Scotiabank Has Pessimistic Outlook of FANG FY2024 Earnings

Diamondback Energy, Inc. (NASDAQ:FANG) – Equities research analysts at Scotiabank decreased their FY2024 earnings per share (EPS) estimates for shares of Diamondback Energy in a note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now anticipates that the oil and natural gas company will post earnings per share of $16.20 for the year, down from their previous forecast of $19.75. Scotiabank has a “Sector Outperform” rating and a $225.00 price target 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.

Several other research firms have also issued reports on FANG. 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 on the stock. StockNews.com raised Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, November 13th. BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and upped their target price for the company from $205.00 to $215.00 in a research report on Friday, October 4th. Truist Financial lifted their target price on Diamondback Energy from $230.00 to $236.00 and gave the stock a “buy” rating in a report on Monday. Finally, Wells Fargo & Company increased their price target on Diamondback Energy from $218.00 to $219.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and an average target price of $210.08.

Diamondback Energy Stock Up 1.6 %

Shares of NASDAQ FANG opened at $177.61 on Monday. The company’s 50 day moving average price is $170.72 and its 200-day moving average price is $183.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy has a 52-week low of $147.93 and a 52-week high of $214.50. The company has a market capitalization of $51.86 billion, a P/E ratio of 10.17, a price-to-earnings-growth ratio of 1.19 and a beta of 1.88.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data 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). The company had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. Diamondback Energy’s revenue was up 13.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.49 earnings per share.

Institutional Trading of Diamondback Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. boosted its holdings in Diamondback Energy by 48.5% during the third quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock worth $28,008,000 after purchasing an additional 47,951 shares during the last quarter. Benjamin Edwards Inc. lifted its position in shares of Diamondback Energy by 368.1% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,784 shares of the oil and natural gas company’s stock worth $1,687,000 after buying an additional 7,694 shares in the last quarter. Everence Capital Management Inc. purchased a new position in shares of Diamondback Energy in the 4th quarter worth approximately $1,053,000. Geode Capital Management LLC grew its holdings in shares of Diamondback Energy by 6.1% in the third quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company’s stock valued at $793,611,000 after acquiring an additional 266,299 shares in the last quarter. Finally, Atria Investments Inc grew its holdings in shares of Diamondback Energy by 18.5% in the third quarter. Atria Investments Inc now owns 42,678 shares of the oil and natural gas company’s stock valued at $7,358,000 after acquiring an additional 6,672 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,150 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the transaction, the director now directly owns 4,712 shares in the company, valued at approximately $852,872. This trade represents a 19.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.48% of the stock is owned by insiders.

Diamondback Energy Dividend Announcement

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