Q3 2023 Earnings Estimate for Diamondback Energy, Inc. (NASDAQ:FANG) Issued By Zacks Research

Diamondback Energy, Inc. (NASDAQ:FANG) – Equities researchers at Zacks Research raised their Q3 2023 EPS estimates for Diamondback Energy in a report released on Thursday, September 14th. Zacks Research analyst N. Choudhury now anticipates that the oil and natural gas company will post earnings of $4.20 per share for the quarter, up from their prior estimate of $4.09. The consensus estimate for Diamondback Energy’s current full-year earnings is $17.34 per share. Zacks Research also issued estimates for Diamondback Energy’s Q4 2023 earnings at $4.44 EPS, FY2023 earnings at $16.42 EPS, Q1 2024 earnings at $4.17 EPS, Q2 2024 earnings at $4.26 EPS, Q3 2024 earnings at $4.22 EPS, Q4 2024 earnings at $4.68 EPS, Q1 2025 earnings at $3.94 EPS and FY2025 earnings at $16.41 EPS.

A number of other analysts have also weighed in on FANG. Morgan Stanley raised their target price on Diamondback Energy from $154.00 to $163.00 and gave the company an “overweight” rating in a research note on Friday, August 18th. Piper Sandler increased their price target on shares of Diamondback Energy from $185.00 to $191.00 and gave the company an “overweight” rating in a research note on Monday, August 14th. Royal Bank of Canada reissued an “outperform” rating and set a $170.00 price target on shares of Diamondback Energy in a research note on Thursday, August 10th. Stifel Nicolaus increased their price target on shares of Diamondback Energy from $178.00 to $179.00 and gave the company a “buy” rating in a research note on Friday, August 18th. Finally, Benchmark initiated coverage on Diamondback Energy in a research note on Wednesday, July 12th. They set a “buy” rating and a $154.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and an average target price of $177.39.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG opened at $155.75 on Monday. Diamondback Energy has a twelve month low of $110.97 and a twelve month high of $168.95. The firm has a market cap of $27.85 billion, a PE ratio of 8.08, a price-to-earnings-growth ratio of 0.41 and a beta of 2.04. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.40 and a current ratio of 0.43. The business has a fifty day moving average of $147.77 and a 200-day moving average of $138.52.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, July 31st. The oil and natural gas company reported $3.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.92 by ($0.24). Diamondback Energy had a net margin of 41.62% and a return on equity of 22.43%. The firm had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter last year, the firm posted $7.07 EPS. The business’s revenue was down 30.7% on a year-over-year basis.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Thursday, August 10th were paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Wednesday, August 9th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.80. Diamondback Energy’s dividend payout ratio (DPR) is presently 17.44%.

Insider Buying and Selling

In related news, EVP Matt Zmigrosky sold 2,706 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $157.17, for a total transaction of $425,302.02. Following the sale, the executive vice president now owns 27,480 shares of the company’s stock, valued at approximately $4,319,031.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Matt Zmigrosky sold 2,706 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $157.17, for a total transaction of $425,302.02. Following the completion of the sale, the executive vice president now owns 27,480 shares of the company’s stock, valued at $4,319,031.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Hof Matthew Kaes Van’t sold 9,000 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $148.98, for a total transaction of $1,340,820.00. Following the sale, the chief financial officer now owns 155,980 shares in the company, valued at $23,237,900.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,518 shares of company stock valued at $5,695,092. 0.43% of the stock is owned by company insiders.

Institutional Trading of Diamondback Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Portside Wealth Group LLC bought a new position in shares of Diamondback Energy during the 2nd quarter worth approximately $295,000. Delphi Management Inc. MA bought a new position in shares of Diamondback Energy during the 2nd quarter worth approximately $1,253,000. Strategy Asset Managers LLC grew its stake in shares of Diamondback Energy by 6.4% during the 2nd quarter. Strategy Asset Managers LLC now owns 5,655 shares of the oil and natural gas company’s stock worth $743,000 after acquiring an additional 342 shares in the last quarter. Comerica Bank acquired a new position in shares of Diamondback Energy during the 2nd quarter worth about $189,180,000. Finally, Segment Wealth Management LLC boosted its stake in shares of Diamondback Energy by 24.5% during the 2nd quarter. Segment Wealth Management LLC now owns 2,185 shares of the oil and natural gas company’s stock worth $287,000 after buying an additional 430 shares during the last quarter. Institutional investors and hedge funds own 87.84% of the company’s stock.

Diamondback Energy Company Profile

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.