Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) – Stock analysts at Seaport Res Ptn reduced their Q3 2022 earnings per share (EPS) estimates for shares of Diamondback Energy in a report issued on Wednesday, September 21st. Seaport Res Ptn analyst N. Pope now forecasts that the oil and natural gas company will post earnings per share of $7.10 for the quarter, down from their prior forecast of $7.15. The consensus estimate for Diamondback Energy's current full-year earnings is $26.10 per share. Seaport Res Ptn also issued estimates for Diamondback Energy's Q4 2022 earnings at $5.63 EPS.
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Diamondback Energy (NASDAQ:FANG – Get Rating) last issued its earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 EPS for the quarter, beating the consensus estimate of $6.66 by $0.41. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same period last year, the business posted $2.40 EPS. The company's revenue was up 64.7% compared to the same quarter last year.
A number of other equities analysts also recently issued reports on the company. KeyCorp assumed coverage on Diamondback Energy in a research note on Monday, September 19th. They issued an "overweight" rating and a $163.00 price target on the stock. Bank of America dropped their price target on Diamondback Energy from $170.00 to $143.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 19th. Mizuho lowered their target price on Diamondback Energy from $224.00 to $203.00 and set a "buy" rating on the stock in a research report on Thursday, August 18th. The Goldman Sachs Group lowered their target price on Diamondback Energy from $180.00 to $160.00 and set a "buy" rating on the stock in a research report on Tuesday, July 5th. Finally, Wells Fargo & Company lowered their target price on Diamondback Energy from $200.00 to $192.00 and set an "overweight" rating on the stock in a research report on Monday, July 11th. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $168.89.
Diamondback Energy Stock Performance
Shares of FANG opened at $115.20 on Friday. The business's fifty day simple moving average is $128.10 and its two-hundred day simple moving average is $131.93. The company has a current ratio of 0.73, a quick ratio of 0.69 and a debt-to-equity ratio of 0.38. Diamondback Energy has a 12 month low of $86.75 and a 12 month high of $162.24. The company has a market cap of $19.98 billion, a price-to-earnings ratio of 5.39, a P/E/G ratio of 0.22 and a beta of 2.06.
Hedge Funds Weigh In On Diamondback Energy
A number of large investors have recently bought and sold shares of FANG. Private Trust Co. NA acquired a new position in shares of Diamondback Energy during the second quarter worth $28,000. Carolinas Wealth Consulting LLC increased its position in shares of Diamondback Energy by 366.7% during the first quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company's stock worth $31,000 after purchasing an additional 176 shares in the last quarter. Cambridge Trust Co. increased its position in shares of Diamondback Energy by 1,991.7% in the 1st quarter. Cambridge Trust Co. now owns 251 shares of the oil and natural gas company's stock valued at $34,000 after acquiring an additional 239 shares during the period. MCF Advisors LLC acquired a new position in shares of Diamondback Energy in the 1st quarter valued at $35,000. Finally, Global Retirement Partners LLC increased its position in shares of Diamondback Energy by 51.8% in the 2nd quarter. Global Retirement Partners LLC now owns 334 shares of the oil and natural gas company's stock valued at $40,000 after acquiring an additional 114 shares during the period. Institutional investors own 92.45% of the company's stock.
Diamondback Energy announced that its board has approved a stock repurchase plan on Monday, August 1st that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the oil and natural gas company to repurchase up to 17.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.
Diamondback Energy Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th were paid a $3.05 dividend. This is an increase from Diamondback Energy's previous quarterly dividend of $0.70. The ex-dividend date was Monday, August 15th. This represents a $12.20 dividend on an annualized basis and a yield of 10.59%. Diamondback Energy's payout ratio is 14.03%.
Diamondback Energy Company Profile
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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 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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