Diamondback Energy (NASDAQ:FANG) Releases Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Diamondback Energy (NASDAQ:FANG) posted its quarterly earnings data on Monday. The oil and natural gas company reported $3.08 EPS for the quarter, topping the consensus estimate of $2.94 by $0.14, Zacks reports. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.48 billion. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.81%. Diamondback Energy’s revenue was up 48.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.19 EPS.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $140.63 on Wednesday. The company’s fifty day moving average price is $142.78 and its 200 day moving average price is $141.66. Diamondback Energy has a 1 year low of $114.00 and a 1 year high of $186.07. The company has a market capitalization of $40.71 billion, a PE ratio of 9.76 and a beta of 0.99. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 13th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. Diamondback Energy’s dividend payout ratio is 27.80%.

Insider Transactions at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares of the company’s stock, valued at approximately $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

Hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. boosted its holdings in Diamondback Energy by 41.3% during the second quarter. Geneos Wealth Management Inc. now owns 1,454 shares of the oil and natural gas company’s stock worth $200,000 after buying an additional 425 shares in the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at about $204,000. Voleon Capital Management LP acquired a new stake in shares of Diamondback Energy in the second quarter valued at about $202,000. Boothbay Fund Management LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at about $238,000. Finally, Royal Capital Wealth Management LLC raised its position in shares of Diamondback Energy by 15.6% in the second quarter. Royal Capital Wealth Management LLC now owns 1,850 shares of the oil and natural gas company’s stock valued at $254,000 after buying an additional 250 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on FANG shares. Piper Sandler reduced their price objective on shares of Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating for the company in a research note on Thursday, August 14th. Barclays cut their price target on shares of Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Wall Street Zen lowered shares of Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Susquehanna cut their price target on shares of Diamondback Energy to $188.00 and set a “positive” rating on the stock in a research note on Monday, October 20th. Finally, Evercore ISI upped their price target on shares of Diamondback Energy from $165.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, October 6th. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $188.41.

Diamondback Energy Company Profile

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.