Diamondback Energy (NASDAQ:FANG) Issues Quarterly Earnings Results

Key Points

• Diamondback Energy beat quarterly estimates: Earnings came in at $6.48 per share versus the $6.08 consensus, while revenue reached $5.56 billion compared with expectations of $4.89 billion.
• Analysts remain broadly bullish: The stock has a consensus “Buy” rating and an average price target of $218.63, with several firms recently raising or reaffirming their targets.
• Shares declined after the report: FANG fell $4.20 to $198.75, though it remained above its 50-day and 200-day moving averages. Insiders sold roughly $21.6 million of stock during the quarter.

Diamondback Energy (NASDAQ:FANG - Get Free Report) issued its quarterly earnings results on Monday. The oil and natural gas company reported $6.48 earnings per share for the quarter, topping analysts' consensus estimates of $6.08 by $0.40, FiscalAI reports. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The business had revenue of $5.56 billion for the quarter, compared to analyst estimates of $4.89 billion.

Diamondback Energy Price Performance

FANG stock traded down $4.20 on Monday, reaching $198.75. 2,136,010 shares of the company's stock were exchanged, compared to its average volume of 2,676,913. The stock has a fifty day moving average of $190.79 and a 200-day moving average of $184.65. Diamondback Energy has a twelve month low of $134.30 and a twelve month high of $214.51. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31. The firm has a market cap of $55.91 billion, a PE ratio of 231.11 and a beta of 0.43.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Raymond James Financial restated a "strong-buy" rating and issued a $248.00 price objective on shares of Diamondback Energy in a research note on Friday. Scotiabank boosted their price target on shares of Diamondback Energy from $175.00 to $195.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 22nd. UBS Group dropped their target price on shares of Diamondback Energy from $246.00 to $243.00 and set a "buy" rating for the company in a report on Tuesday, July 21st. Barclays raised their price target on shares of Diamondback Energy from $225.00 to $232.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings upgraded shares of Diamondback Energy from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $218.63.

Insider Transactions at Diamondback Energy

In related news, CAO Teresa L. Dick sold 7,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total value of $1,406,300.00. Following the sale, the chief accounting officer directly owned 85,755 shares of the company's stock, valued at approximately $17,228,179.50. This represents a 7.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark Lawrence Plaumann sold 500 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total value of $98,250.00. Following the transaction, the director owned 13,437 shares of the company's stock, valued at $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 113,691 shares of company stock worth $21,622,752. Corporate insiders own 0.64% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. JPL Wealth Management LLC purchased a new stake in shares of Diamondback Energy during the third quarter valued at approximately $26,000. DV Equities LLC bought a new position in Diamondback Energy during the 4th quarter valued at $38,000. Wealth Watch Advisors INC acquired a new position in Diamondback Energy in the third quarter worth approximately $45,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Diamondback Energy in the 3rd quarter valued at $48,000. Finally, Safe Harbor Fiduciary LLC purchased a new position in shares of Diamondback Energy in the fourth quarter worth approximately $74,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Company Profile

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.