Diamondback Energy, Inc. Forecasted to Earn Q3 2024 Earnings of $5.34 Per Share (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG) – Investment analysts at Capital One Financial raised their Q3 2024 earnings per share (EPS) estimates for shares of Diamondback Energy in a research report issued on Wednesday, October 2nd. Capital One Financial analyst B. Velie now anticipates that the oil and natural gas company will earn $5.34 per share for the quarter, up from their previous forecast of $5.32. The consensus estimate for Diamondback Energy’s current full-year earnings is $18.97 per share. Capital One Financial also issued estimates for Diamondback Energy’s Q4 2024 earnings at $4.76 EPS and FY2024 earnings at $19.12 EPS.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The company had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the company posted $3.68 EPS. The firm’s quarterly revenue was up 29.4% compared to the same quarter last year.

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. began coverage on Diamondback Energy in a research note on Wednesday. They set an “overweight” rating and a $182.00 price target on the stock. Jefferies Financial Group began coverage on Diamondback Energy in a research note on Monday, September 16th. They set a “hold” rating and a $185.00 price target on the stock. Wells Fargo & Company dropped their price target on Diamondback Energy from $230.00 to $219.00 and set an “overweight” rating on the stock in a research note on Tuesday. BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $205.00 to $215.00 in a research note on Friday. Finally, UBS Group dropped their price target on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Diamondback Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.50.

Diamondback Energy Trading Up 3.4 %

Shares of NASDAQ:FANG opened at $194.61 on Friday. The business’s 50-day moving average is $187.40 and its 200 day moving average is $195.23. Diamondback Energy has a 1 year low of $143.08 and a 1 year high of $214.50. The firm has a market capitalization of $34.71 billion, a P/E ratio of 10.97, a P/E/G ratio of 1.17 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were issued a $2.34 dividend. This represents a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. This is a boost from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.29%.

Insider Activity at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Founders Capital Management grew its position in Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after acquiring an additional 101 shares during the period. First Community Trust NA purchased a new position in Diamondback Energy in the second quarter worth approximately $26,000. Carolinas Wealth Consulting LLC grew its position in Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares during the period. Logan Capital Management Inc. purchased a new position in Diamondback Energy in the fourth quarter worth approximately $31,000. Finally, HHM Wealth Advisors LLC purchased a new position in Diamondback Energy in the second quarter worth approximately $40,000. 90.01% of the stock is currently owned by hedge funds and other 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.