Analysts Offer Predictions for FANG FY2024 Earnings

Diamondback Energy, Inc. (NASDAQ:FANG) – Investment analysts at Capital One Financial cut their FY2024 earnings per share estimates for shares of Diamondback Energy in a research note issued on Monday, November 11th. Capital One Financial analyst B. Velie now anticipates that the oil and natural gas company will post earnings of $15.83 per share for the year, down from their prior estimate of $17.80. The consensus estimate for Diamondback Energy’s current full-year earnings is $17.00 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 equities analysts have also recently issued reports on FANG. Royal Bank of Canada reissued an “outperform” rating and issued a $210.00 target price on shares of Diamondback Energy in a report on Wednesday, November 6th. Citigroup started coverage on Diamondback Energy in a research note on Monday, October 14th. They issued a “neutral” rating and a $195.00 price target for the company. JPMorgan Chase & Co. initiated coverage on Diamondback Energy in a research note on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 price target for the company. Evercore ISI cut their price objective on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Finally, BMO Capital Markets upgraded shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $205.00 to $215.00 in a report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.64.

Diamondback Energy Trading Up 1.3 %

Shares of NASDAQ FANG opened at $182.24 on Thursday. Diamondback Energy has a 52-week low of $145.70 and a 52-week high of $214.50. 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 stock has a market capitalization of $53.21 billion, a P/E ratio of 10.43, a PEG ratio of 1.27 and a beta of 1.89. The stock’s 50 day moving average price is $181.30 and its two-hundred day moving average price is $191.76.

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

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Thursday, November 14th. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.61%.

Insiders Place Their Bets

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FANG. Price T Rowe Associates Inc. MD lifted its stake in shares of Diamondback Energy by 38.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after buying an additional 2,381,488 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Diamondback Energy by 16.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after purchasing an additional 415,902 shares in the last quarter. Boston Partners lifted its holdings in shares of Diamondback Energy by 235.6% in the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after purchasing an additional 1,916,900 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Diamondback Energy by 9.3% during the third quarter. Pacer Advisors Inc. now owns 2,704,520 shares of the oil and natural gas company’s stock valued at $466,259,000 after buying an additional 230,689 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Diamondback Energy by 10.1% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock worth $538,547,000 after buying an additional 247,065 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

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.