Seaport Global Securities Weighs in on Diamondback Energy Inc’s Q2 2019 Earnings (NASDAQ:FANG)
Diamondback Energy Inc (NASDAQ:FANG) – Analysts at Seaport Global Securities upped their Q2 2019 earnings estimates for shares of Diamondback Energy in a report issued on Thursday, June 13th. Seaport Global Securities analyst M. Kelly now expects that the oil and natural gas company will post earnings per share of $1.87 for the quarter, up from their previous forecast of $1.78. Seaport Global Securities also issued estimates for Diamondback Energy’s Q4 2019 earnings at $2.50 EPS, FY2019 earnings at $7.88 EPS, Q1 2020 earnings at $2.99 EPS, Q2 2020 earnings at $3.04 EPS, Q3 2020 earnings at $3.17 EPS, Q4 2020 earnings at $3.24 EPS and FY2020 earnings at $12.44 EPS.
A number of other equities research analysts have also weighed in on the company. BidaskClub raised Diamondback Energy from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Roth Capital lowered their price objective on Diamondback Energy from $166.00 to $150.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Morgan Stanley lifted their price objective on Diamondback Energy from $153.00 to $161.00 and gave the company an “overweight” rating in a report on Monday, June 3rd. Williams Capital set a $165.00 price objective on Diamondback Energy and gave the company a “buy” rating in a report on Thursday, May 23rd. Finally, KeyCorp lifted their price objective on Diamondback Energy from $124.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Three research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $160.74.
Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, May 7th. The oil and natural gas company reported $1.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.36 by $0.03. Diamondback Energy had a return on equity of 6.81% and a net margin of 27.05%. The company had revenue of $864.00 million for the quarter, compared to analyst estimates of $893.16 million. During the same quarter in the previous year, the company earned $1.64 EPS. The firm’s revenue for the quarter was up 80.4% compared to the same quarter last year.
Large investors have recently made changes to their positions in the company. Marshall Wace LLP acquired a new position in Diamondback Energy in the 1st quarter valued at $3,824,000. Allstate Corp purchased a new stake in shares of Diamondback Energy during the 1st quarter valued at $271,000. Nordea Investment Management AB grew its stake in shares of Diamondback Energy by 39.2% during the 1st quarter. Nordea Investment Management AB now owns 8,182 shares of the oil and natural gas company’s stock valued at $830,000 after buying an additional 2,306 shares during the period. HighTower Advisors LLC grew its stake in shares of Diamondback Energy by 4.8% during the 1st quarter. HighTower Advisors LLC now owns 4,616 shares of the oil and natural gas company’s stock valued at $470,000 after buying an additional 213 shares during the period. Finally, RMB Capital Management LLC grew its stake in shares of Diamondback Energy by 11.9% during the 1st quarter. RMB Capital Management LLC now owns 32,018 shares of the oil and natural gas company’s stock valued at $3,251,000 after buying an additional 3,408 shares during the period. 98.97% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Russell Pantermuehl sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $112.18, for a total transaction of $560,900.00. Following the sale, the vice president now owns 117,107 shares of the company’s stock, valued at approximately $13,137,063.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Randall J. Holder sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $104.13, for a total value of $416,520.00. Following the sale, the insider now directly owns 14,448 shares in the company, valued at approximately $1,504,470.24. The disclosure for this sale can be found here. 0.47% of the stock is owned by insiders.
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 28th were paid a dividend of $0.188 per share. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, May 24th. This represents a $0.75 annualized dividend and a dividend yield of 0.76%. Diamondback Energy’s payout ratio is 12.78%.
Diamondback Energy Company Profile
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily 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.
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