Q3 2024 EPS Estimates for Diamondback Energy, Inc. (NASDAQ:FANG) Raised by Analyst

Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) - Equities researchers at Capital One Financial raised their Q3 2024 earnings per share estimates for Diamondback Energy in a note issued to investors on Monday, May 13th. Capital One Financial analyst B. Velie now expects that the oil and natural gas company will earn $5.47 per share for the quarter, up from their previous forecast of $5.42. The consensus estimate for Diamondback Energy's current full-year earnings is $18.98 per share. Capital One Financial also issued estimates for Diamondback Energy's FY2024 earnings at $20.39 EPS.

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

Several other equities research analysts also recently commented on the stock. Truist Financial lifted their target price on shares of Diamondback Energy from $248.00 to $250.00 and gave the stock a "buy" rating in a research report on Monday, April 22nd. Susquehanna lifted their price objective on Diamondback Energy from $212.00 to $245.00 and gave the stock a "positive" rating in a research note on Monday, April 22nd. Bank of America upgraded shares of Diamondback Energy from an "underperform" rating to a "neutral" rating and increased their price objective for the stock from $129.00 to $170.00 in a research report on Monday, February 12th. KeyCorp boosted their price objective on Diamondback Energy from $210.00 to $225.00 and gave the company an "overweight" rating in a research note on Monday, April 22nd. Finally, Stifel Nicolaus raised their target price on Diamondback Energy from $224.00 to $229.00 and gave the stock a "buy" rating in a research note on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $205.95.

Diamondback Energy Trading Down 0.7 %

Shares of FANG stock traded down $1.31 during mid-day trading on Wednesday, reaching $196.74. 1,613,416 shares of the stock traded hands, compared to its average volume of 1,721,091. The company has a market cap of $35.09 billion, a price-to-earnings ratio of 11.09 and a beta of 1.91. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The stock's fifty day simple moving average is $198.58 and its two-hundred day simple moving average is $172.71. Diamondback Energy has a 1-year low of $123.41 and a 1-year high of $211.96.

Diamondback Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Wednesday, May 15th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.83%. The ex-dividend date is Tuesday, May 14th. Diamondback Energy's dividend payout ratio (DPR) is presently 20.29%.

Insiders Place Their Bets

In other news, VP Jere W. Thompson III sold 900 shares of the business's stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $199.90, for a total value of $179,910.00. Following the transaction, the vice president now owns 7,585 shares in the company, valued at approximately $1,516,241.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of the business's stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the transaction, the chief executive officer now directly owns 446,610 shares in the company, valued at $89,322,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Jere W. Thompson III sold 900 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $199.90, for a total transaction of $179,910.00. Following the transaction, the vice president now directly owns 7,585 shares of the company's stock, valued at $1,516,241.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,575 shares of company stock valued at $11,491,006. Corporate insiders own 0.43% of the company's stock.

Hedge Funds Weigh In On Diamondback Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. CWM LLC increased its holdings in Diamondback Energy by 1.8% in the 4th quarter. CWM LLC now owns 19,717 shares of the oil and natural gas company's stock worth $3,058,000 after acquiring an additional 354 shares during the last quarter. Raymond James Trust N.A. raised its holdings in Diamondback Energy by 145.2% during the 4th quarter. Raymond James Trust N.A. now owns 11,993 shares of the oil and natural gas company's stock valued at $1,860,000 after acquiring an additional 7,102 shares during the period. Larson Financial Group LLC lifted its position in shares of Diamondback Energy by 748.0% during the fourth quarter. Larson Financial Group LLC now owns 15,221 shares of the oil and natural gas company's stock worth $2,361,000 after acquiring an additional 13,426 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Diamondback Energy by 613.7% in the fourth quarter. Sequoia Financial Advisors LLC now owns 15,401 shares of the oil and natural gas company's stock valued at $2,388,000 after purchasing an additional 13,243 shares in the last quarter. Finally, Raymond James & Associates raised its stake in shares of Diamondback Energy by 143.0% during the 4th quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company's stock valued at $152,177,000 after purchasing an additional 577,514 shares during the period. 90.01% of the stock is owned by institutional investors.

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.