Equities Analysts Offer Predictions for Diamondback Energy, Inc.’s Q3 2024 Earnings (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG) – Equities researchers at Roth Capital increased their Q3 2024 earnings per share estimates for Diamondback Energy in a research report issued on Wednesday, May 1st. Roth Capital analyst L. Mariani now anticipates that the oil and natural gas company will post earnings of $4.84 per share for the quarter, up from their prior estimate of $4.83. The consensus estimate for Diamondback Energy’s current full-year earnings is $18.96 per share. Roth Capital also issued estimates for Diamondback Energy’s FY2024 earnings at $18.75 EPS, Q1 2025 earnings at $4.58 EPS, Q2 2025 earnings at $4.45 EPS, Q3 2025 earnings at $4.85 EPS, Q4 2025 earnings at $5.44 EPS and FY2025 earnings at $19.32 EPS.

A number of other research analysts have also recently issued reports on FANG. UBS Group lifted their price objective on shares of Diamondback Energy from $183.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. BMO Capital Markets lifted their target price on Diamondback Energy from $167.00 to $175.00 and gave the company a “market perform” rating in a research report on Tuesday, February 13th. Truist Financial raised their price objective on Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Wells Fargo & Company dropped their price target on shares of Diamondback Energy from $227.00 to $224.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Morgan Stanley reduced their price objective on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, April 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and an average target price of $204.37.

Diamondback Energy Trading Up 2.0 %

NASDAQ FANG opened at $201.50 on Thursday. Diamondback Energy has a 52 week low of $123.41 and a 52 week high of $211.96. The business has a 50 day moving average price of $194.99 and a 200-day moving average price of $170.58. The company has a quick ratio of 0.74, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The company has a market cap of $35.94 billion, a price-to-earnings ratio of 11.36 and a beta of 1.91.

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

Diamondback Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.60 dividend on an annualized basis and a yield of 1.79%. Diamondback Energy’s dividend payout ratio is currently 20.29%.

Insider Activity

In related news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total value of $1,153,020.00. Following the sale, the chief operating officer now directly owns 78,218 shares of the company’s stock, valued at $15,031,153.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the transaction, the chief operating officer now directly owns 78,218 shares of the company’s stock, valued at $15,031,153.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the sale, the chief executive officer now owns 446,610 shares of the company’s stock, valued at $89,322,000. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,675 shares of company stock worth $11,311,096. 0.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds have recently made changes to their positions in FANG. Vanguard Group Inc. grew its stake in shares of Diamondback Energy by 0.8% in the 4th 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 buying an additional 176,208 shares during the last quarter. Wellington Management Group LLP grew its position in Diamondback Energy by 4.8% in the third quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock worth $2,209,617,000 after acquiring an additional 648,317 shares in the last quarter. Morgan Stanley increased its position in Diamondback Energy by 2.6% during the third quarter. Morgan Stanley now owns 3,494,159 shares of the oil and natural gas company’s stock valued at $541,175,000 after acquiring an additional 89,663 shares during the last quarter. Invesco Ltd. boosted its position in shares of Diamondback Energy by 6.6% during the third quarter. Invesco Ltd. now owns 3,320,567 shares of the oil and natural gas company’s stock valued at $514,289,000 after buying an additional 206,189 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Diamondback Energy by 39.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,007,599 shares of the oil and natural gas company’s stock worth $465,817,000 after buying an additional 858,446 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.