Diamondback Energy (NASDAQ:FANG) Issues Earnings Results


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Diamondback Energy (NASDAQ:FANG) released its quarterly earnings results on Sunday. The oil and natural gas company reported $2.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.73 by $0.57, MarketWatch Earnings reports. Diamondback Energy had a positive return on equity of 5.10% and a negative net margin of 135.48%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $864.18 million. The company’s revenue for the quarter was up 31.7% on a year-over-year basis. During the same period last year, the business posted $1.45 EPS.

FANG stock traded down $4.72 during trading on Tuesday, hitting $79.20. 4,626,976 shares of the company’s stock traded hands, compared to its average volume of 2,931,769. Diamondback Energy has a 52 week low of $23.63 and a 52 week high of $88.75. The stock has a market capitalization of $14.33 billion, a price-to-earnings ratio of -2.96, a P/E/G ratio of 0.59 and a beta of 2.59. The business has a fifty day simple moving average of $77.44 and a 200 day simple moving average of $58.06. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.45.

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 11th. Investors of record on Thursday, March 4th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.02%. The ex-dividend date was Wednesday, March 3rd. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.38. Diamondback Energy’s payout ratio is currently 23.09%.

In other news, CFO Hof Matthew Kaes Van’t sold 1,900 shares of the business’s stock in a transaction that occurred on Friday, March 19th. The stock was sold at an average price of $77.24, for a total transaction of $146,756.00. Following the transaction, the chief financial officer now owns 67,043 shares of the company’s stock, valued at approximately $5,178,401.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Travis D. Stice sold 20,000 shares of the stock in a transaction on Thursday, April 29th. The shares were sold at an average price of $85.00, for a total value of $1,700,000.00. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

FANG has been the topic of several recent research reports. TD Securities increased their price objective on shares of Diamondback Energy from $98.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday. Raymond James reiterated a “buy” rating on shares of Diamondback Energy in a research report on Tuesday, April 13th. TheStreet raised shares of Diamondback Energy from a “d+” rating to a “c-” rating in a research report on Friday, March 12th. Credit Suisse Group raised their target price on Diamondback Energy from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Siebert Williams Shank reissued a “buy” rating and set a $89.00 price target on shares of Diamondback Energy in a report on Tuesday, April 13th. Four research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Diamondback Energy presently has an average rating of “Buy” and an average target price of $81.35.

About Diamondback Energy

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 primarily 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 for Diamondback Energy (NASDAQ:FANG)

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