Zacks: Brokerages Expect Diamondback Energy Inc (NASDAQ:FANG) Will Post Quarterly Sales of $1.10 Billion
Brokerages forecast that Diamondback Energy Inc (NASDAQ:FANG) will post sales of $1.10 billion for the current fiscal quarter, according to Zacks Investment Research. Twelve analysts have issued estimates for Diamondback Energy’s earnings, with the lowest sales estimate coming in at $1.02 billion and the highest estimate coming in at $1.20 billion. Diamondback Energy posted sales of $538.03 million in the same quarter last year, which suggests a positive year over year growth rate of 104.4%. The business is expected to report its next quarterly earnings report on Tuesday, November 5th.
According to Zacks, analysts expect that Diamondback Energy will report full year sales of $4.13 billion for the current financial year, with estimates ranging from $3.92 billion to $4.50 billion. For the next year, analysts expect that the business will post sales of $5.36 billion, with estimates ranging from $4.67 billion to $8.01 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Diamondback Energy.
Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, August 6th. The oil and natural gas company reported $1.70 EPS for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.04). Diamondback Energy had a net margin of 26.92% and a return on equity of 6.50%. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the company posted $1.59 earnings per share. The company’s revenue was up 93.7% on a year-over-year basis.
In related news, VP Russell Pantermuehl sold 5,000 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $107.28, for a total transaction of $536,400.00. Following the transaction, the vice president now owns 112,107 shares of the company’s stock, valued at $12,026,838.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Randall J. Holder sold 3,000 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $100.00, for a total transaction of $300,000.00. Following the transaction, the executive vice president now directly owns 11,448 shares in the company, valued at approximately $1,144,800. The disclosure for this sale can be found here. Insiders sold 16,500 shares of company stock worth $1,700,415 over the last quarter. 0.47% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. River & Mercantile Asset Management LLP bought a new stake in shares of Diamondback Energy in the second quarter valued at about $1,144,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Diamondback Energy by 15.6% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 31,416 shares of the oil and natural gas company’s stock valued at $3,423,000 after acquiring an additional 4,242 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in Diamondback Energy by 3.6% in the 2nd quarter. Treasurer of the State of North Carolina now owns 80,361 shares of the oil and natural gas company’s stock valued at $8,757,000 after acquiring an additional 2,780 shares in the last quarter. Nomura Holdings Inc. raised its holdings in Diamondback Energy by 34.3% in the 2nd quarter. Nomura Holdings Inc. now owns 83,636 shares of the oil and natural gas company’s stock valued at $9,144,000 after acquiring an additional 21,342 shares in the last quarter. Finally, BlackRock Inc. lifted its position in shares of Diamondback Energy by 4.7% in the 2nd quarter. BlackRock Inc. now owns 10,717,934 shares of the oil and natural gas company’s stock worth $1,167,931,000 after acquiring an additional 485,647 shares during the period. Institutional investors own 99.30% of the company’s stock.
NASDAQ FANG traded down $0.74 on Friday, hitting $98.72. 1,199,595 shares of the stock were exchanged, compared to its average volume of 1,765,221. The company has a 50-day moving average price of $97.56 and a 200-day moving average price of $102.58. The company has a market cap of $16.22 billion, a PE ratio of 16.82, a PEG ratio of 0.47 and a beta of 0.83. Diamondback Energy has a fifty-two week low of $85.19 and a fifty-two week high of $140.78. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 0.29.
The firm also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 16th were given a $0.188 dividend. This represents a $0.75 annualized dividend and a dividend yield of 0.76%. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s dividend payout ratio is currently 12.78%.
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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