Diamondback Energy, Inc. (NASDAQ:FANG) Forecasted to Earn Q3 2024 Earnings of $4.20 Per Share

Diamondback Energy, Inc. (NASDAQ:FANG) – Stock analysts at Zacks Research increased their Q3 2024 earnings per share estimates for shares of Diamondback Energy in a report released on Monday, September 16th. Zacks Research analyst N. Choudhury now anticipates that the oil and natural gas company will earn $4.20 per share for the quarter, up from their previous forecast of $4.14. The consensus estimate for Diamondback Energy’s current full-year earnings is $19.08 per share. Zacks Research also issued estimates for Diamondback Energy’s Q4 2024 earnings at $4.49 EPS, FY2024 earnings at $17.71 EPS, Q1 2025 earnings at $5.01 EPS, Q2 2025 earnings at $4.79 EPS, Q3 2025 earnings at $5.48 EPS, Q4 2025 earnings at $4.52 EPS, FY2025 earnings at $19.80 EPS, Q1 2026 earnings at $4.64 EPS, Q2 2026 earnings at $4.58 EPS and FY2026 earnings at $18.49 EPS.

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

A number of other analysts have also recently weighed in on FANG. KeyCorp started coverage on Diamondback Energy in a research report on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price target for the company. Wells Fargo & Company reduced their target price on Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, August 14th. Royal Bank of Canada reiterated an “outperform” rating and set a $220.00 price target on shares of Diamondback Energy in a report on Tuesday. UBS Group reduced their price objective on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Bank of America raised their target price on shares of Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $209.71.

Diamondback Energy Stock Up 2.0 %

FANG stock opened at $181.63 on Thursday. The firm has a market cap of $32.39 billion, a PE ratio of 10.24, a PEG ratio of 1.06 and a beta of 1.89. Diamondback Energy has a 1 year low of $143.08 and a 1 year high of $214.50. The company has a fifty day simple moving average of $192.75 and a 200 day simple moving average of $195.55. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65.

Diamondback Energy Increases Dividend

The firm also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were issued a dividend of $2.34 per share. This represents a dividend yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

Hedge Funds Weigh In On Diamondback Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. lifted its holdings in shares of Diamondback Energy by 31.5% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 2,062 shares of the oil and natural gas company’s stock worth $413,000 after acquiring an additional 494 shares during the period. Heritage Wealth Management Inc. bought a new position in Diamondback Energy during the 2nd quarter valued at about $966,000. Sanctuary Advisors LLC bought a new position in Diamondback Energy during the 2nd quarter valued at about $10,229,000. Clearbridge Investments LLC lifted its holdings in Diamondback Energy by 45.1% during the 2nd quarter. Clearbridge Investments LLC now owns 296,752 shares of the oil and natural gas company’s stock valued at $59,407,000 after purchasing an additional 92,213 shares during the last quarter. Finally, New Wave Wealth Advisors LLC bought a new position in Diamondback Energy during the 2nd quarter valued at about $402,000. 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.