Diamondback Energy, Inc. (NASDAQ: FANG – Get a rating) – Equity researchers at Capital One Financial raised their fiscal 2022 earnings per share estimates for Diamondback Energy in a research note published Wednesday, August 3. Capital One Financial analyst B. Velie now expects the oil and gas company to post earnings per share of $23.94 for the year, up from its previous estimate of $23.29. The consensus estimate for Diamondback Energy’s current annual earnings is $25.56 per share.
Other equity research analysts have also recently published research reports on the company. Barclays raised its price target on Diamondback Energy from $160.00 to $180.00 and gave the stock an “overweight” rating in a Tuesday, June 14 research note. Wells Fargo & Company cut its price target on Diamondback Energy from $200.00 to $192.00 and set an “overweight” rating for the company in a Monday, July 11 research note. MKM Partners reissued a “buy” rating and set a target price of $155.00 on Diamondback Energy shares in a Wednesday, July 20 research note. StockNews.com upgraded Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Bank of America lowered its price target on Diamondback Energy from $170.00 to $143.00 and set a “neutral” rating for the company in a Tuesday, July 19 research note. Three analysts rated the stock with a hold rating, fourteen gave the company a buy rating and one gave the company a strong buy rating. Based on data from MarketBeat.com, Diamondback Energy has a consensus rating of “Moderate Buy” and an average price target of $169.42.
Diamondback Energy Price Performance
NASDAQ:FANG opened at $116.45 on Friday. Diamondback Energy has a one-year low of $65.93 and a one-year high of $162.24. The company has a debt ratio of 0.38, a quick ratio of 0.69 and a current ratio of 0.73. The stock has a market capitalization of $20.67 billion, a PE ratio of 5.44, a P/E/G ratio of 0.22 and a beta of 2.12. The stock has a 50-day moving average price of $129.17 and a 200-day moving average price of $131.58.
Diamondback Energy (NASDAQ: FANG- Get a rating) last released its quarterly results on Monday, August 1. The oil and gas company reported EPS of $7.07 for the quarter, beating the consensus estimate of $6.58 by $0.49. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. The company posted revenue of $2.77 billion in the quarter, versus $2.44 billion expected by analysts. In the same quarter last year, the company earned earnings per share of $2.40. The company’s revenue for the quarter increased 64.7% year over year.
Diamondback Energy Institutional Trading
Hedge funds and other institutional investors have recently changed their positions in the company. Steward Partners Investment Advisory LLC increased its position in Diamondback Energy shares by 14.2% during the first quarter. Steward Partners Investment Advisory LLC now owns 29,882 shares of the oil and gas company worth $4,096,000 after buying 3,723 additional shares in the last quarter. Pendal Group Ltd acquired a new stake in shares of Diamondback Energy during the first quarter worth approximately $241,000. Westwood Holdings Group Inc. increased its position in Diamondback Energy by 23.0% in the fourth quarter. Westwood Holdings Group Inc. now owns 104,408 shares of the oil and gas company valued at $11,260,000 after acquiring an additional 19,526 shares during the period. SevenBridge Financial Group LLC increased its position in Diamondback Energy by 16.0% in Q1. SevenBridge Financial Group LLC now owns 4,476 shares of the oil and gas company valued at $614,000 after acquiring 617 additional shares during the period. Finally, Gotham Asset Management LLC acquired a new position in Diamondback Energy in Q4 valued at approximately $333,000. Institutional investors and hedge funds hold 89.97% of the company’s shares.
Insiders place their bets
In other Diamondback Energy news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of Diamondback Energy in a trade dated Friday, May 27. The stock was sold at an average price of $150.00, for a total transaction of $900,000.00. Following the completion of the sale, the CFO now directly owns 67,334 shares of the company, valued at approximately $10,100,100. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible via this link. In other Diamondback Energy news, CAO Teresa L. Dick sold 2,500 shares of Diamondback Energy in a trade dated Friday, May 27. The stock was sold at an average price of $152.22, for a total transaction of $380,550.00. Following the completion of the sale, the chief accounting officer now directly owns 57,308 shares of the company, valued at approximately $8,723,423.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible via this link. Also, CFO Hof Matthew Kaes Van’t sold 6,000 shares of Diamondback Energy in a trade dated Friday, May 27. The stock was sold at an average price of $150.00, for a total value of $900,000.00. Following the sale, the CFO now owns 67,334 shares of the company, valued at approximately $10,100,100. Disclosure of this sale can be found here. Insiders sold 44,500 shares of the company valued at $6,740,850 in the past ninety days. Insiders hold 0.42% of the company’s shares.
Diamondback Energy increases its dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 23. Shareholders of record on Tuesday, August 16 will receive a dividend of $3.05 per share. This represents a dividend of $12.20 on an annualized basis and a yield of 10.48%. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.70. The ex-dividend date is Monday, August 15. Diamondback Energy’s payout ratio is 13.09%.
Diamondback Energy said its board launched a stock repurchase plan on Monday, Aug. 1 that authorizes the company to repurchase $4.00 billion of outstanding stock. This repurchase authorization allows the oil and gas company to repurchase up to 17.9% of its shares through open market purchases. Stock buyback plans are usually a sign that a company’s management believes its stock is undervalued.
Diamondback Energy Company Profile
Diamondback Energy, Inc, an independent oil and gas company, is focused on the acquisition, development, exploration and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin of western Texas. It covers 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 western Texas and New Mexico.
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