Diamondback Energy (NASDAQ:FANG) Issues Earnings Results, Beats Expectations By $0.07 EPS

Diamondback Energy (NASDAQ:FANG) announced its quarterly earnings results on Tuesday. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.07, Zacks reports. The firm had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.55 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%.

Diamondback Energy Price Performance

Diamondback Energy stock traded up $2.03 during mid-day trading on Thursday, hitting $154.46. The company’s stock had a trading volume of 397,783 shares, compared to its average volume of 2,188,330. The stock has a market capitalization of $45.10 billion, a P/E ratio of 8.87, a P/E/G ratio of 1.24 and a beta of 1.86. Diamondback Energy has a twelve month low of $151.00 and a twelve month high of $214.50. The stock’s fifty day moving average price is $165.28 and its two-hundred day moving average price is $175.77. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Thursday, March 6th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, March 6th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a yield of 2.59%. Diamondback Energy’s dividend payout ratio is currently 25.32%.

Wall Street Analysts Forecast Growth

FANG has been the topic of several analyst reports. Piper Sandler dropped their target price on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Morgan Stanley increased their target price on Diamondback Energy from $220.00 to $227.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Mizuho lifted their price target on Diamondback Energy from $201.00 to $204.00 and gave the stock an “outperform” rating in a research note on Tuesday. Truist Financial upped their price target on Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Finally, The Goldman Sachs Group began coverage on shares of Diamondback Energy in a research note on Monday, December 2nd. They set a “buy” rating and a $227.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Diamondback Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $216.09.

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.