Diamondback Energy (NASDAQ:FANG) Announces Earnings Results

Diamondback Energy (NASDAQ:FANG) announced its quarterly earnings results on Monday. The oil and natural gas company reported $3.64 earnings per share for the quarter, beating analysts’ consensus estimates of $3.57 by $0.07, Zacks reports. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%.

Diamondback Energy Stock Down 0.6 %

Shares of Diamondback Energy stock traded down $0.89 on Monday, hitting $155.23. 2,884,742 shares of the company’s stock traded hands, compared to its average volume of 2,087,855. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The firm’s 50-day moving average is $165.60 and its 200 day moving average is $176.57. The stock has a market cap of $45.33 billion, a P/E ratio of 8.89, a PEG ratio of 1.24 and a beta of 1.86. Diamondback Energy has a 52-week low of $152.00 and a 52-week high of $214.50.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FANG shares. Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 target price on the stock in a research report on Friday, January 3rd. The Goldman Sachs Group assumed coverage on Diamondback Energy in a research note on Monday, December 2nd. They issued a “buy” rating and a $227.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $210.00 target price on shares of Diamondback Energy in a research report on Thursday, January 23rd. Morgan Stanley raised their price target on shares of Diamondback Energy from $220.00 to $227.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Finally, Truist Financial boosted their price objective on shares of Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $216.22.

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.