Diamondback Energy (NASDAQ:FANG) Releases Earnings Results, Beats Expectations By $0.14 EPS

Diamondback Energy (NASDAQ:FANG) released its earnings results on Monday. The oil and natural gas company reported $3.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.94 by $0.14, Zacks reports. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.81%. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.48 billion. During the same quarter in the prior year, the firm earned $3.19 EPS. The company’s revenue was up 48.4% compared to the same quarter last year.

Diamondback Energy Stock Performance

FANG opened at $139.42 on Wednesday. The stock has a market cap of $40.36 billion, a price-to-earnings ratio of 9.69 and a beta of 0.99. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. Diamondback Energy has a 12-month low of $114.00 and a 12-month high of $186.07. The business has a 50 day moving average of $142.78 and a 200-day moving average of $141.66.

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Thursday, November 13th. Diamondback Energy’s dividend payout ratio (DPR) is presently 28.43%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the transaction, the chairman owned 102,145 shares in the company, valued at $14,586,306. This trade represents a 16.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Several hedge funds have recently modified their holdings of FANG. Geneos Wealth Management Inc. increased its holdings in Diamondback Energy by 41.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,454 shares of the oil and natural gas company’s stock worth $200,000 after purchasing an additional 425 shares in the last quarter. Diversify Advisory Services LLC bought a new stake in Diamondback Energy during the 2nd quarter worth approximately $204,000. Voleon Capital Management LP bought a new stake in Diamondback Energy during the 2nd quarter worth approximately $202,000. Boothbay Fund Management LLC bought a new stake in Diamondback Energy during the 2nd quarter worth approximately $238,000. Finally, Royal Capital Wealth Management LLC increased its holdings in Diamondback Energy by 15.6% during the 2nd quarter. Royal Capital Wealth Management LLC now owns 1,850 shares of the oil and natural gas company’s stock worth $254,000 after purchasing an additional 250 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FANG shares. Mizuho cut their target price on Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Evercore ISI raised their target price on Diamondback Energy from $165.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, October 6th. William Blair initiated coverage on Diamondback Energy in a research report on Monday, August 25th. They issued an “outperform” rating for the company. Melius initiated coverage on Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 target price for the company. Finally, Susquehanna dropped their target price on Diamondback Energy to $188.00 and set a “positive” rating for the company in a research report on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $188.41.

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.