Scotiabank Forecasts Weaker Earnings for Diamondback Energy

Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) - Analysts at Scotiabank lowered their FY2024 earnings per share (EPS) estimates for shares of Diamondback Energy in a note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now expects that the oil and natural gas company will post earnings of $16.20 per share for the year, down from their prior estimate of $19.75. Scotiabank has a "Sector Outperform" rating and a $225.00 price objective on the stock. The consensus estimate for Diamondback Energy's current full-year earnings is $16.51 per share. Scotiabank also issued estimates for Diamondback Energy's FY2025 earnings at $15.20 EPS.

Other research analysts also recently issued research reports about the company. Susquehanna lowered their target price on Diamondback Energy from $237.00 to $233.00 and set a "positive" rating on the stock in a report on Friday, October 18th. The Goldman Sachs Group initiated coverage on shares of Diamondback Energy in a research note on Monday, December 2nd. They issued a "buy" rating and a $227.00 price objective on the stock. Wolfe Research upgraded shares of Diamondback Energy from a "peer perform" rating to an "outperform" rating and set a $190.00 target price for the company in a research report on Friday, January 3rd. Raymond James increased their price target on shares of Diamondback Energy from $232.00 to $237.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. started coverage on shares of Diamondback Energy in a research report on Wednesday, October 2nd. They set an "overweight" rating and a $182.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Diamondback Energy has a consensus rating of "Moderate Buy" and an average price target of $209.83.

Diamondback Energy Stock Performance

FANG stock opened at $174.77 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. Diamondback Energy has a 1 year low of $147.93 and a 1 year high of $214.50. The company has a market cap of $51.03 billion, a P/E ratio of 10.00, a price-to-earnings-growth ratio of 1.19 and a beta of 1.88. The stock's fifty day moving average price is $170.76 and its 200-day moving average price is $183.77.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings data 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). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter last year, the company earned $5.49 EPS. The firm's revenue for the quarter was up 13.0% on a year-over-year basis.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Carolinas Wealth Consulting LLC increased its position in Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company's stock worth $27,000 after purchasing an additional 55 shares during the last quarter. Financial Advocates Investment Management raised its position in shares of Diamondback Energy by 3.0% during the 3rd quarter. Financial Advocates Investment Management now owns 1,907 shares of the oil and natural gas company's stock valued at $329,000 after buying an additional 55 shares in the last quarter. Brighton Jones LLC lifted its holdings in shares of Diamondback Energy by 0.8% in the 2nd quarter. Brighton Jones LLC now owns 7,821 shares of the oil and natural gas company's stock valued at $1,566,000 after acquiring an additional 60 shares during the last quarter. Greenup Street Wealth Management LLC grew its position in Diamondback Energy by 3.4% in the third quarter. Greenup Street Wealth Management LLC now owns 1,817 shares of the oil and natural gas company's stock worth $313,000 after acquiring an additional 60 shares in the last quarter. Finally, West Family Investments Inc. increased its stake in Diamondback Energy by 3.4% during the third quarter. West Family Investments Inc. now owns 1,852 shares of the oil and natural gas company's stock worth $319,000 after acquiring an additional 61 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,150 shares of the firm's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the transaction, the director now owns 4,712 shares in the company, valued at $852,872. This trade represents a 19.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.48% of the stock is currently owned by corporate insiders.

Diamondback Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 14th were given a dividend of $0.90 per share. The ex-dividend date was Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.06%. Diamondback Energy's dividend 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.