Diamondback Energy (NASDAQ:FANG) Releases Earnings Results

Diamondback Energy (NASDAQ:FANG) posted its quarterly earnings data on Monday. The oil and natural gas company reported $999.00 earnings per share for the quarter, topping the consensus estimate of $2.11 by $996.89, Zacks reports. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%.

Diamondback Energy Trading Down 1.0%

Shares of NASDAQ:FANG traded down $1.79 during mid-day trading on Monday, reaching $174.22. 1,926,632 shares of the company’s stock were exchanged, compared to its average volume of 2,093,710. The firm has a market capitalization of $49.90 billion, a price-to-earnings ratio of 12.11 and a beta of 0.63. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.60 and a current ratio of 0.62. Diamondback Energy has a twelve month low of $114.00 and a twelve month high of $177.25. The business’s fifty day moving average price is $156.09 and its 200-day moving average price is $148.77.

Analysts Set New Price Targets

Several research firms have issued reports on FANG. UBS Group lifted their price target on Diamondback Energy from $174.00 to $194.00 and gave the company a “buy” rating in a research note on Friday, December 12th. TD Cowen upgraded Diamondback Energy to a “strong-buy” rating in a report on Monday, February 9th. Wall Street Zen cut Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Sanford C. Bernstein reduced their price target on Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating for the company in a research report on Monday, January 5th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Diamondback Energy in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Diamondback Energy has a consensus rating of “Buy” and an average target price of $185.90.

Insider Transactions at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 377,911 shares of the firm’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $138.61, for a total value of $52,382,243.71. Following the completion of the sale, the director directly owned 1,044,864 shares in the company, valued at $144,828,599.04. This trade represents a 26.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $162.88, for a total value of $162,880,000.00. Following the completion of the sale, the insider directly owned 98,686,727 shares of the company’s stock, valued at $16,074,094,093.76. This trade represents a 1.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,438,516 shares of company stock worth $225,026,921 over the last three months. 0.70% of the stock is owned by company insiders.

Institutional Trading of Diamondback Energy

Several institutional investors have recently made changes to their positions in the company. Invesco Ltd. grew its stake in shares of Diamondback Energy by 2.9% during the 4th quarter. Invesco Ltd. now owns 3,212,158 shares of the oil and natural gas company’s stock worth $482,884,000 after acquiring an additional 91,799 shares during the period. First Growth Capital LLC purchased a new stake in Diamondback Energy during the fourth quarter valued at about $201,000. Corient Private Wealth LLC boosted its position in Diamondback Energy by 12.4% during the fourth quarter. Corient Private Wealth LLC now owns 41,397 shares of the oil and natural gas company’s stock worth $5,909,000 after purchasing an additional 4,562 shares during the period. Alberta Investment Management Corp purchased a new position in shares of Diamondback Energy in the fourth quarter worth about $1,428,000. Finally, Mercer Global Advisors Inc. ADV raised its position in shares of Diamondback Energy by 3.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 11,125 shares of the oil and natural gas company’s stock valued at $1,672,000 after purchasing an additional 366 shares during the period. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Company Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.