Diamondback Energy (NASDAQ:FANG) Releases Quarterly Earnings Results, Misses Expectations By $1.24 EPS

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

Diamondback Energy Stock Down 2.3 %

Shares of NASDAQ:FANG opened at $175.63 on Wednesday. The firm has a market cap of $51.77 billion, a price-to-earnings ratio of 9.08, a PEG ratio of 1.23 and a beta of 1.89. Diamondback Energy has a 12-month low of $145.70 and a 12-month high of $214.50. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. The stock’s 50-day moving average price is $182.56 and its two-hundred day moving average price is $192.61.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FANG shares. Evercore ISI decreased their price target on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Bank of America raised their price target on Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. StockNews.com cut Diamondback Energy from a “hold” rating to a “sell” rating in a research report on Tuesday. Barclays upgraded Diamondback Energy from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $216.00 to $210.00 in a research report on Wednesday, October 2nd. Finally, Morgan Stanley raised their price target on Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average price target of $210.09.

Insider Activity

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.48% of the company’s stock.

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.