Zacks Research Has Bullish Forecast for FANG FY2024 Earnings

Diamondback Energy, Inc. (NASDAQ:FANG) – Analysts at Zacks Research raised their FY2024 earnings per share (EPS) estimates for shares of Diamondback Energy in a research note issued on Monday, November 25th. Zacks Research analyst N. Choudhury now expects that the oil and natural gas company will post earnings per share of $15.57 for the year, up from their previous forecast of $15.53. The consensus estimate for Diamondback Energy’s current full-year earnings is $16.26 per share. Zacks Research also issued estimates for Diamondback Energy’s Q4 2024 earnings at $3.17 EPS, Q1 2025 earnings at $3.73 EPS, Q2 2025 earnings at $3.47 EPS, Q3 2025 earnings at $3.26 EPS, FY2025 earnings at $14.61 EPS, Q1 2026 earnings at $3.84 EPS, Q2 2026 earnings at $3.89 EPS, Q3 2026 earnings at $4.00 EPS and FY2026 earnings at $15.82 EPS.

Several other brokerages have also issued reports on FANG. JPMorgan Chase & Co. initiated coverage on Diamondback Energy in a research report on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 target price for the company. Barclays raised Diamondback Energy from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $216.00 to $210.00 in a research report on Wednesday, October 2nd. Evercore ISI reduced their target price on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Wells Fargo & Company reissued a “sector outperform” rating on shares of Diamondback Energy in a research note on Friday, October 18th. Finally, Piper Sandler raised their price target on shares of Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and an average price target of $212.00.

Diamondback Energy Price Performance

FANG stock opened at $176.19 on Thursday. The stock has a market cap of $51.45 billion, a PE ratio of 10.09, a P/E/G ratio of 1.32 and a beta of 1.89. Diamondback Energy has a 12 month low of $145.70 and a 12 month high of $214.50. The company has a 50-day moving average price of $182.13 and a 200 day moving average price of $190.18. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the prior year, the business earned $5.49 earnings per share. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were paid a $0.90 dividend. The ex-dividend date was Thursday, November 14th. This represents a $3.60 annualized dividend and a yield of 2.04%. Diamondback Energy’s dividend payout ratio (DPR) is 20.61%.

Insiders Place Their Bets

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This trade represents a 92.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the sale, the director now directly owns 4,712 shares in the company, valued at approximately $852,872. This represents a 19.62 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Several institutional investors and hedge funds have recently made changes to their positions in FANG. First Community Trust NA purchased a new position in Diamondback Energy in the 2nd quarter worth $26,000. Carolinas Wealth Consulting LLC increased its holdings in shares of Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after purchasing an additional 55 shares during the period. HHM Wealth Advisors LLC purchased a new position in shares of Diamondback Energy in the second quarter worth about $40,000. Values First Advisors Inc. acquired a new stake in shares of Diamondback Energy during the third quarter worth about $42,000. Finally, Founders Capital Management boosted its position in Diamondback Energy by 99.2% in the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after buying an additional 125 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.