Diamondback Energy (NASDAQ:FANG) Issues Earnings Results, Beats Estimates By $0.57 EPS


Share on StockTwits

Diamondback Energy (NASDAQ:FANG) announced its quarterly earnings results on Sunday. The oil and natural gas company reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.57, MarketWatch Earnings reports. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $864.18 million. Diamondback Energy had a positive return on equity of 5.10% and a negative net margin of 135.48%. The company’s quarterly revenue was up 31.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.45 earnings per share.

Diamondback Energy stock traded down $4.72 during midday trading on Tuesday, reaching $79.20. The stock had a trading volume of 4,626,976 shares, compared to its average volume of 2,931,769. The company has a quick ratio of 0.43, a current ratio of 0.45 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $14.33 billion, a PE ratio of -2.96, a P/E/G ratio of 0.59 and a beta of 2.59. Diamondback Energy has a 12 month low of $23.63 and a 12 month high of $88.75. The firm’s 50-day moving average price is $77.44 and its 200 day moving average price is $58.06.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 11th. Investors of record on Thursday, March 4th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, March 3rd. This represents a $1.60 annualized dividend and a yield of 2.02%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.38. Diamondback Energy’s dividend payout ratio (DPR) is 23.09%.

In related news, CEO Travis D. Stice sold 20,000 shares of the business’s stock in a transaction on Thursday, April 29th. The stock was sold at an average price of $85.00, for a total transaction of $1,700,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Hof Matthew Kaes Van’t sold 1,900 shares of the stock in a transaction dated Friday, March 19th. The stock was sold at an average price of $77.24, for a total value of $146,756.00. Following the sale, the chief financial officer now directly owns 67,043 shares in the company, valued at approximately $5,178,401.32. The disclosure for this sale can be found here. 0.47% of the stock is owned by company insiders.

Several research firms recently issued reports on FANG. Siebert Williams Shank reissued a “buy” rating and issued a $89.00 price target on shares of Diamondback Energy in a research report on Tuesday, April 13th. Citigroup lifted their price objective on shares of Diamondback Energy from $82.00 to $100.00 in a report on Tuesday, March 23rd. Morgan Stanley upped their target price on shares of Diamondback Energy from $103.00 to $107.00 and gave the stock an “overweight” rating in a report on Monday, April 26th. Raymond James reiterated a “buy” rating on shares of Diamondback Energy in a research note on Tuesday, April 13th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price objective on Diamondback Energy from $82.00 to $100.00 in a research note on Tuesday, March 23rd. Four analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Diamondback Energy has a consensus rating of “Buy” and a consensus target price of $81.35.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily 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.

Featured Article: Cost of equity and a company’s balance sheet

Earnings History for Diamondback Energy (NASDAQ:FANG)

Receive News & Ratings for Diamondback Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Diamondback Energy and related companies with MarketBeat.com's FREE daily email newsletter.