Zacks: Analysts Expect Diamondback Energy, Inc. (NASDAQ:FANG) Will Post Quarterly Sales of $2.30 Billion

Brokerages forecast that Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) will post sales of $2.30 billion for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Diamondback Energy’s earnings, with the lowest sales estimate coming in at $1.79 billion and the highest estimate coming in at $2.66 billion. Diamondback Energy reported sales of $1.68 billion in the same quarter last year, which would suggest a positive year over year growth rate of 36.9%. The business is expected to announce its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Diamondback Energy will report full year sales of $9.43 billion for the current financial year, with estimates ranging from $8.68 billion to $10.69 billion. For the next financial year, analysts anticipate that the business will post sales of $8.97 billion, with estimates ranging from $7.94 billion to $10.81 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Diamondback Energy.

Diamondback Energy (NASDAQ:FANGGet Rating) last issued its quarterly earnings data on Monday, May 2nd. The oil and natural gas company reported $5.20 EPS for the quarter, topping analysts’ consensus estimates of $4.76 by $0.44. Diamondback Energy had a net margin of 34.17% and a return on equity of 20.44%. During the same quarter in the previous year, the business posted $2.30 EPS.

FANG has been the topic of a number of research analyst reports. StockNews.com initiated coverage on shares of Diamondback Energy in a research note on Thursday, March 31st. They issued a “buy” rating on the stock. Scotiabank lifted their price target on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, March 9th. TD Securities lifted their price target on shares of Diamondback Energy from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 23rd. Morgan Stanley lifted their price target on shares of Diamondback Energy from $155.00 to $184.00 and gave the company an “overweight” rating in a research note on Friday, April 22nd. Finally, KeyCorp lifted their price target 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. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $160.58.

Shares of NASDAQ FANG opened at $138.59 on Friday. The stock has a market capitalization of $24.61 billion, a price-to-earnings ratio of 9.14, a PEG ratio of 0.24 and a beta of 2.20. Diamondback Energy has a 12 month low of $65.93 and a 12 month high of $147.99. The firm’s 50 day simple moving average is $135.38 and its 200-day simple moving average is $122.99. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.01 and a quick ratio of 0.96.

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 23rd. Investors of record on Thursday, May 12th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.02%. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.60. The ex-dividend date is Wednesday, May 11th. Diamondback Energy’s dividend payout ratio is 15.82%.

In other Diamondback Energy news, Director Michael P. Cross sold 4,000 shares of the stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $139.00, for a total value of $556,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the stock in a transaction on Monday, April 4th. The stock was sold at an average price of $140.02, for a total value of $840,120.00. Following the completion of the transaction, the chief financial officer now owns 73,334 shares of the company’s stock, valued at approximately $10,268,226.68. The disclosure for this sale can be found here. Insiders sold 24,000 shares of company stock valued at $3,319,960 over the last ninety days. 0.47% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of FANG. Voya Investment Management LLC increased its position in Diamondback Energy by 136.9% during the 3rd quarter. Voya Investment Management LLC now owns 2,213,030 shares of the oil and natural gas company’s stock worth $209,508,000 after purchasing an additional 1,279,031 shares in the last quarter. Invesco Ltd. increased its position in Diamondback Energy by 38.9% during the 4th quarter. Invesco Ltd. now owns 3,311,337 shares of the oil and natural gas company’s stock worth $357,129,000 after purchasing an additional 927,878 shares in the last quarter. THRC Management LLC purchased a new stake in Diamondback Energy during the 4th quarter worth about $86,532,000. State Street Corp increased its position in Diamondback Energy by 5.8% during the 4th quarter. State Street Corp now owns 11,173,356 shares of the oil and natural gas company’s stock worth $1,205,046,000 after purchasing an additional 607,766 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in Diamondback Energy by 990.8% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 505,677 shares of the oil and natural gas company’s stock worth $54,537,000 after purchasing an additional 459,318 shares in the last quarter. Hedge funds and other institutional investors own 89.97% of the company’s stock.

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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Earnings History and Estimates for Diamondback Energy (NASDAQ:FANG)

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