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

Diamondback Energy, Inc. (NASDAQ:FANG) – Capital One Financial cut their Q3 2024 earnings per share (EPS) estimates for shares of Diamondback Energy in a research note issued to investors on Tuesday, September 17th. Capital One Financial analyst B. Velie now forecasts that the oil and natural gas company will post earnings per share of $5.32 for the quarter, down from their previous estimate of $5.92. The consensus estimate for Diamondback Energy’s current full-year earnings is $19.08 per share. Capital One Financial also issued estimates for Diamondback Energy’s Q4 2024 earnings at $4.41 EPS, FY2024 earnings at $18.75 EPS, Q1 2025 earnings at $3.95 EPS, Q2 2025 earnings at $3.90 EPS, Q3 2025 earnings at $4.01 EPS, Q4 2025 earnings at $3.87 EPS, FY2025 earnings at $15.73 EPS and FY2026 earnings at $16.22 EPS.

Several other analysts have also commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $220.00 price target on shares of Diamondback Energy in a research note on Tuesday. UBS Group decreased their price target on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a research note on Wednesday. Wolfe Research initiated coverage on Diamondback Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Truist Financial lifted their price objective on Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Finally, Susquehanna cut their price objective on Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and a consensus price target of $209.71.

Diamondback Energy Price Performance

Shares of FANG stock opened at $181.00 on Friday. The stock’s fifty day simple moving average is $192.28 and its 200 day simple moving average is $195.57. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. The firm has a market cap of $32.28 billion, a price-to-earnings ratio of 10.20, a P/E/G ratio of 1.06 and a beta of 1.89. Diamondback Energy has a one year low of $143.08 and a one year high of $214.50.

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

Diamondback Energy Increases Dividend

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

Institutional Investors Weigh In On Diamondback Energy

A number of institutional investors have recently made changes to their positions in the stock. Quent Capital LLC grew its stake in shares of Diamondback Energy by 7.2% during the second quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock worth $162,000 after purchasing an additional 54 shares during the period. Carolinas Wealth Consulting LLC grew its stake 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 during the period. Sugarloaf Wealth Management LLC grew its stake in Diamondback Energy by 0.3% in the second quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock valued at $3,999,000 after acquiring an additional 56 shares during the period. Versant Capital Management Inc grew its stake in Diamondback Energy by 16.1% in the second quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock valued at $82,000 after acquiring an additional 57 shares during the period. Finally, Confluence Investment Management LLC grew its stake in Diamondback Energy by 1.6% in the second quarter. Confluence Investment Management LLC now owns 3,667 shares of the oil and natural gas company’s stock valued at $734,000 after acquiring an additional 58 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

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.