Capital One Financial Equities Analysts Cut Earnings Estimates for Diamondback Energy, Inc. (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG) – Capital One Financial reduced their Q1 2024 earnings per share (EPS) estimates for shares of Diamondback Energy in a research note issued on Thursday, April 11th. Capital One Financial analyst B. Velie now anticipates that the oil and natural gas company will post earnings of $4.41 per share for the quarter, down from their previous estimate of $4.88. The consensus estimate for Diamondback Energy’s current full-year earnings is $18.47 per share. Capital One Financial also issued estimates for Diamondback Energy’s Q2 2024 earnings at $5.25 EPS, Q3 2024 earnings at $5.42 EPS, Q4 2024 earnings at $5.18 EPS, FY2024 earnings at $20.26 EPS and FY2025 earnings at $21.31 EPS.

FANG has been the subject of several other reports. Stifel Nicolaus boosted their target price on Diamondback Energy from $192.00 to $224.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Royal Bank of Canada restated an “outperform” rating and set a $195.00 target price on shares of Diamondback Energy in a research report on Monday, March 4th. Evercore ISI boosted their price objective on Diamondback Energy from $185.00 to $215.00 and gave the company an “outperform” rating in a research report on Monday, March 25th. Barclays started coverage on Diamondback Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 price objective for the company. Finally, Mizuho boosted their price objective on Diamondback Energy from $200.00 to $217.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $195.95.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $205.35 on Monday. The firm has a market capitalization of $36.62 billion, a P/E ratio of 11.84 and a beta of 1.93. Diamondback Energy has a 1 year low of $123.41 and a 1 year high of $211.96. The business has a 50-day moving average of $185.96 and a 200-day moving average of $166.40. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 0.38.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share for the quarter, topping the consensus estimate of $4.61 by $0.13. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business posted $5.29 EPS.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Tuesday, March 5th were paid a dividend of $3.08 per share. The ex-dividend date was Monday, March 4th. This represents a $12.32 dividend on an annualized basis and a dividend yield of 6.00%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.84. Diamondback Energy’s dividend payout ratio is currently 20.76%.

Insider Transactions at Diamondback Energy

In other news, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total transaction of $384,000.00. Following the sale, the chief accounting officer now owns 96,523 shares in the company, valued at approximately $18,532,416. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of the firm’s stock in a transaction 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 owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Teresa L. Dick sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total value of $384,000.00. Following the sale, the chief accounting officer now directly owns 96,523 shares of the company’s stock, valued at approximately $18,532,416. The disclosure for this sale can be found here. Insiders have sold a total of 57,675 shares of company stock worth $11,311,096 in the last 90 days. Corporate insiders own 0.43% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Hedge funds have recently added to or reduced their stakes in the business. Founders Capital Management lifted its holdings in shares of Diamondback Energy by 404.0% during the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after buying an additional 101 shares in the last quarter. BKM Wealth Management LLC acquired a new stake in shares of Diamondback Energy during the fourth quarter worth $27,000. Hobbs Group Advisors LLC acquired a new stake in shares of Diamondback Energy during the fourth quarter worth $27,000. BluePath Capital Management LLC acquired a new stake in shares of Diamondback Energy during the third quarter worth $28,000. Finally, Logan Capital Management Inc. acquired a new stake in shares of Diamondback Energy during the fourth quarter worth $31,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

About Diamondback Energy

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.