Diamondback Energy (NASDAQ:FANG) Releases Earnings Results, Beats Expectations By $0.21 EPS

Diamondback Energy (NASDAQ:FANG) issued its quarterly earnings results on Tuesday. The oil and natural gas company reported $4.50 EPS for the quarter, topping the consensus estimate of $4.29 by $0.21, Briefing.com reports. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.10 billion. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the company posted $4.10 earnings per share.

Diamondback Energy Trading Down 2.3 %

Shares of NASDAQ FANG opened at $201.13 on Wednesday. The business has a 50-day moving average price of $194.24 and a two-hundred day moving average price of $170.21. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $35.87 billion, a PE ratio of 11.60 and a beta of 1.93. Diamondback Energy has a one year low of $123.41 and a one year high of $211.96.

Diamondback Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.79%. Diamondback Energy’s payout ratio is currently 20.76%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. UBS Group increased their target price on Diamondback Energy from $183.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Bank of America raised shares of Diamondback Energy from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $129.00 to $170.00 in a report on Monday, February 12th. Stifel Nicolaus raised their price target on shares of Diamondback Energy from $224.00 to $229.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Piper Sandler boosted their price objective on shares of Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Finally, Raymond James cut their target price on shares of Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has assigned 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 $202.53.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the transaction, the chief executive officer now owns 446,610 shares in the company, valued at approximately $89,322,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CAO Teresa L. Dick sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total transaction of $384,000.00. Following the transaction, the chief accounting officer now owns 96,523 shares of the company’s stock, valued at $18,532,416. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief executive officer now directly owns 446,610 shares of the company’s stock, valued at $89,322,000. The disclosure for this sale can be found here. Insiders sold 57,675 shares of company stock valued at $11,311,096 over the last three months. 0.43% of the stock is owned by corporate insiders.

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.