Diamondback Energy, Inc. to Post Q3 2022 Earnings of $7.13 Per Share, KeyCorp Forecasts (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) – Research analysts at KeyCorp issued their Q3 2022 earnings estimates for Diamondback Energy in a research note issued to investors on Monday, September 19th. KeyCorp analyst T. Rezvan forecasts that the oil and natural gas company will earn $7.13 per share for the quarter. KeyCorp currently has a “Overweight” rating and a $163.00 target price on the stock. The consensus estimate for Diamondback Energy’s current full-year earnings is $26.10 per share. KeyCorp also issued estimates for Diamondback Energy’s Q4 2022 earnings at $6.66 EPS, FY2022 earnings at $26.12 EPS, Q1 2023 earnings at $6.88 EPS, Q2 2023 earnings at $6.44 EPS, Q3 2023 earnings at $6.36 EPS, Q4 2023 earnings at $6.38 EPS and FY2023 earnings at $26.08 EPS.

Diamondback Energy (NASDAQ:FANGGet Rating) last released its quarterly earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share for the quarter, beating the consensus estimate of $6.66 by $0.41. The company had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Diamondback Energy had a net margin of 42.23% and a return on equity of 25.12%. The business’s quarterly revenue was up 64.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.40 earnings per share.

A number of other analysts have also commented on FANG. MKM Partners reissued a “buy” rating and issued a $155.00 price objective on shares of Diamondback Energy in a research report on Wednesday, July 20th. Truist Financial boosted their price objective on shares of Diamondback Energy from $185.00 to $203.00 in a research report on Tuesday, July 19th. Mizuho dropped their price target on shares of Diamondback Energy from $224.00 to $203.00 and set a “buy” rating on the stock in a research report on Thursday, August 18th. Bank of America dropped their price target on shares of Diamondback Energy from $170.00 to $143.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 19th. Finally, Wells Fargo & Company dropped their price target on shares of Diamondback Energy from $200.00 to $192.00 and set an “overweight” rating on the stock in a research report on Monday, July 11th. Three investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $168.89.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $126.54 on Thursday. The company’s fifty day simple moving average is $127.98 and its 200-day simple moving average is $132.06. The company has a quick ratio of 0.69, a current ratio of 0.73 and a debt-to-equity ratio of 0.38. The firm has a market cap of $21.95 billion, a PE ratio of 5.92, a P/E/G ratio of 0.23 and a beta of 2.06. Diamondback Energy has a 12 month low of $84.47 and a 12 month high of $162.24.

Institutional Trading of Diamondback Energy

Several hedge funds have recently bought and sold shares of the business. Wetherby Asset Management Inc. lifted its stake in Diamondback Energy by 1.4% during the 4th quarter. Wetherby Asset Management Inc. now owns 5,774 shares of the oil and natural gas company’s stock valued at $622,000 after acquiring an additional 77 shares in the last quarter. Brown Brothers Harriman & Co. raised its stake in shares of Diamondback Energy by 14.5% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 624 shares of the oil and natural gas company’s stock worth $76,000 after purchasing an additional 79 shares during the period. Hodges Capital Management Inc. raised its stake in shares of Diamondback Energy by 2.3% during the 2nd quarter. Hodges Capital Management Inc. now owns 3,721 shares of the oil and natural gas company’s stock worth $451,000 after purchasing an additional 82 shares during the period. Wealthcare Advisory Partners LLC raised its stake in shares of Diamondback Energy by 2.3% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,697 shares of the oil and natural gas company’s stock worth $507,000 after purchasing an additional 83 shares during the period. Finally, Biltmore Wealth Management LLC raised its stake in shares of Diamondback Energy by 1.6% during the 1st quarter. Biltmore Wealth Management LLC now owns 5,410 shares of the oil and natural gas company’s stock worth $742,000 after purchasing an additional 84 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Diamondback Energy announced that its board has approved a share buyback program on Monday, August 1st that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the oil and natural gas company to purchase up to 17.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 23rd. Stockholders of record on Tuesday, August 16th were given a dividend of $3.05 per share. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Monday, August 15th. This represents a $12.20 annualized dividend and a dividend yield of 9.64%. Diamondback Energy’s dividend payout ratio (DPR) is 14.03%.

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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