Diamondback Energy (NASDAQ:FANG) Announces Quarterly Earnings Results

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

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $196.01 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.77 and a quick ratio of 0.74. The firm has a market cap of $34.96 billion, a PE ratio of 11.05 and a beta of 1.91. The firm has a 50 day simple moving average of $194.57 and a 200-day simple moving average of $170.39. Diamondback Energy has a 1-year low of $123.41 and a 1-year high of $211.96.

Diamondback Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.90 per share. 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 presently 20.29%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FANG shares. Scotiabank increased 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. Raymond James dropped their target price on shares of Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Truist Financial raised their price objective on Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Stifel Nicolaus lifted their price objective on Diamondback Energy from $224.00 to $229.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Finally, UBS Group upped their target price on Diamondback Energy from $183.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. One 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 stock. Based on data from MarketBeat.com, Diamondback Energy has a consensus rating of “Moderate Buy” and an average target price of $202.53.

Insider Buying and Selling

In other news, CAO Teresa L. Dick sold 2,000 shares of the firm’s 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 sale, the chief accounting officer now owns 96,523 shares in the company, valued at $18,532,416. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total transaction of $384,000.00. Following the completion of the transaction, the chief accounting officer now owns 96,523 shares of the company’s stock, valued at approximately $18,532,416. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Travis D. Stice sold 30,000 shares of the stock in a transaction dated Tuesday, April 2nd. The stock was 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 owns 446,610 shares in the company, valued at $89,322,000. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 57,675 shares of company stock worth $11,311,096. 0.43% of the stock is owned by insiders.

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.