Diamondback Energy (NASDAQ:FANG) Releases Quarterly Earnings Results, Misses Estimates By $1.24 EPS

Diamondback Energy (NASDAQ:FANG) issued its quarterly earnings data on Monday. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.62 by ($1.24), Zacks reports. The business had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 17.64%. Diamondback Energy’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.49 earnings per share.

Diamondback Energy Price Performance

Shares of FANG opened at $183.62 on Thursday. The company’s 50-day moving average is $182.34 and its 200-day moving average is $192.55. 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 capitalization of $54.12 billion, a PE ratio of 10.51, a PEG ratio of 1.26 and a beta of 1.89. Diamondback Energy has a fifty-two week low of $145.70 and a fifty-two week high of $214.50.

Diamondback Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th will be issued a $0.90 dividend. The ex-dividend date is Thursday, November 14th. This represents a $3.60 annualized dividend and a dividend yield of 1.96%. Diamondback Energy’s dividend payout ratio is currently 20.61%.

Insider Buying and Selling

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.48% of the stock is currently owned by insiders.

Analysts Set New Price Targets

FANG has been the subject of several research analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Diamondback Energy in a report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price target for the company. Piper Sandler increased their target price on Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Jefferies Financial Group initiated coverage on Diamondback Energy in a report on Monday, September 16th. They issued a “hold” rating and a $185.00 price target on the stock. Bank of America increased their price objective on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Finally, Wolfe Research started coverage on Diamondback Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Diamondback Energy has an average rating of “Moderate Buy” and a consensus price target of $209.64.

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.