Diamondback Energy, Inc. Forecasted to Earn Q3 2024 Earnings of $5.92 Per Share (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG) – Investment analysts at Capital One Financial increased their Q3 2024 earnings per share (EPS) estimates for Diamondback Energy in a report released on Tuesday, August 13th. Capital One Financial analyst B. Velie now anticipates that the oil and natural gas company will earn $5.92 per share for the quarter, up from their previous forecast of $5.28. The consensus estimate for Diamondback Energy’s current full-year earnings is $18.63 per share. Capital One Financial also issued estimates for Diamondback Energy’s Q4 2024 earnings at $5.53 EPS, FY2024 earnings at $20.46 EPS, Q1 2025 earnings at $5.16 EPS, Q2 2025 earnings at $5.11 EPS, Q3 2025 earnings at $5.23 EPS, Q4 2025 earnings at $5.10 EPS, FY2025 earnings at $20.60 EPS and FY2026 earnings at $19.10 EPS.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the prior year, the company posted $3.68 earnings per share. Diamondback Energy’s revenue was up 29.4% on a year-over-year basis.

A number of other research firms have also recently commented on FANG. Wolfe Research assumed coverage on Diamondback Energy in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Mizuho raised their target price on shares of Diamondback Energy from $217.00 to $222.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Stifel Nicolaus upped their price target on shares of Diamondback Energy from $224.00 to $229.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Scotiabank cut their price objective on shares of Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Finally, Benchmark restated a “buy” rating and set a $154.00 price objective on shares of Diamondback Energy in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $211.75.

Diamondback Energy Stock Performance

FANG opened at $194.82 on Friday. Diamondback Energy has a 52-week low of $143.08 and a 52-week high of $214.50. The firm has a market capitalization of $34.74 billion, a PE ratio of 10.98, a PEG ratio of 1.06 and a beta of 1.90. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The business’s 50-day simple moving average is $198.56 and its 200 day simple moving average is $192.85.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FANG. Regal Investment Advisors LLC raised its position in Diamondback Energy by 0.9% in the second quarter. Regal Investment Advisors LLC now owns 30,514 shares of the oil and natural gas company’s stock valued at $6,109,000 after purchasing an additional 266 shares during the last quarter. Quarry LP raised its holdings in Diamondback Energy by 87.1% in the 2nd quarter. Quarry LP now owns 16,410 shares of the oil and natural gas company’s stock valued at $3,285,000 after buying an additional 7,637 shares during the last quarter. Second Line Capital LLC boosted its position in Diamondback Energy by 2.3% during the 2nd quarter. Second Line Capital LLC now owns 13,484 shares of the oil and natural gas company’s stock worth $2,699,000 after buying an additional 305 shares during the period. Sunbelt Securities Inc. grew its holdings in Diamondback Energy by 23.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 2,116 shares of the oil and natural gas company’s stock worth $424,000 after acquiring an additional 400 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Diamondback Energy by 5.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 100,130 shares of the oil and natural gas company’s stock worth $20,045,000 after acquiring an additional 5,251 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Activity at Diamondback Energy

In related news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the transaction, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.48% of the stock is currently owned by insiders.

Diamondback Energy Increases Dividend

The company also recently disclosed a None dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 15th will be paid a $2.34 dividend. This represents a yield of 1.9%. This is a boost from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date of this dividend is Thursday, August 15th. Diamondback Energy’s dividend payout ratio (DPR) is 20.29%.

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.