Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) – Equity researchers at Capital One Financial have raised their second quarter 2022 earnings per share (EPS) estimates for Diamondback Energy shares in a research note released on Wednesday, June 22. Capital One Financial analyst B. Velie now expects the oil and gas company to post earnings per share of $6.51 for the quarter, up from its previous estimate of $6.44. The consensus estimate for Diamondback Energy’s current annual earnings is $26.11 per share. Capital One Financial also released estimates for Diamondback Energy Q3 2022 earnings at $7.08 EPS, Q4 2022 earnings at $7.19 EPS, FY2022 earnings at $25.98 EPS, Q2 2023 earnings at $5.68 EPS, Q3 2023 earnings at $5.79 EPS, Q4 2023 earnings at $5.93 EPS, Full year 2023 earnings at $23.10 EPS and earnings of fiscal year 2024 at $21.09 EPS.
Other analysts have also recently published research reports on the company. Scotiabank raised its price target on Diamondback Energy from $165.00 to $170.00 and gave the stock a “neutral” rating in a Wednesday, March 9 research note. Bank of America downgraded Diamondback Energy from a “buy” rating to a “neutral” rating and raised its share price target from $165.00 to $170.00 in a Tuesday, March 8 report. Wells Fargo & Company lowered its price target on Diamondback Energy from $204.00 to $200.00 and set an “overweight” rating for the company in a Tuesday, May 17 report. Susquehanna Bancshares raised its price target on Diamondback Energy from $152.00 to $167.00 and gave the stock a “positive” rating in a Monday, April 25 report. Finally, Truist Financial raised its price target on Diamondback Energy from $170.00 to $200.00 in a Thursday, April 21 report. Two analysts gave the stock a hold rating, thirteen gave the company a buy rating and one gave the company’s stock a strong buy rating. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $167.35.
NASDAQ:FANG opened at $119.24 on Thursday. The company has a debt ratio of 0.42, a current ratio of 0.72 and a quick ratio of 0.69. Diamondback Energy has a 1-year low of $65.93 and a 1-year high of $162.24. The stock’s 50-day simple moving average is $138.24 and its two-hundred-day simple moving average is $130.45. The company has a market capitalization of $21.16 billion, a price-earnings ratio of 7.86, a PEG ratio of 0.23 and a beta of 2.18.
Diamondback Energy (NASDAQ:FANG – Get Rating) last released its quarterly earnings data on Monday, May 2. The oil and gas company reported earnings per share (EPS) of $5.20 for the quarter, beating analysts’ consensus estimate of $4.74 by $0.46. Diamondback Energy had a return on equity of 19.91% and a net margin of 34.17%. The company posted revenue of $2.41 billion for the quarter, versus a consensus estimate of $1.93 billion. In the same quarter a year earlier, the company posted EPS of $2.30.
The company also recently announced a quarterly dividend, which was paid on Monday, May 23. Investors of record on Thursday, May 12 received a dividend of $0.70 per share. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.60. This represents an annualized dividend of $2.80 and a yield of 2.35%. The ex-dividend date was Wednesday, May 11. Diamondback Energy’s dividend payout ratio is currently 18.46%.
In other Diamondback Energy news, Hof Chief Financial Officer Matthew Kaes Van’t sold 6,000 shares of the company in a trade dated Monday, April 4. The stock was sold at an average price of $140.02, for a total transaction of $840,120.00. Following the sale, the CFO now owns 73,334 shares of the company, valued at approximately $10,268,226.68. The transaction was disclosed in a document filed with the SEC, which can be accessed on the SEC’s website. Additionally, CAO Teresa L. Dick sold 2,500 shares of the company in a trade dated Friday, May 27. The shares were sold at an average price of $152.22, for a total value of $380,550.00. As a result of the sale, the accounting chief now owns 57,308 shares of the company, valued at approximately $8,723,423.76. The disclosure of this sale can be found here. Insiders sold a total of 50,500 shares of the company worth $7,580,970 in the past ninety days. 0.47% of the shares are currently held by company insiders.
Institutional investors have recently bought and sold shares of the company. State of Michigan Retirement System increased its stake in shares of Diamondback Energy by 15.2% in the fourth quarter. State of Michigan Retirement System now owns 49,262 shares of the oil and gas company worth $5,313,000 after buying an additional 6,500 shares in the last quarter. Westwood Holdings Group Inc. increased its stake in shares of Diamondback Energy by 23.0% in the fourth quarter. Westwood Holdings Group Inc. now owns 104,408 shares of the oil and gas company worth $11,260,000 after buying an additional 19,526 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Diamondback Energy by 18.8% in the third quarter. Thrivent Financial for Lutherans now owns 166,898 shares of the oil and gas company worth $15,799,000 after buying an additional 26,397 shares in the last quarter. Gotham Asset Management LLC purchased a new stake in shares of Diamondback Energy in the fourth quarter worth approximately $333,000. Finally, LPL Financial LLC added to its position in Diamondback Energy by 6.9% during the fourth quarter. LPL Financial LLC now owns 54,927 shares of the oil and gas company worth $5,924,000 after buying 3,526 additional shares last quarter. Institutional investors and hedge funds hold 89.97% of the company’s shares.
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.
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