Zacks: Brokerages Expect Diamondback Energy, Inc. (NASDAQ:FANG) to Post $6.46 Earnings Per Share

Equities research analysts expect that Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) will report $6.46 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Eight analysts have issued estimates for Diamondback Energy’s earnings, with estimates ranging from $5.58 to $7.48. Diamondback Energy reported earnings of $2.40 per share in the same quarter last year, which indicates a positive year over year growth rate of 169.2%. The business is expected to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Diamondback Energy will report full year earnings of $25.51 per share for the current financial year, with EPS estimates ranging from $23.52 to $30.77. For the next year, analysts forecast that the business will report earnings of $24.13 per share, with EPS estimates ranging from $20.02 to $32.42. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Diamondback Energy.

Diamondback Energy (NASDAQ:FANGGet Rating) last issued its quarterly 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 return on equity of 19.91% and a net margin of 34.17%. During the same period in the prior year, the firm earned $2.30 earnings per share.

FANG has been the subject of several research analyst reports. Royal Bank of Canada raised their price objective on Diamondback Energy from $150.00 to $160.00 in a research note on Thursday, February 24th. Piper Sandler reduced their price objective on Diamondback Energy to $188.00 and set a “na” rating for the company in a research note on Wednesday, May 18th. Barclays raised their price objective on Diamondback Energy from $127.00 to $162.00 in a research note on Friday, March 18th. KeyCorp raised their price objective on Diamondback Energy from $152.00 to $164.00 and gave the stock an “overweight” rating in a research note on Friday, April 8th. Finally, Wells Fargo & Company reduced their price objective on Diamondback Energy from $204.00 to $200.00 and set an “overweight” rating for the company in a research note on Tuesday, May 17th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $160.74.

Shares of NASDAQ FANG opened at $135.78 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.69 and a current ratio of 0.72. The company has a market cap of $24.10 billion, a PE ratio of 8.95, a P/E/G ratio of 0.24 and a beta of 2.20. The business has a 50-day simple moving average of $135.15 and a two-hundred day simple moving average of $124.98. Diamondback Energy has a fifty-two week low of $65.93 and a fifty-two week high of $147.99.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 23rd. Stockholders of record on Thursday, May 12th were given a $0.70 dividend. The ex-dividend date was Wednesday, May 11th. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.60. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.06%. Diamondback Energy’s payout ratio is 18.46%.

In other news, VP Thomas F. Hawkins sold 8,000 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, March 2nd. The stock was sold at an average price of $137.68, for a total value of $1,101,440.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Hof Matthew Kaes Van’t sold 6,000 shares of Diamondback Energy stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $140.02, for a total value of $840,120.00. Following the completion of the sale, the chief financial officer now directly owns 73,334 shares in the company, valued at $10,268,226.68. The disclosure for this sale can be found here. Insiders sold 24,000 shares of company stock valued at $3,319,960 over the last 90 days. Company insiders own 0.47% of the company’s stock.

Several large investors have recently modified their holdings of the company. Wetherby Asset Management Inc. boosted its stake in shares of Diamondback Energy by 1.4% in the fourth quarter. Wetherby Asset Management Inc. now owns 5,774 shares of the oil and natural gas company’s stock worth $622,000 after acquiring an additional 77 shares during the last quarter. Heartland Bank & Trust Co boosted its stake in Diamondback Energy by 1.9% during the fourth quarter. Heartland Bank & Trust Co now owns 4,131 shares of the oil and natural gas company’s stock worth $446,000 after buying an additional 78 shares during the last quarter. Mackay Shields LLC boosted its stake in Diamondback Energy by 0.3% during the fourth quarter. Mackay Shields LLC now owns 25,609 shares of the oil and natural gas company’s stock worth $2,762,000 after buying an additional 78 shares during the last quarter. Toth Financial Advisory Corp boosted its stake in Diamondback Energy by 0.6% during the fourth quarter. Toth Financial Advisory Corp now owns 14,455 shares of the oil and natural gas company’s stock worth $1,559,000 after buying an additional 80 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC boosted its stake in Diamondback Energy by 2.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 3,697 shares of the oil and natural gas company’s stock worth $507,000 after buying an additional 83 shares during the last quarter. 89.97% of the stock is currently owned by hedge funds and other institutional investors.

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.

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

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