Diamondback Energy (NASDAQ:FANG) Announces Earnings Results, Beats Estimates By $0.57 EPS


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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 for the quarter, topping analysts’ consensus estimates of $1.73 by $0.57, MarketWatch Earnings reports. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $864.18 million. Diamondback Energy had a positive return on equity of 5.10% and a negative net margin of 135.48%. Diamondback Energy’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.45 EPS.

Shares of FANG stock traded down $4.72 during mid-day trading on Tuesday, hitting $79.20. 4,626,976 shares of the stock were exchanged, compared to its average volume of 2,931,769. The stock’s fifty day simple moving average is $77.47 and its two-hundred day simple moving average is $58.34. The stock has a market capitalization of $14.33 billion, a price-to-earnings ratio of -2.94, a P/E/G ratio of 0.59 and a beta of 2.59. Diamondback Energy has a 12-month low of $23.63 and a 12-month high of $88.75. 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, March 11th. Shareholders of record on Thursday, March 4th were issued a dividend of $0.40 per share. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Wednesday, March 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.02%. Diamondback Energy’s dividend payout ratio (DPR) is presently 23.09%.

A number of equities analysts recently weighed in on the company. KeyCorp upped their price target on Diamondback Energy from $85.00 to $98.00 and gave the stock an “overweight” rating in a report on Thursday, April 15th. Roth Capital increased their target price on Diamondback Energy from $84.00 to $115.00 and gave the company a “buy” rating in a report on Monday. Evercore ISI initiated coverage on Diamondback Energy in a report on Wednesday, April 7th. They set an “outperform” rating for the company. Citigroup increased their target price on Diamondback Energy from $82.00 to $100.00 in a report on Tuesday, March 23rd. Finally, Scotiabank reissued a “sector perform” rating and set a $86.00 target price (up previously from $84.00) on shares of Diamondback Energy in a report on Wednesday, April 21st. Four equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $81.35.

In related news, CEO Travis D. Stice sold 20,000 shares of the firm’s stock in a transaction dated Thursday, April 29th. The stock was sold at an average price of $85.00, for a total transaction of $1,700,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Hof Matthew Kaes Van’t sold 1,900 shares of the firm’s stock in a transaction dated Friday, March 19th. The stock was sold at an average price of $77.24, for a total value of $146,756.00. Following the transaction, the chief financial officer now directly owns 67,043 shares in the company, valued at approximately $5,178,401.32. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

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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