Diamondback Energy, Inc. (NASDAQ:FANG) Expected to Post FY2022 Earnings of $23.94 Per Share

Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) – Equities research analysts at Capital One Financial boosted their FY2022 earnings per share (EPS) estimates for shares of Diamondback Energy in a research report issued on Wednesday, August 3rd. Capital One Financial analyst B. Velie now forecasts that the oil and natural gas company will post earnings per share of $23.94 for the year, up from their prior estimate of $23.29. The consensus estimate for Diamondback Energy’s current full-year earnings is $25.56 per share.

Several other research analysts have also weighed in on FANG. Raymond James boosted their price target on Diamondback Energy from $195.00 to $200.00 and gave the stock a “strong-buy” rating in a research report on Monday, April 25th. Piper Sandler lowered their price target on Diamondback Energy from $196.00 to $191.00 and set an “overweight” rating on the stock in a research report on Friday, July 22nd. KeyCorp boosted their price target on Diamondback Energy from $152.00 to $164.00 and gave the stock an “overweight” rating in a research report on Friday, April 8th. Morgan Stanley reduced their target price on Diamondback Energy from $178.00 to $170.00 and set an “overweight” rating for the company in a research note on Tuesday, July 19th. Finally, Barclays increased their price target on Diamondback Energy from $160.00 to $180.00 and gave the company an “overweight” rating in a research note on Tuesday, June 14th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $169.42.

Diamondback Energy Stock Up 4.2 %

NASDAQ:FANG opened at $121.37 on Friday. The firm has a market capitalization of $21.54 billion, a price-to-earnings ratio of 5.67, a price-to-earnings-growth ratio of 0.22 and a beta of 2.12. Diamondback Energy has a twelve month low of $65.93 and a twelve month high of $162.24. The stock’s 50 day moving average price is $128.54 and its two-hundred day moving average price is $131.55. The company has a quick ratio of 0.69, a current ratio of 0.73 and a debt-to-equity ratio of 0.38.

Diamondback Energy (NASDAQ:FANGGet Rating) last announced its earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.58 by $0.49. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.44 billion. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. Diamondback Energy’s revenue for the quarter was up 64.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.40 EPS.

Diamondback Energy declared that its board has initiated a stock repurchase program on Monday, August 1st that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the oil and natural gas company to reacquire up to 17.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th will be given a dividend of $3.05 per share. This represents a $12.20 dividend on an annualized basis and a yield of 10.05%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.70. The ex-dividend date is Monday, August 15th. Diamondback Energy’s dividend payout ratio (DPR) is currently 13.09%.

Insider Buying and Selling

In other Diamondback Energy news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $160.00, for a total value of $960,000.00. Following the transaction, the chief financial officer now directly owns 61,334 shares of the company’s stock, valued at approximately $9,813,440. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Diamondback Energy news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $160.00, for a total value of $960,000.00. Following the transaction, the chief financial officer now directly owns 61,334 shares of the company’s stock, valued at approximately $9,813,440. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Teresa L. Dick sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $152.22, for a total transaction of $380,550.00. Following the completion of the sale, the chief accounting officer now owns 57,308 shares in the company, valued at $8,723,423.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,500 shares of company stock valued at $6,740,850. 0.42% of the stock is owned by company insiders.

Institutional Investors Weigh In On Diamondback Energy

Several hedge funds have recently added to or reduced their stakes in FANG. Carolinas Wealth Consulting LLC raised its holdings 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 worth $31,000 after purchasing an additional 176 shares during the last quarter. Cambridge Trust Co. raised its holdings 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 worth $34,000 after purchasing an additional 239 shares during the last quarter. MCF Advisors LLC bought a new position in Diamondback Energy during the 1st quarter worth approximately $35,000. Confluence Wealth Services Inc. bought a new position in Diamondback Energy during the 4th quarter worth approximately $38,000. Finally, Global Retirement Partners LLC raised its holdings in Diamondback Energy by 51.8% during the 2nd quarter. Global Retirement Partners LLC now owns 334 shares of the oil and natural gas company’s stock worth $40,000 after purchasing an additional 114 shares during the last quarter. 89.97% of the stock is currently owned by institutional investors and hedge funds.

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.

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

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