective on Diamondback Energy from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Monday, March 25th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $195.00 price objective on shares of Diamondback Energy in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $204.37.

Diamondback Energy Trading Up 2.0 %

NASDAQ FANG opened at $201.50 on Friday. Diamondback Energy has a 52 week low of $123.41 and a 52 week high of $211.96. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.74 and a current ratio of 0.92. The stock’s 50 day moving average price is $195.49 and its two-hundred day moving average price is $170.81. The stock has a market capitalization of $35.94 billion, a price-to-earnings ratio of 11.36 and a beta of 1.91.

Diamondback Energy Cuts Dividend

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

Insider Activity

In related news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief executive officer now directly owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the sale, the chief executive officer now owns 446,610 shares of the company’s stock, valued at $89,322,000. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total transaction of $384,000.00. Following the completion of the transaction, the chief accounting officer now owns 96,523 shares in the company, valued at $18,532,416. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,675 shares of company stock valued at $11,311,096. 0.43% of the stock is owned by insiders.

Institutional Investors Weigh In On Diamondback Energy

Several institutional investors have recently made changes to their positions in FANG. Founders Capital Management lifted its position in shares of 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 valued at $25,000 after acquiring an additional 101 shares during the period. BKM Wealth Management LLC acquired a new stake in shares of Diamondback Energy during the 4th quarter worth approximately $27,000. BluePath Capital Management LLC bought a new position in Diamondback Energy in the third quarter valued at approximately $28,000. Logan Capital Management Inc. acquired a new position in Diamondback Energy during the fourth quarter valued at approximately $31,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in Diamondback Energy during the fourth quarter valued at approximately $34,000. 90.01% of the stock is currently owned by institutional investors.

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.