Diamondback Energy (NASDAQ:FANG) Announces Quarterly Earnings Results


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Diamondback Energy (NASDAQ:FANG) announced its quarterly earnings data on Sunday. The oil and natural gas company reported $2.30 EPS for the quarter, beating the Zacks’ consensus estimate of $1.73 by $0.57, MarketWatch Earnings reports. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $864.18 million. Diamondback Energy had a positive return on equity of 5.10% and a negative net margin of 135.48%. The business’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same period last year, the company earned $1.45 EPS.

FANG traded down $4.92 during trading hours on Tuesday, hitting $79.00. 200,275 shares of the company’s stock were exchanged, compared to its average volume of 2,911,177. The stock has a market cap of $14.30 billion, a price-to-earnings ratio of -2.96, a PEG ratio of 0.59 and a beta of 2.59. Diamondback Energy has a 1-year low of $23.63 and a 1-year high of $88.75. The stock’s 50-day moving average is $77.44 and its two-hundred day moving average is $58.06. The company has a quick ratio of 0.43, a current ratio of 0.45 and a debt-to-equity ratio of 0.53.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 11th. Stockholders of record on Thursday, March 4th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Wednesday, March 3rd. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.38. Diamondback Energy’s payout ratio is currently 23.09%.

Several research firms recently issued reports on FANG. Siebert Williams Shank reiterated a “buy” rating and issued a $89.00 price target on shares of Diamondback Energy in a report on Tuesday, April 13th. TheStreet upgraded shares of Diamondback Energy from a “d+” rating to a “c-” rating in a research report on Friday, March 12th. Roth Capital increased their price objective on shares of Diamondback Energy from $84.00 to $115.00 and gave the company a “buy” rating in a report on Monday. Susquehanna upped their target price on shares of Diamondback Energy from $79.00 to $83.00 and gave the company a “positive” rating in a research report on Wednesday, February 24th. Finally, Barclays raised their price target on Diamondback Energy from $68.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $81.35.

In related news, CFO Hof Matthew Kaes Van’t sold 1,900 shares of the stock in a transaction that occurred on Friday, March 19th. The stock was sold at an average price of $77.24, for a total transaction of $146,756.00. Following the completion of the transaction, the chief financial officer now directly owns 67,043 shares of the company’s stock, valued at $5,178,401.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Travis D. Stice sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 29th. The shares were sold at an average price of $85.00, for a total value of $1,700,000.00. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by insiders.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily 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.

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Earnings History for Diamondback Energy (NASDAQ:FANG)

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