Equities Analysts Offer Predictions for Diamondback Energy, Inc.’s Q1 2024 Earnings (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG) – Equities research analysts at Capital One Financial cut their Q1 2024 earnings per share estimates for shares of Diamondback Energy in a research note issued on Thursday, April 11th. Capital One Financial analyst B. Velie now forecasts that the oil and natural gas company will post earnings per share of $4.41 for the quarter, down from their prior forecast of $4.88. The consensus estimate for Diamondback Energy’s current full-year earnings is $18.47 per share. Capital One Financial also issued estimates for Diamondback Energy’s Q2 2024 earnings at $5.25 EPS, Q3 2024 earnings at $5.42 EPS, Q4 2024 earnings at $5.18 EPS, FY2024 earnings at $20.26 EPS and FY2025 earnings at $21.31 EPS.

Several other equities research analysts have also recently issued reports on FANG. Raymond James lowered their price objective on Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. Royal Bank of Canada reiterated an “outperform” rating and issued a $195.00 price objective on shares of Diamondback Energy in a report on Monday, March 4th. KeyCorp lifted their price objective on Diamondback Energy from $186.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. Scotiabank lifted their price objective on Diamondback Energy from $210.00 to $255.00 and gave the stock a “sector outperform” rating in a report on Thursday. Finally, Piper Sandler lifted their price objective on Diamondback Energy from $222.00 to $227.00 and gave the stock an “overweight” rating in a report on Thursday, March 7th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $196.05.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $206.34 on Monday. Diamondback Energy has a 52 week low of $123.41 and a 52 week high of $211.96. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $36.80 billion, a PE ratio of 11.90 and a beta of 1.93. The stock’s 50-day moving average price is $184.85 and its 200-day moving average price is $166.06.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 EPS for the quarter, beating analysts’ consensus estimates of $4.61 by $0.13. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period last year, the firm earned $5.29 EPS. The company’s quarterly revenue was up 9.8% on a year-over-year basis.

Institutional Trading of Diamondback Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FANG. Founders Capital Management raised its position in Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after purchasing an additional 101 shares during the period. BKM Wealth Management LLC acquired a new position in shares of Diamondback Energy in the fourth quarter worth $27,000. Hobbs Group Advisors LLC acquired a new position in shares of Diamondback Energy in the fourth quarter worth $27,000. BluePath Capital Management LLC acquired a new position in shares of Diamondback Energy in the third quarter worth $28,000. Finally, FinTrust Capital Advisors LLC grew its stake in shares of Diamondback Energy by 232.8% in the fourth quarter. FinTrust Capital Advisors LLC now owns 213 shares of the oil and natural gas company’s stock worth $29,000 after acquiring an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Activity

In other news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the sale, the chief executive officer now owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Diamondback Energy news, CAO Teresa L. Dick sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total value of $384,000.00. Following the sale, the chief accounting officer now owns 96,523 shares of the company’s stock, valued at $18,532,416. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the sale, the chief executive officer now directly owns 446,610 shares in the company, valued at approximately $89,322,000. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 57,675 shares of company stock valued at $11,311,096. 0.43% of the stock is currently owned by company insiders.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Tuesday, March 5th were given a dividend of $3.08 per share. This represents a $12.32 annualized dividend and a dividend yield of 5.97%. The ex-dividend date of this dividend was Monday, March 4th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.84. Diamondback Energy’s payout ratio is presently 20.76%.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, 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.