Diamondback Energy (NASDAQ:FANG) Issues Quarterly Earnings Results, Beats Expectations By $0.21 EPS

Diamondback Energy (NASDAQ:FANG) released its earnings results on Tuesday. The oil and natural gas company reported $4.50 earnings per share for the quarter, topping analysts’ consensus estimates of $4.29 by $0.21, Briefing.com reports. Diamondback Energy had a return on equity of 19.69% and a net margin of 36.71%. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the prior year, the firm posted $4.10 earnings per share. The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year.

Diamondback Energy Stock Down 2.5 %

FANG stock opened at $196.01 on Thursday. The company has a 50 day moving average of $194.57 and a two-hundred day moving average of $170.39. The company has a market cap of $34.96 billion, a price-to-earnings ratio of 11.05 and a beta of 1.91. Diamondback Energy has a 12-month low of $123.41 and a 12-month high of $211.96. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 0.38.

Diamondback Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.84%. Diamondback Energy’s dividend payout ratio (DPR) is 20.29%.

Insider Buying and Selling at Diamondback Energy

In related news, CAO Teresa L. Dick sold 2,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total transaction of $384,000.00. Following the completion of the sale, the chief accounting officer now directly owns 96,523 shares in the company, valued at $18,532,416. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CAO Teresa L. Dick sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total value of $384,000.00. Following the completion of the sale, the chief accounting officer now owns 96,523 shares of the company’s stock, valued at approximately $18,532,416. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Travis D. Stice sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the transaction, the chief executive officer now directly owns 446,610 shares in the company, valued at approximately $89,322,000. The disclosure for this sale can be found here. Insiders sold 57,675 shares of company stock valued at $11,311,096 in the last quarter. Company insiders own 0.43% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on FANG. Bank Of America (Bofa) cut their price objective on Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating for the company in a report on Thursday, January 18th. Scotiabank upped their price target on shares of Diamondback Energy from $210.00 to $255.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Evercore ISI raised their price objective on shares of Diamondback Energy from $185.00 to $215.00 and gave the company an “outperform” rating in a research report on Monday, March 25th. Raymond James dropped their target price on shares of Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. Finally, Mizuho raised their target price on shares of Diamondback Energy from $200.00 to $217.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $202.53.

Diamondback Energy Company Profile

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.