$296.52 Million in Sales Expected for Diamondback Energy, Inc. (NASDAQ:FANG) This Quarter
Brokerages expect Diamondback Energy, Inc. (NASDAQ:FANG) to report $296.52 million in sales for the current fiscal quarter, Zacks reports. Eleven analysts have made estimates for Diamondback Energy’s earnings, with estimates ranging from $271.10 million to $337.17 million. Diamondback Energy posted sales of $142.13 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 108.6%. The business is expected to announce its next earnings results on Monday, November 6th.
According to Zacks, analysts expect that Diamondback Energy will report full year sales of $296.52 million for the current fiscal year, with estimates ranging from $1.08 billion to $1.23 billion. For the next year, analysts forecast that the firm will report sales of $1.56 billion per share, with estimates ranging from $1.12 billion to $2.06 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Diamondback Energy.
Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 EPS for the quarter, beating the consensus estimate of $0.96 by $0.44. Diamondback Energy had a net margin of 38.24% and a return on equity of 8.09%. The company had revenue of $267.40 million for the quarter, compared to analyst estimates of $258.75 million. During the same quarter last year, the business earned $0.26 earnings per share. Diamondback Energy’s revenue was up 137.7% compared to the same quarter last year.
Several equities analysts recently issued reports on FANG shares. BidaskClub raised shares of Diamondback Energy from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Roth Capital lifted their price target on shares of Diamondback Energy from $120.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, July 27th. BMO Capital Markets set a $100.00 target price on shares of Diamondback Energy and gave the stock a “buy” rating in a research note on Tuesday, August 1st. Northland Securities set a $125.00 target price on shares of Diamondback Energy and gave the stock a “buy” rating in a research note on Monday, July 17th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $151.00 target price on shares of Diamondback Energy in a research note on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-two have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $115.31.
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In related news, Director Mark Lawrence Plaumann sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $101.52, for a total transaction of $101,520.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven E. West acquired 2,400 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The shares were purchased at an average price of $103.45 per share, with a total value of $248,280.00. Following the acquisition, the director now owns 2,400 shares of the company’s stock, valued at approximately $248,280. The disclosure for this purchase can be found here. 0.41% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of FANG. Denali Advisors LLC purchased a new position in shares of Diamondback Energy during the first quarter worth about $1,120,000. Peregrine Capital Management LLC boosted its position in shares of Diamondback Energy by 7.4% in the first quarter. Peregrine Capital Management LLC now owns 151,401 shares of the oil and natural gas company’s stock worth $15,619,000 after buying an additional 10,398 shares in the last quarter. Creative Planning boosted its position in shares of Diamondback Energy by 778.0% in the first quarter. Creative Planning now owns 11,712 shares of the oil and natural gas company’s stock worth $1,215,000 after buying an additional 10,378 shares in the last quarter. Gulf International Bank UK Ltd boosted its position in shares of Diamondback Energy by 24.8% in the first quarter. Gulf International Bank UK Ltd now owns 28,675 shares of the oil and natural gas company’s stock worth $2,974,000 after buying an additional 5,700 shares in the last quarter. Finally, CWM LLC boosted its position in shares of Diamondback Energy by 6.9% in the first quarter. CWM LLC now owns 12,911 shares of the oil and natural gas company’s stock worth $1,339,000 after buying an additional 829 shares in the last quarter. Hedge funds and other institutional investors own 98.39% of the company’s stock.
Shares of Diamondback Energy (NASDAQ FANG) opened at 95.21 on Monday. Diamondback Energy has a 52 week low of $82.77 and a 52 week high of $114.00. The firm has a 50 day moving average of $89.98 and a 200 day moving average of $98.63. The firm has a market cap of $9.34 billion, a price-to-earnings ratio of 2025.74 and a beta of 1.06.
About Diamondback Energy
Diamondback Energy, Inc is an independent oil and natural gas company. The Company focuses on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2016, the Company’s total net acreage position in the Permian Basin was approximately 105,894 net acres.
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