Diamondback Energy (NASDAQ:FANG) Releases Earnings Results, Beats Expectations By $0.40 EPS

Diamondback Energy (NASDAQ:FANG) released its quarterly earnings results on Monday. The oil and natural gas company reported $6.48 earnings per share for the quarter, topping analysts’ consensus estimates of $6.08 by $0.40, FiscalAI reports. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The business had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $4.89 billion.

Diamondback Energy Trading Down 2.1%

Shares of FANG stock traded down $4.20 on Monday, reaching $198.75. 2,147,671 shares of the stock were exchanged, compared to its average volume of 2,678,702. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31. The stock has a market cap of $55.91 billion, a P/E ratio of 231.11 and a beta of 0.43. The firm has a 50 day moving average of $190.79 and a two-hundred day moving average of $184.65. Diamondback Energy has a 1-year low of $134.30 and a 1-year high of $214.51.

Analyst Upgrades and Downgrades

A number of analysts have commented on FANG shares. Zacks Research downgraded Diamondback Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Citigroup dropped their price target on Diamondback Energy from $245.00 to $221.00 and set a “buy” rating for the company in a research report on Monday, July 20th. Morgan Stanley cut their price target on Diamondback Energy from $229.00 to $216.00 and set an “overweight” rating for the company in a research note on Monday, June 29th. Sanford C. Bernstein boosted their price objective on shares of Diamondback Energy from $237.00 to $241.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Finally, Mizuho raised their target price on shares of Diamondback Energy from $220.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $218.63.

Insider Transactions at Diamondback Energy

In other news, CAO Teresa L. Dick sold 7,000 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the sale, the chief accounting officer owned 85,755 shares in the company, valued at approximately $17,228,179.50. The trade was a 7.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mark Lawrence Plaumann sold 500 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total transaction of $98,250.00. Following the sale, the director directly owned 13,437 shares of the company’s stock, valued at approximately $2,640,370.50. This trade represents a 3.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 113,691 shares of company stock valued at $21,622,752. Insiders own 0.64% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Institutional investors have recently bought and sold shares of the business. Boston Partners increased its position in shares of Diamondback Energy by 2.9% in the third quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company’s stock worth $821,649,000 after acquiring an additional 163,548 shares in the last quarter. Morgan Stanley boosted its position in Diamondback Energy by 3.2% during the 4th quarter. Morgan Stanley now owns 3,828,941 shares of the oil and natural gas company’s stock worth $575,605,000 after purchasing an additional 117,798 shares during the period. Wellington Management Group LLP increased its holdings in Diamondback Energy by 74.1% in the 4th quarter. Wellington Management Group LLP now owns 3,239,837 shares of the oil and natural gas company’s stock valued at $487,045,000 after purchasing an additional 1,379,010 shares in the last quarter. Invesco Ltd. boosted its holdings in Diamondback Energy by 2.9% in the 4th quarter. Invesco Ltd. now owns 3,212,158 shares of the oil and natural gas company’s stock worth $482,884,000 after acquiring an additional 91,799 shares during the period. Finally, Raymond James Financial Inc. boosted its holdings in Diamondback Energy by 9.2% in the 2nd quarter. Raymond James Financial Inc. now owns 1,952,276 shares of the oil and natural gas company’s stock worth $268,243,000 after acquiring an additional 164,293 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

About Diamondback Energy

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.