Diamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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. As of December 31, 2021, the company's total acreage position was approximately 524,700 gross acres in the Permian Basin; and estimated proved oil and natural gas reserves were 1,788,991 thousand barrels of crude oil equivalent. It also held working interests in 5,289 gross producing wells, as well as royalty interests in 6,455 additional wells. In addition, the company owns mineral interests approximately 930,871 gross acres and 27,027 net royalty acres in the Permian Basin and Eagle Ford Shale; and owns, operates, develops, and acquires midstream infrastructure assets, including 866 miles of crude oil gathering pipelines, natural gas gathering pipelines, and an integrated water system in the Midland and Delaware Basins of the Permian Basin. Diamondback Energy, Inc. was founded in 2007 and is headquartered in Midland, Texas.
Diamondback Energy Price Performance
Shares of NASDAQ:FANG traded up $6.74 during mid-day trading on Thursday, reaching $132.78. The company's stock had a trading volume of 2,669,640 shares, compared to its average volume of 2,877,995. The firm has a market capitalization of $23.03 billion, a PE ratio of 6.20, a P/E/G ratio of 0.22 and a beta of 2.12. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.73 and a quick ratio of 0.69. The stock has a fifty day moving average of $126.87 and a two-hundred day moving average of $131.60. Diamondback Energy has a 52 week low of $65.93 and a 52 week high of $162.24.
Diamondback Energy (NASDAQ:FANG - Get Rating) last released its quarterly earnings data on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share for the quarter, topping analysts' consensus estimates of $6.66 by $0.41. The firm had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.44 billion. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. The business's quarterly revenue was up 64.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.40 earnings per share. As a group, sell-side analysts anticipate that Diamondback Energy will post 25.72 EPS for the current fiscal year.
Diamondback Energy Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 23rd. Stockholders of record on Tuesday, August 16th will be paid a $3.05 dividend. This is a positive change from Diamondback Energy's previous quarterly dividend of $0.70. The ex-dividend date is Monday, August 15th. This represents a $12.20 dividend on an annualized basis and a dividend yield of 9.19%. Diamondback Energy's dividend payout ratio is 13.09%.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on FANG shares. StockNews.com cut Diamondback Energy from a "buy" rating to a "hold" rating in a research note on Tuesday, August 2nd. Truist Financial lifted their price objective on Diamondback Energy from $185.00 to $203.00 in a report on Tuesday, July 19th. Morgan Stanley cut their price objective on Diamondback Energy from $178.00 to $170.00 and set an "overweight" rating for the company in a report on Tuesday, July 19th. Wells Fargo & Company cut their price objective on Diamondback Energy from $200.00 to $192.00 and set an "overweight" rating for the company in a report on Monday, July 11th. Finally, Susquehanna lifted their price objective on Diamondback Energy from $152.00 to $167.00 and gave the stock a "positive" rating in a report on Monday, April 25th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $169.42.
Insider Transactions at Diamondback Energy
In other news, CFO Hof Matthew Kaes Van't sold 6,000 shares of the company's stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $150.00, for a total value of $900,000.00. Following the completion of the transaction, the chief financial officer now owns 67,334 shares of the company's stock, valued at $10,100,100. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Hof Matthew Kaes Van't sold 6,000 shares of the business's stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $150.00, for a total value of $900,000.00. Following the sale, the chief financial officer now directly owns 67,334 shares in the company, valued at $10,100,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Travis D. Stice sold 30,000 shares of the company's stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $150.01, for a total value of $4,500,300.00. Following the sale, the chief executive officer now owns 428,497 shares in the company, valued at $64,278,834.97. The disclosure for this sale can be found here. Insiders sold a total of 44,500 shares of company stock valued at $6,740,850 over the last 90 days. Company insiders own 0.42% of the company's stock.
