Q2 2024 Earnings Forecast for Diamondback Energy, Inc. (NASDAQ:FANG) Issued By Capital One Financial

Diamondback Energy, Inc. (NASDAQ:FANG) – Stock analysts at Capital One Financial dropped their Q2 2024 earnings estimates for Diamondback Energy in a research note issued on Wednesday, July 3rd. Capital One Financial analyst B. Velie now expects that the oil and natural gas company will post earnings per share of $5.14 for the quarter, down from their prior forecast of $5.24. The consensus estimate for Diamondback Energy’s current full-year earnings is $19.06 per share. Capital One Financial also issued estimates for Diamondback Energy’s Q3 2024 earnings at $5.50 EPS, Q4 2024 earnings at $5.22 EPS, Q1 2025 earnings at $5.12 EPS, Q2 2025 earnings at $5.19 EPS, Q3 2025 earnings at $5.35 EPS, Q4 2025 earnings at $5.26 EPS and FY2026 earnings at $19.80 EPS.

Several other research firms also recently issued reports on FANG. Stifel Nicolaus lifted their price target on Diamondback Energy from $224.00 to $229.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. StockNews.com cut Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Saturday. Bank of America reaffirmed a “neutral” rating and set a $201.00 price target on shares of Diamondback Energy in a research note on Friday, June 14th. Piper Sandler increased their target price on shares of Diamondback Energy from $227.00 to $247.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Finally, Wells Fargo & Company lowered their price target on Diamondback Energy from $227.00 to $224.00 and set an “overweight” rating on the stock in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and a consensus target price of $209.35.

Diamondback Energy Trading Down 0.4 %

Shares of NASDAQ:FANG opened at $202.60 on Monday. The firm has a market cap of $36.13 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 1.10 and a beta of 1.90. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. Diamondback Energy has a 12 month low of $132.21 and a 12 month high of $211.96. The company’s fifty day simple moving average is $196.72 and its 200 day simple moving average is $184.15.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.29 by $0.21. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. Diamondback Energy’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.10 EPS.

Diamondback Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Investors of record on Wednesday, May 15th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend was Tuesday, May 14th. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

Insiders Place Their Bets

In other news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total value of $1,182,840.00. Following the completion of the transaction, the chief operating officer now owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Jere W. Thompson III sold 900 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $199.90, for a total transaction of $179,910.00. Following the completion of the sale, the vice president now directly owns 7,585 shares in the company, valued at $1,516,241.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the completion of the transaction, the chief operating officer now owns 69,677 shares in the company, valued at approximately $13,736,123.78. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FANG. Vanguard Group Inc. grew its holdings in Diamondback Energy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock worth $3,391,567,000 after purchasing an additional 176,208 shares during the period. Wellington Management Group LLP grew its stake in shares of Diamondback Energy by 4.8% in the 3rd quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock valued at $2,209,617,000 after buying an additional 648,317 shares during the period. Price T Rowe Associates Inc. MD increased its position in Diamondback Energy by 38.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after buying an additional 2,381,488 shares in the last quarter. Morgan Stanley raised its stake in Diamondback Energy by 2.6% during the 3rd quarter. Morgan Stanley now owns 3,494,159 shares of the oil and natural gas company’s stock worth $541,175,000 after buying an additional 89,663 shares during the period. Finally, Boston Partners boosted its holdings in Diamondback Energy by 235.6% in the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after acquiring an additional 1,916,900 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Diamondback Energy Company Profile

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.