What is Zacks Research’s Estimate for FANG FY2024 Earnings?

Diamondback Energy, Inc. (NASDAQ:FANG) – Equities research analysts at Zacks Research reduced their FY2024 earnings per share (EPS) estimates for Diamondback Energy in a research note issued to investors on Monday, November 18th. Zacks Research analyst N. Choudhury now anticipates that the oil and natural gas company will earn $15.53 per share for the year, down from their previous forecast of $16.53. The consensus estimate for Diamondback Energy’s current full-year earnings is $16.37 per share. Zacks Research also issued estimates for Diamondback Energy’s Q1 2025 earnings at $3.72 EPS, Q1 2026 earnings at $3.81 EPS, Q2 2026 earnings at $3.88 EPS, Q3 2026 earnings at $3.97 EPS and FY2026 earnings at $15.72 EPS.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter last year, the company posted $5.49 earnings per share. The company’s revenue was up 13.0% compared to the same quarter last year.

FANG has been the subject of a number of other reports. Barclays upgraded Diamondback Energy from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $216.00 to $210.00 in a research report on Wednesday, October 2nd. BMO Capital Markets upgraded shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $205.00 to $215.00 in a research report on Friday, October 4th. Morgan Stanley upped their price objective on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Citigroup started coverage on shares of Diamondback Energy in a research note on Monday, October 14th. They set a “neutral” rating and a $195.00 target price for the company. Finally, JPMorgan Chase & Co. assumed coverage on shares of Diamondback Energy in a research report on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $212.00.

Diamondback Energy Stock Up 0.8 %

Shares of NASDAQ:FANG opened at $182.92 on Wednesday. The business has a fifty day simple moving average of $181.89 and a 200 day simple moving average of $190.94. Diamondback Energy has a 12-month low of $145.70 and a 12-month high of $214.50. The firm has a market cap of $53.41 billion, a P/E ratio of 10.47, a P/E/G ratio of 1.32 and a beta of 1.89. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

Hedge Funds Weigh In On Diamondback Energy

Several institutional investors have recently added to or reduced their stakes in FANG. Price T Rowe Associates Inc. MD grew its holdings in Diamondback Energy by 38.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after purchasing an additional 2,381,488 shares during the period. Boston Partners grew its stake in shares of Diamondback Energy by 235.6% during the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after acquiring an additional 1,916,900 shares during the period. Zimmer Partners LP bought a new position in shares of Diamondback Energy during the 3rd quarter worth $87,924,000. Holocene Advisors LP increased its holdings in Diamondback Energy by 95.3% in the 3rd quarter. Holocene Advisors LP now owns 938,474 shares of the oil and natural gas company’s stock worth $161,793,000 after acquiring an additional 457,896 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its stake in Diamondback Energy by 25.6% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company’s stock valued at $372,196,000 after acquiring an additional 439,579 shares during the period. Institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling 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 transaction of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This trade represents a 92.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the sale, the director now directly owns 4,712 shares of the company’s stock, valued at approximately $852,872. This represents a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 14th were given a $0.90 dividend. The ex-dividend date was Thursday, November 14th. This represents a $3.60 annualized dividend and a yield of 1.97%. Diamondback Energy’s payout ratio is 20.61%.

About Diamondback Energy

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.