Diamondback Energy (NASDAQ:FANG) Issues Quarterly Earnings Results

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

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $178.21 on Tuesday. The company has a 50-day simple moving average of $182.94 and a two-hundred day simple moving average of $192.79. Diamondback Energy has a twelve month low of $145.70 and a twelve month high of $214.50. The stock has a market capitalization of $52.53 billion, a price-to-earnings ratio of 9.29, a price-to-earnings-growth ratio of 1.23 and a beta of 1.89. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65.

Insider Transactions at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.48% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Morgan Stanley upped their target price on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. JPMorgan Chase & Co. began coverage on Diamondback Energy in a report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price objective for the company. Wells Fargo & Company restated a “sector outperform” rating on shares of Diamondback Energy in a report on Friday, October 18th. Truist Financial increased their price target on shares of Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $220.00 price objective on shares of Diamondback Energy in a research note on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $210.09.

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.