Diamondback Energy (NASDAQ:FANG) Releases Quarterly Earnings Results, Misses Estimates 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) issued its quarterly earnings results on Monday. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05), Zacks reports. The company had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company's quarterly revenue was up 48.1% compared to the same quarter last year. During the same period in the prior year, the business posted $4.52 earnings per share.

Diamondback Energy Price Performance

Shares of FANG stock traded up $0.67 during mid-day trading on Friday, reaching $141.79. The company's stock had a trading volume of 574,730 shares, compared to its average volume of 2,458,665. The firm's 50-day moving average is $143.53 and its two-hundred day moving average is $146.18. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.83 and a current ratio of 0.55. Diamondback Energy has a 1-year low of $114.00 and a 1-year high of $202.87. The company has a market cap of $41.43 billion, a P/E ratio of 10.08 and a beta of 1.09.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th will be paid a $1.00 dividend. The ex-dividend date is Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. Diamondback Energy's dividend payout ratio is currently 28.43%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, President Hof Matthew Kaes Van't sold 10,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.70% of the company's stock.

Analysts Set New Price Targets

FANG has been the topic of a number of research reports. Piper Sandler raised their target price on shares of Diamondback Energy from $225.00 to $228.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. UBS Group reduced their price target on shares of Diamondback Energy from $175.00 to $163.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Mizuho reduced their price target on shares of Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. JPMorgan Chase & Co. cut their target price on Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Finally, Barclays cut their target price 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 research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Diamondback Energy has an average rating of "Buy" and a consensus target price of $191.59.

Diamondback Energy Company Profile

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.