Diamondback Energy, Inc. (NASDAQ:FANG) Forecasted to Earn Q2 2024 Earnings of $4.63 Per Share

Diamondback Energy, Inc. (NASDAQ:FANG) – Equities research analysts at Roth Capital cut their Q2 2024 earnings estimates for Diamondback Energy in a research report issued to clients and investors on Wednesday, May 1st. Roth Capital analyst L. Mariani now anticipates that the oil and natural gas company will earn $4.63 per share for the quarter, down from their previous forecast of $4.64. The consensus estimate for Diamondback Energy’s current full-year earnings is $18.96 per share. Roth Capital also issued estimates for Diamondback Energy’s Q4 2024 earnings at $4.74 EPS.

Several other analysts have also weighed in on the company. Barclays began coverage on Diamondback Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 price objective for the company. Bank of America upgraded shares of Diamondback Energy from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $129.00 to $170.00 in a research report on Monday, February 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $195.00 target price on shares of Diamondback Energy in a report on Monday, March 4th. Scotiabank raised their target price on shares of Diamondback Energy from $210.00 to $255.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Finally, Wells Fargo & Company dropped their price target on Diamondback Energy from $227.00 to $224.00 and set an “overweight” rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $204.37.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $201.50 on Friday. Diamondback Energy has a 1 year low of $123.41 and a 1 year high of $211.96. The firm has a market cap of $35.94 billion, a P/E ratio of 11.36 and a beta of 1.91. The stock has a fifty day moving average price of $195.49 and a two-hundred day moving average price of $170.81. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.74 and a current ratio of 0.92.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, topping analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.10 billion. During the same period in the prior year, the business posted $4.10 EPS. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year.

Diamondback Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th will be paid a $0.90 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.60 annualized dividend and a yield of 1.79%. Diamondback Energy’s dividend payout ratio is presently 20.29%.

Insiders Place Their Bets

In other news, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the transaction, the chief executive officer now directly owns 446,610 shares in the company, valued at approximately $89,322,000. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Matt Zmigrosky sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $193.94, for a total value of $969,700.00. Following the transaction, the executive vice president now owns 44,445 shares in the company, valued at $8,619,663.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, April 2nd. The shares were 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 $89,322,000. The disclosure for this sale can be found here. Insiders sold a total of 57,675 shares of company stock worth $11,311,096 in the last quarter. 0.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FANG. SVB Wealth LLC lifted its position in shares of Diamondback Energy by 40.3% in the third quarter. SVB Wealth LLC now owns 2,906 shares of the oil and natural gas company’s stock worth $450,000 after buying an additional 834 shares during the last quarter. J.W. Cole Advisors Inc. raised its stake in shares of Diamondback Energy by 17.8% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 2,714 shares of the oil and natural gas company’s stock valued at $420,000 after acquiring an additional 411 shares in the last quarter. NorthRock Partners LLC acquired a new stake in Diamondback Energy in the 3rd quarter worth approximately $224,000. Brown Advisory Inc. bought a new stake in Diamondback Energy during the third quarter worth approximately $215,000. Finally, SevenBridge Financial Group LLC grew its holdings in Diamondback Energy by 32.4% during the third quarter. SevenBridge Financial Group LLC now owns 16,968 shares of the oil and natural gas company’s stock valued at $2,628,000 after purchasing an additional 4,150 shares during the last quarter. Institutional investors 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.