Diamondback Energy, Inc. (NASDAQ:FANG) Expected to Announce Quarterly Sales of $1.31 Billion


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Wall Street analysts expect that Diamondback Energy, Inc. (NASDAQ:FANG) will post sales of $1.31 billion for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Diamondback Energy’s earnings, with estimates ranging from $1.22 billion to $1.48 billion. Diamondback Energy reported sales of $425.00 million in the same quarter last year, which indicates a positive year over year growth rate of 208.2%. The business is expected to report its next earnings results on Monday, August 2nd.

On average, analysts expect that Diamondback Energy will report full-year sales of $4.85 billion for the current year, with estimates ranging from $3.91 billion to $5.62 billion. For the next financial year, analysts anticipate that the business will report sales of $5.56 billion, with estimates ranging from $4.92 billion to $6.87 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Diamondback Energy.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Sunday, May 2nd. The oil and natural gas company reported $2.30 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.57. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $864.18 million. Diamondback Energy had a positive return on equity of 5.10% and a negative net margin of 135.48%. The company’s revenue was up 31.7% on a year-over-year basis. During the same period last year, the firm earned $1.45 earnings per share.

A number of equities analysts have issued reports on the stock. TheStreet raised shares of Diamondback Energy from a “d+” rating to a “c-” rating in a report on Friday, March 12th. TD Securities lifted their price target on Diamondback Energy from $98.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday. Scotiabank reaffirmed a “sector perform” rating and set a $86.00 price target (up previously from $84.00) on shares of Diamondback Energy in a report on Wednesday, April 21st. Truist Securities boosted their target price on Diamondback Energy from $80.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, March 15th. Finally, Susquehanna boosted their target price on Diamondback Energy from $79.00 to $83.00 and gave the stock a “positive” rating in a report on Wednesday, February 24th. Four equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $81.35.

In other news, CFO Hof Matthew Kaes Van’t sold 1,900 shares of the business’s stock in a transaction on Friday, March 19th. The shares were sold at an average price of $77.24, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Travis D. Stice sold 20,000 shares of the business’s stock in a transaction on Thursday, April 29th. The shares were sold at an average price of $85.00, for a total transaction of $1,700,000.00. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its stake in shares of Diamondback Energy by 150.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 151,929 shares of the oil and natural gas company’s stock valued at $11,165,000 after purchasing an additional 91,230 shares during the last quarter. Institute for Wealth Management LLC. acquired a new stake in shares of Diamondback Energy in the 1st quarter valued at $257,000. Commonwealth Equity Services LLC lifted its stake in shares of Diamondback Energy by 1.5% in the 1st quarter. Commonwealth Equity Services LLC now owns 51,354 shares of the oil and natural gas company’s stock valued at $3,774,000 after purchasing an additional 774 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Diamondback Energy by 7.3% in the 1st quarter. Victory Capital Management Inc. now owns 621,662 shares of the oil and natural gas company’s stock valued at $45,686,000 after purchasing an additional 42,336 shares during the last quarter. Finally, Great Lakes Advisors LLC acquired a new stake in shares of Diamondback Energy in the 1st quarter valued at $308,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

NASDAQ:FANG traded down $4.72 during mid-day trading on Tuesday, reaching $79.20. The stock had a trading volume of 4,626,976 shares, compared to its average volume of 2,931,769. The company has a market capitalization of $14.33 billion, a price-to-earnings ratio of -2.94, a price-to-earnings-growth ratio of 0.59 and a beta of 2.59. Diamondback Energy has a 1-year low of $23.63 and a 1-year high of $88.75. The stock’s 50 day simple moving average is $77.47 and its two-hundred day simple moving average is $58.34. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.45 and a quick ratio of 0.43.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 11th. Shareholders of record on Thursday, March 4th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.02%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Wednesday, March 3rd. Diamondback Energy’s payout ratio is presently 23.09%.

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 and Estimates for Diamondback Energy (NASDAQ:FANG)

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