Zacks Research Comments on Diamondback Energy, Inc.’s Q3 2024 Earnings (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG) – Research analysts at Zacks Research boosted their Q3 2024 EPS estimates for Diamondback Energy in a report released on Monday, August 19th. Zacks Research analyst N. Choudhury now expects that the oil and natural gas company will earn $4.14 per share for the quarter, up from their prior forecast of $4.10. The consensus estimate for Diamondback Energy’s current full-year earnings is $18.63 per share. Zacks Research also issued estimates for Diamondback Energy’s Q4 2024 earnings at $4.42 EPS, FY2024 earnings at $17.58 EPS, Q3 2025 earnings at $5.47 EPS, Q4 2025 earnings at $4.62 EPS, Q1 2026 earnings at $4.72 EPS, Q2 2026 earnings at $4.65 EPS and FY2026 earnings at $18.78 EPS.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The firm had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the firm earned $3.68 EPS. The firm’s revenue for the quarter was up 29.4% compared to the same quarter last year.

FANG has been the topic of several other research reports. UBS Group increased their target price on shares of Diamondback Energy from $245.00 to $247.00 and gave the company a “buy” rating in a research note on Tuesday. Wolfe Research initiated coverage on Diamondback Energy in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Wells Fargo & Company decreased their price target on Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Bank of America increased their target price on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Finally, Scotiabank lowered their target price on shares of Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Diamondback Energy has an average rating of “Moderate Buy” and an average target price of $211.85.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $191.12 on Tuesday. The stock has a market cap of $34.09 billion, a price-to-earnings ratio of 10.77, a price-to-earnings-growth ratio of 1.06 and a beta of 1.90. The stock has a 50 day moving average price of $198.47 and a 200-day moving average price of $193.69. Diamondback Energy has a one year low of $143.08 and a one year high of $214.50. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Founders Capital Management increased its position in shares of Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 101 shares during the last quarter. First Community Trust NA acquired a new position in shares of Diamondback Energy in the 2nd quarter worth approximately $26,000. Carolinas Wealth Consulting LLC boosted its position in shares of Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after purchasing an additional 55 shares during the period. Logan Capital Management Inc. acquired a new stake in Diamondback Energy in the 4th quarter valued at approximately $31,000. Finally, HHM Wealth Advisors LLC purchased a new stake in Diamondback Energy in the second quarter valued at approximately $40,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total value of $1,182,840.00. Following the completion of the sale, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.48% of the company’s stock.

Diamondback Energy Increases Dividend

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

About Diamondback Energy

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.