Diamondback Energy, Inc. (NASDAQ:FANG) to Post Q1 2023 Earnings of $6.49 Per Share, US Capital Advisors Forecasts

Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) – Research analysts at US Capital Advisors upped their Q1 2023 earnings per share estimates for shares of Diamondback Energy in a research note issued to investors on Friday, May 20th. US Capital Advisors analyst C. Horwitz now forecasts that the oil and natural gas company will post earnings of $6.49 per share for the quarter, up from their prior estimate of $6.09. US Capital Advisors also issued estimates for Diamondback Energy’s Q2 2023 earnings at $5.70 EPS, Q3 2023 earnings at $5.44 EPS, Q4 2023 earnings at $5.24 EPS, FY2023 earnings at $22.87 EPS, Q1 2024 earnings at $5.01 EPS and FY2024 earnings at $18.97 EPS.

Several other research analysts have also weighed in on the stock. Credit Suisse Group upped their target price on shares of Diamondback Energy from $138.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 23rd. Bank of America downgraded shares of Diamondback Energy from a “buy” rating to a “neutral” rating and upped their price target for the company from $165.00 to $170.00 in a report on Tuesday, March 8th. Truist Financial upped their price target on shares of Diamondback Energy from $170.00 to $200.00 in a report on Thursday, April 21st. Scotiabank upped their price target on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, March 9th. Finally, Royal Bank of Canada upped their price target on shares of Diamondback Energy from $150.00 to $160.00 in a report on Thursday, February 24th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $160.74.

Shares of FANG opened at $130.28 on Monday. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.42. The firm’s 50-day moving average is $134.72 and its two-hundred day moving average is $124.75. Diamondback Energy has a twelve month low of $65.93 and a twelve month high of $147.99. The firm has a market capitalization of $23.12 billion, a P/E ratio of 8.59, a PEG ratio of 0.24 and a beta of 2.20.

Diamondback Energy (NASDAQ:FANGGet Rating) last issued its earnings results on Monday, May 2nd. The oil and natural gas company reported $5.20 earnings per share for the quarter, topping the consensus estimate of $4.76 by $0.44. Diamondback Energy had a net margin of 34.17% and a return on equity of 19.91%. During the same quarter last year, the company earned $2.30 EPS.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dark Forest Capital Management LP acquired a new stake in Diamondback Energy during the 3rd quarter valued at $26,000. Paragon Capital Management Ltd bought a new position in Diamondback Energy during the 4th quarter valued at $28,000. Carolinas Wealth Consulting LLC boosted its stake in Diamondback Energy by 366.7% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 176 shares during the last quarter. Cambridge Trust Co. boosted its stake in Diamondback Energy by 1,991.7% during the 1st quarter. Cambridge Trust Co. now owns 251 shares of the oil and natural gas company’s stock valued at $34,000 after acquiring an additional 239 shares during the last quarter. Finally, Harbor Investment Advisory LLC bought a new position in Diamondback Energy during the 4th quarter valued at $35,000. 89.97% of the stock is owned by institutional investors and hedge funds.

In other news, Director Michael P. Cross sold 4,000 shares of the stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $139.00, for a total value of $556,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Daniel N. Wesson sold 3,500 shares of the stock in a transaction on Thursday, March 3rd. The stock was sold at an average price of $134.95, for a total transaction of $472,325.00. The disclosure for this sale can be found here. Insiders have sold 24,000 shares of company stock valued at $3,319,960 in the last ninety days. 0.47% of the stock is currently owned by company insiders.

The business also recently declared a quarterly dividend, which will be paid on Monday, May 23rd. Investors of record on Thursday, May 12th will be given a dividend of $0.70 per share. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Wednesday, May 11th. This represents a $2.80 annualized dividend and a yield of 2.15%. Diamondback Energy’s dividend payout ratio is 18.46%.

About Diamondback Energy (Get Rating)

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.

See Also

Earnings History and Estimates for Diamondback Energy (NASDAQ:FANG)

Want More Great Investing Ideas?

Receive News & Ratings for Diamondback Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Diamondback Energy and related companies with MarketBeat.com's FREE daily email newsletter.