Zacks Research Has Negative Estimate for FANG Q3 Earnings

Diamondback Energy, Inc. (NASDAQ:FANG) – Zacks Research cut their Q3 2024 EPS estimates for shares of Diamondback Energy in a research report issued on Wednesday, October 23rd. Zacks Research analyst N. Choudhury now forecasts that the oil and natural gas company will post earnings of $3.40 per share for the quarter, down from their previous estimate of $4.20. The consensus estimate for Diamondback Energy’s current full-year earnings is $19.08 per share. Zacks Research also issued estimates for Diamondback Energy’s Q4 2024 earnings at $4.11 EPS, FY2024 earnings at $16.53 EPS, Q1 2025 earnings at $3.80 EPS, Q2 2025 earnings at $4.10 EPS, Q3 2025 earnings at $6.16 EPS, Q4 2025 earnings at $3.39 EPS, FY2025 earnings at $17.45 EPS, Q1 2026 earnings at $4.04 EPS, Q2 2026 earnings at $4.13 EPS and FY2026 earnings at $16.55 EPS.

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

Several other analysts also recently commented on FANG. Benchmark upped their price target on shares of Diamondback Energy from $154.00 to $195.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Evercore ISI lowered their target price on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $220.00 price target on shares of Diamondback Energy in a report on Tuesday, September 17th. KeyCorp dropped their price objective on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Finally, BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $205.00 to $215.00 in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and a consensus price target of $210.09.

Diamondback Energy Stock Up 1.9 %

FANG opened at $184.38 on Friday. The stock has a market capitalization of $32.88 billion, a P/E ratio of 10.38, a price-to-earnings-growth ratio of 1.22 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66. Diamondback Energy has a one year low of $145.70 and a one year high of $214.50. The business’s 50-day simple moving average is $185.11 and its 200-day simple moving average is $194.25.

Diamondback Energy Increases Dividend

The firm also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were issued a dividend of $2.34 per share. This is a boost from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date of this dividend was Thursday, August 15th. This represents a dividend yield of 1.9%. Diamondback Energy’s dividend payout ratio (DPR) is 20.29%.

Insider Transactions at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was 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 approximately $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

A number of institutional investors have recently bought and sold shares of the stock. First Community Trust NA purchased a new position in Diamondback Energy during the second quarter worth approximately $26,000. Carolinas Wealth Consulting LLC increased its holdings 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 buying an additional 55 shares during the last quarter. HHM Wealth Advisors LLC purchased a new position in shares of Diamondback Energy in the 2nd quarter worth $40,000. Values First Advisors Inc. acquired a new position in Diamondback Energy in the third quarter valued at $42,000. Finally, Founders Capital Management grew its position in Diamondback Energy by 99.2% during the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after acquiring an additional 125 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.