Q3 2024 Earnings Forecast for Diamondback Energy, Inc. Issued By Capital One Financial (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG) – Investment analysts at Capital One Financial boosted their Q3 2024 earnings estimates for Diamondback Energy in a research note issued on Wednesday, October 2nd. Capital One Financial analyst B. Velie now forecasts that the oil and natural gas company will post earnings per share of $5.34 for the quarter, up from their prior estimate of $5.32. The consensus estimate for Diamondback Energy’s current full-year earnings is $18.97 per share. Capital One Financial also issued estimates for Diamondback Energy’s Q4 2024 earnings at $4.76 EPS and FY2024 earnings at $19.12 EPS.

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

Several other research firms have also commented on FANG. Johnson Rice lowered shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. Royal Bank of Canada restated an “outperform” rating and issued a $220.00 price objective on shares of Diamondback Energy in a research report on Tuesday, September 17th. StockNews.com cut Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Saturday, July 6th. Benchmark upped their target price on shares of Diamondback Energy from $154.00 to $195.00 and gave the company a “buy” rating in a report on Thursday. Finally, Scotiabank lowered their price target on shares of Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $207.68.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $188.30 on Friday. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The firm’s 50-day simple moving average is $187.52 and its 200 day simple moving average is $195.20. Diamondback Energy has a 52 week low of $143.08 and a 52 week high of $214.50. The firm has a market capitalization of $33.58 billion, a PE ratio of 10.61, a P/E/G ratio of 1.17 and a beta of 1.89.

Diamondback Energy Increases Dividend

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

Insider Activity

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now directly owns 1,037,819 shares in the company, valued at $181,732,485.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Founders Capital Management increased its holdings in Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 101 shares during the last quarter. First Community Trust NA bought a new stake in shares of Diamondback Energy in the second quarter worth $26,000. Carolinas Wealth Consulting LLC raised its holdings in Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after acquiring an additional 55 shares in the last quarter. Logan Capital Management Inc. bought a new position in Diamondback Energy during the 4th quarter valued at $31,000. Finally, HHM Wealth Advisors LLC acquired a new position in Diamondback Energy during the 2nd quarter worth $40,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Company Profile

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.