FANG FY2024 EPS Forecast Lowered by Capital One Financial

Diamondback Energy, Inc. (NASDAQ:FANG) – Stock analysts at Capital One Financial decreased their FY2024 earnings per share estimates for Diamondback Energy in a report released on Monday, November 11th. Capital One Financial analyst B. Velie now forecasts that the oil and natural gas company will post earnings per share of $15.83 for the year, down from their previous forecast of $17.80. The consensus estimate for Diamondback Energy’s current full-year earnings is $16.78 per share. Capital One Financial also issued estimates for Diamondback Energy’s Q4 2024 earnings at $3.43 EPS, Q1 2025 earnings at $3.01 EPS, Q2 2025 earnings at $3.03 EPS, Q3 2025 earnings at $3.09 EPS, Q4 2025 earnings at $3.16 EPS, FY2025 earnings at $12.28 EPS and FY2026 earnings at $12.99 EPS.

A number of other analysts have also commented on the company. Piper Sandler boosted their target price on Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $210.00 target price on shares of Diamondback Energy in a research report on Wednesday, November 6th. JPMorgan Chase & Co. started coverage on shares of Diamondback Energy in a research note on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 price target for the company. UBS Group dropped their price objective on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Finally, StockNews.com upgraded shares of Diamondback Energy from a “sell” rating to a “hold” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $209.64.

Diamondback Energy Stock Down 3.2 %

Shares of NASDAQ FANG opened at $176.60 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The company’s 50 day moving average price is $181.23 and its 200-day moving average price is $191.63. Diamondback Energy has a 52-week low of $145.70 and a 52-week high of $214.50. The company has a market capitalization of $51.57 billion, a P/E ratio of 10.11, a price-to-earnings-growth ratio of 1.30 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company’s revenue was up 13.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.49 earnings per share.

Institutional Trading of Diamondback Energy

A number of large investors have recently made changes to their positions in the stock. QRG Capital Management Inc. boosted its stake in shares of Diamondback Energy by 213.8% in the 1st quarter. QRG Capital Management Inc. now owns 6,542 shares of the oil and natural gas company’s stock worth $1,297,000 after buying an additional 4,457 shares during the last quarter. Avantax Advisory Services Inc. boosted its position in Diamondback Energy by 2.3% in the first quarter. Avantax Advisory Services Inc. now owns 5,118 shares of the oil and natural gas company’s stock worth $1,014,000 after purchasing an additional 114 shares during the last quarter. Bleakley Financial Group LLC grew its stake in shares of Diamondback Energy by 28.2% during the 1st quarter. Bleakley Financial Group LLC now owns 3,994 shares of the oil and natural gas company’s stock valued at $791,000 after purchasing an additional 879 shares during the period. Edmond DE Rothschild Holding S.A. lifted its stake in shares of Diamondback Energy by 20.8% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 424 shares of the oil and natural gas company’s stock worth $84,000 after purchasing an additional 73 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its holdings in shares of Diamondback Energy by 2.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 206,136 shares of the oil and natural gas company’s stock worth $40,850,000 after buying an additional 5,102 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The trade was a 92.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the sale, the director now owns 4,712 shares of the company’s stock, valued at approximately $852,872. This represents a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by insiders.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.60 annualized dividend and a yield of 2.04%. Diamondback Energy’s payout ratio is 20.61%.

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.