Diamondback Energy, Inc. (FANG) Releases Quarterly Earnings Results, Beats Expectations By $0.31 EPS
Diamondback Energy, Inc. (NASDAQ:FANG) announced its quarterly earnings data on Monday. The oil and natural gas company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.31, Bloomberg Earnings reports. The business had revenue of $301.30 million for the quarter, compared to the consensus estimate of $296.53 million. Diamondback Energy had a net margin of 39.69% and a return on equity of 9.12%. Diamondback Energy’s quarterly revenue was up 112.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.03) earnings per share.
Diamondback Energy (NASDAQ FANG) opened at $110.36 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.68 and a quick ratio of 0.67. Diamondback Energy has a 12-month low of $82.77 and a 12-month high of $114.93. The stock has a market capitalization of $11,156.72, a P/E ratio of 24.34, a P/E/G ratio of 0.75 and a beta of 1.10.
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Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus set a $129.00 price objective on shares of Diamondback Energy and gave the stock a “buy” rating in a research note on Thursday, October 5th. Wells Fargo & Company restated an “outperform” rating and issued a $110.00 price objective (down previously from $125.00) on shares of Diamondback Energy in a research note on Saturday, July 22nd. BidaskClub downgraded shares of Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. BMO Capital Markets set a $110.00 price target on shares of Diamondback Energy and gave the stock a “buy” rating in a research note on Saturday, August 12th. Finally, Bank of America Corporation initiated coverage on shares of Diamondback Energy in a research note on Wednesday, July 19th. They set a “buy” rating and a $115.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-one have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $123.52.
In other Diamondback Energy news, insider Michael L. Hollis sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $100.00, for a total value of $100,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Hof Matthew Kaes Van’t sold 650 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $88.49, for a total value of $57,518.50. Following the completion of the sale, the vice president now owns 4,950 shares in the company, valued at approximately $438,025.50. The disclosure for this sale can be found here. Insiders sold a total of 14,805 shares of company stock valued at $1,449,381 over the last quarter. 0.41% of the stock is owned by insiders.
Diamondback Energy Company Profile
Diamondback Energy, Inc is an independent oil and natural gas company. The Company focuses on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2016, the Company’s total net acreage position in the Permian Basin was approximately 105,894 net acres.
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