Diamondback Energy (NASDAQ:FANG) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Diamondback Energy (NASDAQ:FANG) announced its earnings results on Monday. The oil and natural gas company reported $4.52 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01, Briefing.com reports. The company had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. Diamondback Energy’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same period last year, the business posted $3.68 EPS.

Diamondback Energy Stock Performance

Shares of FANG stock traded up $5.47 during trading hours on Wednesday, hitting $195.17. The stock had a trading volume of 437,622 shares, compared to its average volume of 1,569,588. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89. The firm has a market capitalization of $34.81 billion, a PE ratio of 11.00, a PEG ratio of 1.06 and a beta of 1.90. The stock’s 50 day moving average is $197.92 and its 200 day moving average is $190.74. Diamondback Energy has a twelve month low of $143.08 and a twelve month high of $214.50.

Diamondback Energy Increases Dividend

The company also recently declared a None dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th will be given a dividend of $2.34 per share. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date of this dividend is Thursday, August 15th. Diamondback Energy’s payout ratio is 20.29%.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the transaction, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FANG shares. Royal Bank of Canada lifted their price objective on shares of Diamondback Energy from $195.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, May 6th. Wolfe Research began coverage on Diamondback Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Scotiabank lowered their price objective on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Mizuho upped their target price on shares of Diamondback Energy from $217.00 to $222.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, StockNews.com downgraded shares of Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average price target of $210.00.

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.