Diamondback Energy, Inc. Forecasted to Earn Q3 2024 Earnings of $4.27 Per Share (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG) – Equities researchers at Capital One Financial decreased their Q3 2024 earnings per share estimates for shares of Diamondback Energy in a research note issued to investors on Monday, October 14th. Capital One Financial analyst B. Velie now anticipates that the oil and natural gas company will post earnings per share of $4.27 for the quarter, down from their previous estimate of $5.34. The consensus estimate for Diamondback Energy’s current full-year earnings is $19.08 per share. Capital One Financial also issued estimates for Diamondback Energy’s FY2024 earnings at $18.05 EPS.

A number of other equities analysts also recently commented on the stock. Wells Fargo & Company cut their target price on shares of Diamondback Energy from $230.00 to $219.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Sanford C. Bernstein cut their price objective on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 17th. Barclays upgraded Diamondback Energy from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $216.00 to $210.00 in a research note on Wednesday, October 2nd. Scotiabank lowered their target price on Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, Citigroup began coverage on Diamondback Energy in a report on Monday. They issued a “neutral” rating and a $195.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $210.32.

Diamondback Energy Trading Up 1.5 %

Shares of FANG stock opened at $182.46 on Thursday. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. Diamondback Energy has a fifty-two week low of $145.70 and a fifty-two week high of $214.50. The firm’s 50 day moving average price is $186.94 and its two-hundred day moving average price is $194.99. The stock has a market cap of $32.54 billion, a price-to-earnings ratio of 10.29, a price-to-earnings-growth ratio of 1.22 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating the consensus estimate of $4.51 by $0.01. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The company’s revenue was up 29.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.68 EPS.

Hedge Funds Weigh In On Diamondback Energy

Large investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its position in shares of Diamondback Energy by 178.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock worth $6,112,000 after purchasing an additional 19,552 shares during the period. Central Valley Advisors LLC bought a new position in Diamondback Energy during the 1st quarter worth $1,801,000. Cullen Investment Group LTD. increased its position in Diamondback Energy by 33.5% in the third quarter. Cullen Investment Group LTD. now owns 11,978 shares of the oil and natural gas company’s stock worth $2,065,000 after buying an additional 3,008 shares during the period. ORG Partners LLC increased its position in Diamondback Energy by 2,768.9% in the second quarter. ORG Partners LLC now owns 4,332 shares of the oil and natural gas company’s stock worth $883,000 after buying an additional 4,181 shares during the period. Finally, Homestead Advisers Corp bought a new stake in Diamondback Energy in the first quarter valued at $87,940,000. Institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.48% of the stock is owned by insiders.

Diamondback Energy Increases Dividend

The firm also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were issued a $2.34 dividend. This represents a yield of 1.9%. The ex-dividend date was Thursday, August 15th. This is an increase from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s payout ratio is currently 20.29%.

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.