Roth Capital Comments on Diamondback Energy, Inc.’s Q3 2024 Earnings (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANG) – Roth Capital cut their Q3 2024 earnings per share (EPS) estimates for Diamondback Energy in a report issued on Tuesday, August 6th. Roth Capital analyst L. Mariani now expects that the oil and natural gas company will post earnings per share of $4.79 for the quarter, down from their prior estimate of $4.84. The consensus estimate for Diamondback Energy’s current full-year earnings is $18.63 per share. Roth Capital also issued estimates for Diamondback Energy’s FY2024 earnings at $18.33 EPS, Q1 2025 earnings at $4.62 EPS, Q2 2025 earnings at $4.52 EPS, Q3 2025 earnings at $4.90 EPS, Q4 2025 earnings at $5.45 EPS and FY2025 earnings at $19.47 EPS.

A number of other brokerages also recently issued reports on FANG. Piper Sandler raised their price target on shares of Diamondback Energy from $247.00 to $249.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Royal Bank of Canada raised their target price on Diamondback Energy from $195.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. KeyCorp initiated coverage on Diamondback Energy in a research report on Thursday, June 27th. They issued an “overweight” rating and a $225.00 target price on the stock. Truist Financial increased their price target on Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Barclays boosted their price objective on shares of Diamondback Energy from $214.00 to $216.00 and gave the company an “equal weight” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Diamondback Energy has an average rating of “Moderate Buy” and a consensus target price of $210.00.

Diamondback Energy Trading Up 1.2 %

Diamondback Energy stock traded up $2.28 during midday trading on Thursday, hitting $199.77. 1,289,255 shares of the stock were exchanged, compared to its average volume of 1,572,757. The company has a current ratio of 0.92, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $35.63 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 1.06 and a beta of 1.90. The stock’s 50-day simple moving average is $197.86 and its 200 day simple moving average is $191.12. Diamondback Energy has a fifty-two week low of $143.08 and a fifty-two week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. The business had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The company’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same period last year, the company earned $3.68 EPS.

Institutional Trading of Diamondback Energy

A number of institutional investors have recently bought and sold shares of FANG. Founders Capital Management boosted its stake in Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after acquiring an additional 101 shares in the last quarter. First Community Trust NA purchased a new position in Diamondback Energy during the 2nd quarter worth $26,000. Logan Capital Management Inc. purchased a new stake in shares of Diamondback Energy in the fourth quarter valued at about $31,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy in the fourth quarter valued at about $34,000. Finally, HHM Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy during the second quarter worth about $40,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Diamondback Energy

In related news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the completion of the transaction, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.48% of the company’s stock.

Diamondback Energy Increases Dividend

The firm also recently declared a None dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th will be paid a $2.34 dividend. This is an increase from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date is Thursday, August 15th. This represents a dividend yield of 1.9%. Diamondback Energy’s payout ratio is 20.29%.

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.