FANG FY2024 EPS Forecast Reduced by Capital One Financial

Diamondback Energy, Inc. (NASDAQ:FANG) – Equities research analysts at Capital One Financial lowered their FY2024 earnings estimates for shares of Diamondback Energy in a report issued on Tuesday, January 14th. Capital One Financial analyst B. Velie now anticipates that the oil and natural gas company will earn $15.30 per share for the year, down from their previous estimate of $15.88. The consensus estimate for Diamondback Energy’s current full-year earnings is $16.08 per share. Capital One Financial also issued estimates for Diamondback Energy’s Q4 2024 earnings at $2.90 EPS.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the firm posted $5.49 earnings per share. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis.

Several other brokerages have also recently commented on FANG. KeyCorp decreased their price target on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. The Goldman Sachs Group began coverage on Diamondback Energy in a report on Monday, December 2nd. They set a “buy” rating and a $227.00 price target for the company. Mizuho reduced their price target on shares of Diamondback Energy from $219.00 to $207.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Truist Financial boosted their price objective on Diamondback Energy from $230.00 to $236.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Citigroup assumed coverage on Diamondback Energy in a research note on Monday, October 14th. They issued a “neutral” rating and a $195.00 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $210.08.

Diamondback Energy Trading Down 0.2 %

Diamondback Energy stock opened at $179.12 on Friday. The stock has a market cap of $52.30 billion, a P/E ratio of 10.25, a PEG ratio of 1.33 and a beta of 1.88. The firm’s 50 day moving average price is $170.68 and its 200-day moving average price is $183.43. Diamondback Energy has a 1 year low of $147.93 and a 1 year high of $214.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. grew its holdings in shares of Diamondback Energy by 218.3% during the second quarter. Federated Hermes Inc. now owns 2,432 shares of the oil and natural gas company’s stock valued at $487,000 after buying an additional 1,668 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Diamondback Energy during the 2nd quarter worth about $405,000. Citizens Financial Group Inc. RI grew its holdings in Diamondback Energy by 30.1% in the second quarter. Citizens Financial Group Inc. RI now owns 2,730 shares of the oil and natural gas company’s stock valued at $547,000 after purchasing an additional 632 shares during the period. Edgestream Partners L.P. purchased a new stake in Diamondback Energy in the 2nd quarter worth $1,773,000. Finally, E Fund Management Co. Ltd. increased its stake in shares of Diamondback Energy by 6.7% during the second quarter. E Fund Management Co. Ltd. now owns 2,140 shares of the oil and natural gas company’s stock worth $428,000 after purchasing an additional 134 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the sale, the director now directly owns 4,712 shares of the company’s stock, valued at approximately $852,872. This represents a 19.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.48% of the company’s stock.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend was Thursday, November 14th. Diamondback Energy’s payout ratio is 20.61%.

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.