Diamondback Energy, Inc. to Post Q3 2022 Earnings of $7.13 Per Share, KeyCorp Forecasts (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) – Research analysts at KeyCorp issued their Q3 2022 earnings per share estimates for Diamondback Energy in a research report issued to clients and investors on Monday, September 19th. KeyCorp analyst T. Rezvan anticipates that the oil and natural gas company will post earnings per share of $7.13 for the quarter. KeyCorp currently has a “Overweight” rating and a $163.00 target price on the stock. The consensus estimate for Diamondback Energy’s current full-year earnings is $26.10 per share. KeyCorp also issued estimates for Diamondback Energy’s Q4 2022 earnings at $6.66 EPS, FY2022 earnings at $26.12 EPS, Q1 2023 earnings at $6.88 EPS, Q2 2023 earnings at $6.44 EPS, Q3 2023 earnings at $6.36 EPS, Q4 2023 earnings at $6.38 EPS and FY2023 earnings at $26.08 EPS.

Diamondback Energy (NASDAQ:FANGGet Rating) last issued its earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.66 by $0.41. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.44 billion. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. The firm’s quarterly revenue was up 64.7% on a year-over-year basis. During the same quarter last year, the company earned $2.40 EPS.

Several other equities analysts have also recently weighed in on FANG. StockNews.com cut Diamondback Energy from a “buy” rating to a “hold” rating in a report on Friday, August 12th. Piper Sandler dropped their target price on Diamondback Energy from $196.00 to $191.00 and set an “overweight” rating for the company in a report on Friday, July 22nd. Citigroup lifted their target price on Diamondback Energy from $148.00 to $155.00 and gave the stock a “buy” rating in a report on Wednesday. Mizuho dropped their target price on Diamondback Energy from $224.00 to $203.00 and set a “buy” rating for the company in a report on Thursday, August 18th. Finally, Truist Financial lifted their target price on Diamondback Energy from $185.00 to $203.00 in a report on Tuesday, July 19th. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $168.89.

Diamondback Energy Stock Down 1.8 %

Shares of FANG opened at $126.54 on Thursday. The business’s 50 day moving average is $127.98 and its 200 day moving average is $132.06. The company has a market capitalization of $21.95 billion, a PE ratio of 5.92, a price-to-earnings-growth ratio of 0.23 and a beta of 2.06. Diamondback Energy has a 12-month low of $84.47 and a 12-month high of $162.24. The company has a current ratio of 0.73, a quick ratio of 0.69 and a debt-to-equity ratio of 0.38.

Institutional Investors Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently bought and sold shares of the company. Invesco Ltd. raised its position in shares of Diamondback Energy by 38.9% in 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 acquiring an additional 927,878 shares in the last quarter. THRC Management LLC bought a new position in shares of Diamondback Energy in the 4th quarter worth $86,532,000. FMR LLC grew its stake in Diamondback Energy by 9.8% during the 2nd quarter. FMR LLC now owns 8,686,863 shares of the oil and natural gas company’s stock worth $1,052,413,000 after buying an additional 775,843 shares during the last quarter. State Street Corp grew its stake 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 buying an additional 607,766 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Diamondback Energy during the 1st quarter worth $73,608,000. 92.45% of the stock is owned by institutional investors.

Diamondback Energy declared that its Board of Directors has authorized a stock buyback program on Monday, August 1st that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the oil and natural gas company to purchase up to 17.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 23rd. Shareholders of record on Tuesday, August 16th were given a dividend of $3.05 per share. The ex-dividend date was Monday, August 15th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.70. This represents a $12.20 dividend on an annualized basis and a yield of 9.64%. Diamondback Energy’s payout ratio is 14.03%.

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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