Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) – Analysts at Seaport Res Ptn dropped their third quarter 2022 earnings estimates for Diamondback Energy in a report released Monday, August 1. Seaport Res Ptn analyst N. Pope now expects the oil and gas company to post earnings of $7.26 per share for the quarter, down from its previous forecast of $7.33. The consensus estimate for Diamondback Energy’s current annual earnings is $25.73 per share. Seaport Res Ptn also released Diamondback Energy earnings estimates for the fourth quarter of 2022 at $6.37 EPS.
Diamondback Energy (NASDAQ:FANG – Get Rating) last reported quarterly results on Monday, August 1. The oil and gas company reported earnings per share (EPS) of $7.07 for the quarter, beating the consensus estimate of $6.58 by $0.49. Diamondback Energy had a net margin of 42.23% and a return on equity of 25.12%. The company posted revenue of $2.77 billion for the quarter, versus $2.44 billion expected by analysts. In the same quarter of the previous year, the company had earned earnings per share of $2.40. Diamondback Energy’s quarterly revenue increased 64.7% year over year.
Several other stock analysts have also recently released reports on the stock. KeyCorp raised its price target on Diamondback Energy shares from $152.00 to $164.00 and gave the company an “overweight” rating in a Friday, April 8 research report. Truist Financial raised its price target on shares of Diamondback Energy from $185.00 to $203.00 in a Tuesday, July 19 report. Susquehanna raised its price target on Diamondback Energy shares from $152.00 to $167.00 and gave the stock a “positive” rating in a Monday, April 25 report. Piper Sandler cut its price target on Diamondback Energy shares from $196.00 to $191.00 and set an “overweight” rating on the stock in a Friday July 22 report. Finally, MKM Partners restated a “buy” rating and issued a $155.00 price target on Diamondback Energy shares in a Wednesday, July 20 report. Three investment analysts gave the stock a hold rating, fourteen issued a buy rating and one issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a “Moderate Buy” consensus rating and an average price target of $169.42.
Diamondback Energy Price Performance
NASDAQ FANG shares opened at $116.45 on Thursday. Diamondback Energy has a 1-year low of $65.93 and a 1-year high of $162.24. The company has a debt ratio of 0.38, a current ratio of 0.73 and a quick ratio of 0.69. The company’s 50-day moving average is $129.17 and its 200-day moving average is $131.58. The stock has a market capitalization of $20.67 billion, a P/E ratio of 5.44, a P/E/G ratio of 0.23 and a beta of 2.12.
Diamondback Energy increases its dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 23. Investors of record on Tuesday, August 16 will receive a dividend of $3.05 per share. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.70. The ex-dividend date is Monday, August 15. This represents a dividend of $12.20 on an annualized basis and a yield of 10.48%. Diamondback Energy’s dividend payout ratio is 13.09%.
Diamondback Energy announced that its board of directors launched a stock repurchase program on Monday, August 1 that sees the company repurchase $4.00 billion worth of stock. This repurchase authorization allows the oil and gas company to repurchase up to 17.9% of its shares through open market purchases. Share repurchase programs usually indicate that the company’s board of directors believe its shares are undervalued.
Insider Activity at Diamondback Energy
In related news, CAO Teresa L. Dick sold 2,500 shares in a trade that took place on Friday, May 27. The shares were sold at an average price of $152.22, for a total transaction of $380,550.00. Following the transaction, the chief accounting officer now owns 57,308 shares of the company, valued at $8,723,423.76. The sale was disclosed in a legal filing with the SEC, accessible via the SEC’s website. In related news, CAO Teresa L. Dick sold 2,500 shares in a trade that took place on Friday, May 27. The shares were sold at an average price of $152.22, for a total transaction of $380,550.00. Following the transaction, the chief accounting officer now owns 57,308 shares of the company, valued at $8,723,423.76. The sale was disclosed in a legal filing with the SEC, accessible via the SEC’s website. Additionally, Hof Chief Financial Officer Matthew Kaes Van’t sold 6,000 shares in a trade that took place on Friday, May 27. The shares were sold at an average price of $150.00, for a total transaction of $900,000.00. Following the transaction, the CFO now owns 67,334 shares of the company, valued at approximately $10,100,100. The disclosure of this sale can be found here. Insiders sold a total of 44,500 shares of the company worth $6,740,850 during the last quarter. Insiders of the company own 0.42% of the shares of the company.
Institutional entries and exits
Institutional investors have recently increased or reduced their stake in the company. Carolinas Wealth Consulting LLC increased its position in Diamondback Energy by 366.7% in the first quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and gas company worth $31,000 after acquiring 176 additional shares during the period. Cambridge Trust Co. raised its position in Diamondback Energy by 1,991.7% in the first quarter. Cambridge Trust Co. now owns 251 shares of the oil and gas company worth $34,000 after acquiring 239 additional shares during the period. MCF Advisors LLC bought a new position in Diamondback Energy in the first quarter worth approximately $35,000. Mark Sheptoff Financial Planning LLC bought a new position in Diamondback Energy in the first quarter worth around $41,000. Finally, Global Retirement Partners LLC increased its position in Diamondback Energy by 51.8% in the second quarter. Global Retirement Partners LLC now owns 334 shares of the oil and gas company worth $40,000 after acquiring 114 additional shares during the period. 89.97% of the shares are currently held by institutional investors.
Diamondback Energy Company Profile
(Get a rating)
Diamondback Energy, Inc, an independent oil and gas company, is focused on the acquisition, development, exploration and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin of western Texas. It covers 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 western Texas and New Mexico.
Get news and reviews for Diamondback Energy Daily – Enter your email address below to receive a concise daily summary of breaking news and analyst ratings for Diamondback Energy and related companies with MarketBeat.com’s free daily email newsletter.