Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) – Equities researchers at Piper Sandler boosted their Q1 2022 earnings per share estimates for Diamondback Energy in a research report issued on Thursday, April 7th. Piper Sandler analyst M. Lear now forecasts that the oil and natural gas company will earn $5.21 per share for the quarter, up from their prior estimate of $4.40. Piper Sandler has a “Overweight” rating and a $181.00 price target on the stock. Piper Sandler also issued estimates for Diamondback Energy’s Q2 2022 earnings at $7.25 EPS, Q3 2022 earnings at $8.99 EPS, Q4 2022 earnings at $9.44 EPS, FY2022 earnings at $30.88 EPS, Q1 2023 earnings at $9.20 EPS, Q2 2023 earnings at $8.87 EPS, Q3 2023 earnings at $7.30 EPS, Q4 2023 earnings at $6.55 EPS, FY2023 earnings at $31.92 EPS, Q1 2024 earnings at $6.42 EPS and FY2024 earnings at $25.94 EPS.
A number of other research firms have also issued reports on FANG. Citigroup raised their target price on shares of Diamondback Energy from $109.00 to $122.00 in a research note on Monday, January 3rd. TheStreet upgraded shares of Diamondback Energy from a “c+” rating to a “b” rating in a research note on Tuesday, February 22nd. Raymond James raised their target price on shares of Diamondback Energy from $165.00 to $195.00 and gave the company a “strong-buy” rating in a research note on Friday, March 4th. Barclays raised their target price on shares of Diamondback Energy from $127.00 to $162.00 in a research note on Friday, March 18th. Finally, KeyCorp raised their target price on shares of Diamondback Energy from $152.00 to $164.00 and gave the company an “overweight” rating in a research note on Friday, April 8th. Six equities research 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $148.95.
Diamondback Energy (NASDAQ:FANG – Get Rating) last released its earnings results on Tuesday, February 22nd. The oil and natural gas company reported $3.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.38 by $0.25. Diamondback Energy had a net margin of 32.10% and a return on equity of 16.33%. The company had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the firm earned $0.82 EPS. The company’s revenue was up 162.9% compared to the same quarter last year.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Calton & Associates Inc. acquired a new stake in Diamondback Energy in the 1st quarter valued at about $335,000. CAPROCK Group Inc. increased its position in Diamondback Energy by 6.3% in the 1st quarter. CAPROCK Group Inc. now owns 2,821 shares of the oil and natural gas company’s stock valued at $387,000 after acquiring an additional 166 shares in the last quarter. NuWave Investment Management LLC acquired a new stake in Diamondback Energy in the 1st quarter valued at about $233,000. E&G Advisors LP acquired a new stake in Diamondback Energy in the 1st quarter valued at about $218,000. Finally, Heartland Bank & Trust Co increased its position in Diamondback Energy by 17.6% in the 1st quarter. Heartland Bank & Trust Co now owns 4,858 shares of the oil and natural gas company’s stock valued at $666,000 after acquiring an additional 727 shares in the last quarter. Hedge funds and other institutional investors own 89.27% of the company’s stock.
In related news, VP Thomas F. Hawkins sold 8,000 shares of Diamondback Energy stock in a transaction dated Wednesday, March 2nd. The shares were sold at an average price of $137.68, for a total transaction of $1,101,440.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Hof Matthew Kaes Van’t sold 6,000 shares of Diamondback Energy stock in a transaction dated Monday, April 4th. The shares were sold at an average price of $140.02, for a total transaction of $840,120.00. The disclosure for this sale can be found here. Insiders have sold a total of 24,000 shares of company stock valued at $3,319,960 over the last ninety days. 0.43% of the stock is owned by insiders.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 11th. Stockholders of record on Friday, March 4th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.72%. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Thursday, March 3rd. Diamondback Energy’s dividend payout ratio (DPR) is presently 19.77%.
About Diamondback Energy (Get Rating)
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.
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