Diamondback Energy (NASDAQ:FANG) Releases Earnings Results, Beats Expectations By $996.89 EPS

Diamondback Energy (NASDAQ:FANG) released its earnings results on Monday. The oil and natural gas company reported $999.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.11 by $996.89, Zacks reports. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG traded down $1.79 during trading on Monday, reaching $174.22. The stock had a trading volume of 1,926,632 shares, compared to its average volume of 2,093,710. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.60 and a current ratio of 0.62. Diamondback Energy has a 1-year low of $114.00 and a 1-year high of $177.25. The stock has a market cap of $49.90 billion, a PE ratio of 12.11 and a beta of 0.63. The business has a fifty day moving average price of $156.09 and a 200-day moving average price of $148.77.

Insiders Place Their Bets

In related news, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $162.88, for a total transaction of $162,880,000.00. Following the completion of the sale, the insider owned 98,686,727 shares of the company’s stock, valued at approximately $16,074,094,093.76. This represents a 1.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles Alvin Meloy sold 377,911 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $138.61, for a total transaction of $52,382,243.71. Following the completion of the transaction, the director directly owned 1,044,864 shares in the company, valued at $144,828,599.04. This trade represents a 26.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,438,516 shares of company stock worth $225,026,921 in the last 90 days. 0.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Diamondback Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Invesco Ltd. boosted its stake in Diamondback Energy by 2.9% during the fourth quarter. Invesco Ltd. now owns 3,212,158 shares of the oil and natural gas company’s stock worth $482,884,000 after buying an additional 91,799 shares during the last quarter. First Growth Capital LLC purchased a new position in shares of Diamondback Energy during the 4th quarter worth $201,000. Corient Private Wealth LLC boosted its position in shares of Diamondback Energy by 12.4% during the 4th quarter. Corient Private Wealth LLC now owns 41,397 shares of the oil and natural gas company’s stock valued at $5,909,000 after acquiring an additional 4,562 shares during the last quarter. Alberta Investment Management Corp purchased a new stake in shares of Diamondback Energy in the fourth quarter valued at about $1,428,000. Finally, Mercer Global Advisors Inc. ADV increased its position in Diamondback Energy by 3.4% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 11,125 shares of the oil and natural gas company’s stock worth $1,672,000 after purchasing an additional 366 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Piper Sandler upped their price target on shares of Diamondback Energy from $215.00 to $218.00 and gave the company an “overweight” rating in a research note on Wednesday, January 28th. Mizuho dropped their price objective on Diamondback Energy from $195.00 to $194.00 and set an “outperform” rating for the company in a report on Thursday, January 22nd. Scotiabank set a $175.00 price objective on shares of Diamondback Energy in a report on Friday, January 16th. TD Cowen raised Diamondback Energy to a “strong-buy” rating in a research report on Monday, February 9th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $173.00 price objective on shares of Diamondback Energy in a research note on Monday, January 19th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $185.90.

About Diamondback Energy

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.