Research Analysts Set Expectations for Diamondback Energy, Inc.’s Q4 2022 Earnings (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) – Equities researchers at Seaport Res Ptn upped their Q4 2022 earnings estimates for shares of Diamondback Energy in a research note issued on Tuesday, November 8th. Seaport Res Ptn analyst N. Pope now expects that the oil and natural gas company will post earnings of $6.04 per share for the quarter, up from their previous estimate of $5.79. The consensus estimate for Diamondback Energy’s current full-year earnings is $24.93 per share.

FANG has been the subject of several other reports. Bank of America cut their target price on shares of Diamondback Energy from $170.00 to $143.00 and set a “neutral” rating for the company in a report on Tuesday, July 19th. KeyCorp lifted their target price on shares of Diamondback Energy from $163.00 to $182.00 and gave the company an “overweight” rating in a report on Wednesday. StockNews.com started coverage on shares of Diamondback Energy in a report on Wednesday, October 12th. They set a “hold” rating for the company. Morgan Stanley lifted their target price on shares of Diamondback Energy from $170.00 to $175.00 and gave the company an “overweight” rating in a report on Monday, August 29th. Finally, TD Securities lifted their target price on shares of Diamondback Energy from $170.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and an average target price of $179.35.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $157.55 on Wednesday. The company has a current ratio of 0.73, a quick ratio of 0.69 and a debt-to-equity ratio of 0.38. Diamondback Energy has a 12 month low of $95.02 and a 12 month high of $166.38. The company has a 50 day simple moving average of $139.88 and a two-hundred day simple moving average of $133.64. The stock has a market cap of $27.33 billion, a price-to-earnings ratio of 7.37, a PEG ratio of 0.29 and a beta of 2.06.

Diamondback Energy declared that its board has authorized a share repurchase plan on Monday, August 1st that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the oil and natural gas company to repurchase up to 17.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Diamondback Energy Dividend Announcement

The firm also recently announced a None dividend, which will be paid on Friday, November 25th. Stockholders of record on Thursday, November 17th will be given a dividend of $2.26 per share. The ex-dividend date is Wednesday, November 16th. This represents a dividend yield of 4.7%. Diamondback Energy’s dividend payout ratio (DPR) is presently 14.03%.

Hedge Funds Weigh In On Diamondback Energy

Hedge funds have recently modified their holdings of the business. GSA Capital Partners LLP purchased a new position in Diamondback Energy in the 1st quarter valued at $790,000. Steward Partners Investment Advisory LLC grew its position in Diamondback Energy by 14.2% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 29,882 shares of the oil and natural gas company’s stock valued at $4,096,000 after buying an additional 3,723 shares during the last quarter. Scotia Capital Inc. grew its position in Diamondback Energy by 46.2% in the 1st quarter. Scotia Capital Inc. now owns 3,166 shares of the oil and natural gas company’s stock valued at $434,000 after buying an additional 1,001 shares during the last quarter. MAI Capital Management grew its position in Diamondback Energy by 13.2% in the 2nd quarter. MAI Capital Management now owns 5,452 shares of the oil and natural gas company’s stock valued at $661,000 after buying an additional 635 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Diamondback Energy by 22.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 210,746 shares of the oil and natural gas company’s stock valued at $25,532,000 after buying an additional 38,973 shares during the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Company Profile

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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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