Research Analysts Offer Predictions for FANG FY2024 Earnings

Diamondback Energy, Inc. (NASDAQ:FANG) – Scotiabank dropped their FY2024 EPS estimates for Diamondback Energy in a report released on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the oil and natural gas company will earn $16.20 per share for the year, down from their prior forecast of $19.75. Scotiabank currently has a “Sector Outperform” rating and a $225.00 target price on the stock. The consensus estimate for Diamondback Energy’s current full-year earnings is $16.51 per share. Scotiabank also issued estimates for Diamondback Energy’s FY2025 earnings at $15.20 EPS.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the business earned $5.49 earnings per share. Diamondback Energy’s revenue was up 13.0% compared to the same quarter last year.

Several other equities analysts also recently commented on FANG. Susquehanna lowered their target price on shares of Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a report on Friday, October 18th. JPMorgan Chase & Co. initiated coverage on shares of Diamondback Energy in a report on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 price objective for the company. StockNews.com raised Diamondback Energy from a “sell” rating to a “hold” rating in a report on Wednesday, November 13th. Citigroup began coverage on shares of Diamondback Energy in a report on Monday, October 14th. They issued a “neutral” rating and a $195.00 target price for the company. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $210.00 price target on shares of Diamondback Energy in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $210.08.

Diamondback Energy Stock Up 0.0 %

NASDAQ FANG opened at $177.68 on Monday. Diamondback Energy has a 12 month low of $147.93 and a 12 month high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The stock has a market cap of $51.88 billion, a PE ratio of 10.17, a P/E/G ratio of 1.19 and a beta of 1.88. The stock’s 50 day moving average is $170.76 and its 200 day moving average is $183.46.

Institutional Investors Weigh In On Diamondback Energy

Hedge funds have recently made changes to their positions in the stock. Carolinas Wealth Consulting LLC raised its stake in shares of Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares in the last quarter. Values First Advisors Inc. acquired a new stake in Diamondback Energy during the 3rd quarter valued at approximately $42,000. CVA Family Office LLC boosted its holdings in Diamondback Energy by 28.1% in the third quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock valued at $51,000 after purchasing an additional 65 shares during the last quarter. Oliver Lagore Vanvalin Investment Group grew its holdings in Diamondback Energy by 109.7% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock worth $52,000 after acquiring an additional 136 shares during the period. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Diamondback Energy during the 3rd quarter valued at approximately $52,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the transaction, the director now owns 4,712 shares of the company’s stock, valued at $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.48% of the stock is currently owned by company insiders.

Diamondback Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were paid a $0.90 dividend. The ex-dividend date was Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a yield of 2.03%. Diamondback Energy’s dividend payout ratio is currently 20.61%.

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.