Diamondback Energy, Inc. Forecasted to Earn Q4 2023 Earnings of $4.65 Per Share (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) – Stock analysts at Seaport Res Ptn reduced their Q4 2023 earnings per share estimates for Diamondback Energy in a report issued on Thursday, May 18th. Seaport Res Ptn analyst N. Pope now expects that the oil and natural gas company will post earnings of $4.65 per share for the quarter, down from their prior estimate of $5.12. The consensus estimate for Diamondback Energy’s current full-year earnings is $19.73 per share. Seaport Res Ptn also issued estimates for Diamondback Energy’s Q1 2024 earnings at $4.37 EPS, Q2 2024 earnings at $4.30 EPS, Q3 2024 earnings at $4.32 EPS, Q4 2024 earnings at $4.32 EPS and FY2024 earnings at $17.31 EPS.

Diamondback Energy (NASDAQ:FANG – Get Rating) last posted its quarterly earnings data on Monday, May 1st. The oil and natural gas company reported $4.10 earnings per share for the quarter, missing the consensus estimate of $4.33 by ($0.23). The firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.92 billion. Diamondback Energy had a return on equity of 27.02% and a net margin of 47.15%. The firm’s quarterly revenue was down 20.1% on a year-over-year basis. During the same period in the prior year, the company earned $5.20 earnings per share.

FANG has been the subject of several other reports. StockNews.com assumed coverage on Diamondback Energy in a research report on Thursday. They set a “hold” rating for the company. Wells Fargo & Company reduced their price target on Diamondback Energy from $181.00 to $174.00 and set an “overweight” rating for the company in a research report on Wednesday, March 1st. Piper Sandler reduced their price target on Diamondback Energy from $207.00 to $202.00 in a research report on Thursday. Stifel Nicolaus increased their price target on Diamondback Energy from $172.00 to $180.00 in a research report on Thursday, April 27th. Finally, The Goldman Sachs Group increased their price target on Diamondback Energy from $142.00 to $163.00 and gave the company a “buy” rating in a research report on Friday, April 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and an average target price of $178.18.

Diamondback Energy Stock Up 1.1 %

FANG stock opened at $130.22 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.62 and a quick ratio of 0.58. The stock has a market capitalization of $23.58 billion, a P/E ratio of 5.39, a P/E/G ratio of 0.30 and a beta of 2.03. The business has a 50-day moving average of $134.82 and a 200-day moving average of $140.81. Diamondback Energy has a fifty-two week low of $103.71 and a fifty-two week high of $168.95.

Hedge Funds Weigh In On Diamondback Energy

Large investors have recently made changes to their positions in the company. Armstrong Advisory Group Inc. bought a new position in shares of Diamondback Energy during the fourth quarter worth approximately $25,000. Raleigh Capital Management Inc. increased its stake in shares of Diamondback Energy by 83.5% during the fourth quarter. Raleigh Capital Management Inc. now owns 189 shares of the oil and natural gas company’s stock worth $26,000 after purchasing an additional 86 shares during the period. Focused Wealth Management Inc increased its stake in shares of Diamondback Energy by 111.8% during the first quarter. Focused Wealth Management Inc now owns 190 shares of the oil and natural gas company’s stock worth $26,000 after purchasing an additional 1,800 shares during the period. Accel Wealth Management acquired a new stake in Diamondback Energy during the first quarter worth approximately $27,000. Finally, Scissortail Wealth Management LLC acquired a new stake in Diamondback Energy during the first quarter worth approximately $5,410,371,000. Institutional investors own 89.76% of the company’s stock.

Diamondback Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Thursday, May 11th were paid a dividend of $0.80 per share. The ex-dividend date was Wednesday, May 10th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.46%. Diamondback Energy’s dividend payout ratio (DPR) is currently 13.25%.

About Diamondback Energy

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Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.