Diamondback Energy (NASDAQ:FANG) Releases Earnings Results, Beats Estimates By $0.14 EPS

Diamondback Energy (NASDAQ:FANG) announced its quarterly earnings data on Monday. The oil and natural gas company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $5.72 by $0.14, FiscalAI reports. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business had revenue of $5.43 billion for the quarter, compared to analyst estimates of $4.60 billion.

Diamondback Energy Trading Down 5.8%

Shares of FANG stock traded down $12.34 during mid-day trading on Monday, reaching $199.74. The company’s stock had a trading volume of 2,764,049 shares, compared to its average volume of 2,588,107. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $55.93 billion, a PE ratio of 38.94 and a beta of 0.49. The company’s 50 day simple moving average is $197.38 and its 200-day simple moving average is $189.06. Diamondback Energy has a 12-month low of $137.03 and a 12-month high of $216.90.

Insiders Place Their Bets

In related news, Director Travis Stice sold 75,000 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $204.31, for a total value of $15,323,250.00. Following the completion of the sale, the director directly owned 49,727 shares in the company, valued at approximately $10,159,723.37. This represents a 60.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles Meloy sold 33,333 shares of the firm’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $183.74, for a total value of $6,124,605.42. Following the completion of the transaction, the director directly owned 759,864 shares in the company, valued at $139,617,411.36. This trade represents a 4.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.64% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group restated a “hold” rating and issued a $215.00 target price (up from $205.00) on shares of Diamondback Energy in a report on Sunday, October 11th. Capital One Financial lifted their price target on shares of Diamondback Energy from $272.00 to $283.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Roth Capital boosted their price objective on shares of Diamondback Energy from $205.00 to $212.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Sanford C. Bernstein restated an “outperform” rating and set a $240.00 price objective (up from $221.00) on shares of Diamondback Energy in a report on Wednesday, September 2nd. Finally, Wall Street Zen raised Diamondback Energy from a “hold” rating to a “buy” rating in a research report on Sunday, September 13th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and an average price target of $228.43.

Diamondback Energy Company Profile

Diamondback Energy, Inc is an independent oil and natural gas company engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. The company’s operations are concentrated in the Permian Basin of West Texas and southeastern New Mexico, particularly the Midland and Delaware Basins.

Diamondback produces crude oil, natural gas and natural gas liquids from horizontal wells and related infrastructure. Its activities include drilling and completing wells, operating gathering and processing assets, and managing midstream services that support production.