Diamondback Energy (NASDAQ:FANG) Posts Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Key Points

• Diamondback Energy reported quarterly earnings of $2.67 EPS, missing the consensus estimate of $2.72 by $0.05, with a return on equity of 11.22% and a net margin of 30.84%.
• The company recently declared a quarterly dividend of $1.00 per share, resulting in an annualized dividend of $4.00 and a yield of 2.7%.
• Wall Street analysts have varied ratings on the stock, with 18 analysts assigning a buy rating and an average target price of $191.59.

Diamondback Energy (NASDAQ:FANG - Get Free Report) posted its quarterly earnings data on Monday. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05), Zacks reports. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a return on equity of 9.64% and a net margin of 27.25%. The firm's quarterly revenue was up 48.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.52 earnings per share.

Diamondback Energy Stock Performance

NASDAQ FANG traded down $1.79 during trading on Wednesday, reaching $143.89. The company's stock had a trading volume of 1,123,176 shares, compared to its average volume of 2,465,780. Diamondback Energy has a twelve month low of $114.00 and a twelve month high of $202.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.86. The business's fifty day moving average price is $143.30 and its 200-day moving average price is $146.47. The firm has a market cap of $42.04 billion, a price-to-earnings ratio of 10.25 and a beta of 1.09.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 14th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. Diamondback Energy's dividend payout ratio (DPR) is presently 24.46%.

Insider Activity

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $142.69, for a total value of $1,426,900.00. Following the completion of the sale, the president owned 120,645 shares of the company's stock, valued at $17,214,835.05. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.48% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on FANG shares. KeyCorp cut their price objective on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Morgan Stanley reissued an "overweight" rating on shares of Diamondback Energy in a report on Tuesday, July 15th. JPMorgan Chase & Co. dropped their price objective on Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. UBS Group decreased their price target on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Finally, Barclays reduced their price objective on Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Diamondback Energy currently has an average rating of "Buy" and a consensus price target of $191.59.

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.