Diamondback Energy (NASDAQ:FANG) Announces Quarterly Earnings Results, Misses Estimates By $1.24 EPS

07 Nov 2024, 01:48 by Sarita Garza · The Markets Daily

Diamondback Energy (NASDAQ:FANG – Get Free Report) announced its quarterly earnings results on Monday. The oil and natural gas company reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24), Zacks reports. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The company had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period last year, the firm earned $5.49 earnings per share. Diamondback Energy’s revenue for the quarter was up 13.0% on a year-over-year basis.

Diamondback Energy Stock Up 4.5 %

FANG stock traded up $7.99 during midday trading on Wednesday, hitting $183.62. The company’s stock had a trading volume of 3,015,090 shares, compared to its average volume of 1,745,657. The firm’s 50-day moving average is $182.34 and its 200-day moving average is $192.55. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. Diamondback Energy has a 12 month low of $145.70 and a 12 month high of $214.50. The company has a market cap of $54.12 billion, a PE ratio of 9.49, a P/E/G ratio of 1.23 and a beta of 1.89.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 14th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Thursday, November 14th. Diamondback Energy’s dividend payout ratio (DPR) is currently 18.60%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Truist Financial upped their price target on shares of Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Morgan Stanley increased their target price on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Benchmark restated a “buy” rating and set a $195.00 price target on shares of Diamondback Energy in a report on Tuesday, October 29th. Evercore ISI dropped their price objective on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Finally, Susquehanna reduced their target price on Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $209.64.

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Insiders Place Their Bets

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.48% of the company’s stock.

Diamondback Energy Company Profile

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