Zacks Research Has Negative Outlook for FANG FY2024 Earnings

Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) - Research analysts at Zacks Research lowered their FY2024 earnings per share estimates for Diamondback Energy in a note issued to investors on Monday, November 18th. Zacks Research analyst N. Choudhury now forecasts that the oil and natural gas company will post earnings per share of $15.53 for the year, down from their prior estimate of $16.53. The consensus estimate for Diamondback Energy's current full-year earnings is $16.78 per share. Zacks Research also issued estimates for Diamondback Energy's Q1 2025 earnings at $3.72 EPS, Q1 2026 earnings at $3.81 EPS, Q2 2026 earnings at $3.88 EPS, Q3 2026 earnings at $3.97 EPS and FY2026 earnings at $15.72 EPS.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS 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 company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the company posted $5.49 earnings per share. The business's revenue for the quarter was up 13.0% on a year-over-year basis.

A number of other analysts also recently issued reports on the stock. Bank of America boosted their price target on Diamondback Energy from $201.00 to $215.00 and gave the company a "neutral" rating in a research note on Tuesday, July 23rd. Barclays raised Diamondback Energy from an "equal weight" rating to an "overweight" rating and reduced their price objective for the company from $216.00 to $210.00 in a research note on Wednesday, October 2nd. Jefferies Financial Group started coverage on shares of Diamondback Energy in a report on Monday, September 16th. They set a "hold" rating and a $185.00 price target on the stock. BMO Capital Markets upgraded shares of Diamondback Energy from a "market perform" rating to an "outperform" rating and raised their target price for the company from $205.00 to $215.00 in a research report on Friday, October 4th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $210.00 target price on shares of Diamondback Energy in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy currently has an average rating of "Moderate Buy" and a consensus target price of $212.00.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $180.12 on Wednesday. The stock has a market cap of $52.59 billion, a PE ratio of 10.31, a P/E/G ratio of 1.26 and a beta of 1.89. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy has a 52-week low of $145.70 and a 52-week high of $214.50. The firm has a 50-day moving average of $181.39 and a 200-day moving average of $191.07.

Institutional Trading of Diamondback Energy

A number of hedge funds have recently bought and sold shares of the company. First Community Trust NA bought a new stake in shares of Diamondback Energy in the 2nd quarter valued at about $26,000. Carolinas Wealth Consulting LLC boosted its stake in shares of Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company's stock valued at $27,000 after purchasing an additional 55 shares during the period. HHM Wealth Advisors LLC bought a new stake in Diamondback Energy in the 2nd quarter worth $40,000. Values First Advisors Inc. bought a new position in shares of Diamondback Energy during the third quarter valued at approximately $42,000. Finally, Founders Capital Management lifted its stake in Diamondback Energy by 99.2% in the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company's stock worth $50,000 after acquiring an additional 125 shares during the period. Institutional investors own 90.01% of the company's stock.

Insiders Place Their Bets

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of the firm's stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the transaction, the director now directly owns 4,712 shares of the company's stock, valued at approximately $852,872. This trade represents a 19.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the firm's stock in a transaction on 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 directly 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.48% of the company's stock.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Thursday, November 14th. 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.

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