Research Analysts Set Expectations for FANG FY2024 Earnings

Diamondback Energy, Inc. (NASDAQ:FANG) – Analysts at Zacks Research lowered their FY2024 EPS estimates for shares of Diamondback Energy in a research report issued to clients and investors on Monday, November 18th. Zacks Research analyst N. Choudhury now forecasts that the oil and natural gas company will post earnings of $15.53 per share for the year, down from their prior estimate of $16.53. The consensus estimate for Diamondback Energy’s current full-year earnings is $16.78 per share. Zacks Research also issued estimates for Diamondback Energy’s Q1 2025 earnings at $3.72 EPS, Q1 2026 earnings at $3.81 EPS, Q2 2026 earnings at $3.88 EPS, Q3 2026 earnings at $3.97 EPS and FY2026 earnings at $15.72 EPS.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter last year, the firm earned $5.49 earnings per share.

A number of other research firms also recently issued reports on FANG. Benchmark reissued a “buy” rating and issued a $195.00 price target on shares of Diamondback Energy in a research note on Tuesday, October 29th. Truist Financial increased their price target on shares of Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. BMO Capital Markets raised shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $205.00 to $215.00 in a research note on Friday, October 4th. Citigroup initiated coverage on shares of Diamondback Energy in a research note on Monday, October 14th. They issued a “neutral” rating and a $195.00 price target for the company. Finally, JPMorgan Chase & Co. began coverage on shares of Diamondback Energy in a research note on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $212.00.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG opened at $181.46 on Wednesday. The company has a market cap of $52.98 billion, a price-to-earnings ratio of 10.39, a price-to-earnings-growth ratio of 1.26 and a beta of 1.89. The company has a 50-day moving average price of $181.65 and a 200-day moving average price of $191.00. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. Diamondback Energy has a 12 month low of $145.70 and a 12 month high of $214.50.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 14th will be given a $0.90 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.60 annualized dividend and a dividend yield of 1.98%. Diamondback Energy’s dividend payout ratio is presently 20.61%.

Insider Buying and Selling

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the sale, the director now owns 4,712 shares of the company’s stock, valued at $852,872. This trade represents a 19.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This trade represents a 92.72 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC boosted its position in shares of Diamondback Energy by 178.1% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock valued at $6,112,000 after purchasing an additional 19,552 shares during the period. Atria Investments Inc raised its stake in shares of Diamondback Energy by 18.5% in the 3rd quarter. Atria Investments Inc now owns 42,678 shares of the oil and natural gas company’s stock valued at $7,358,000 after acquiring an additional 6,672 shares in the last quarter. Cullen Investment Group LTD. grew its holdings in Diamondback Energy by 33.5% in the 3rd quarter. Cullen Investment Group LTD. now owns 11,978 shares of the oil and natural gas company’s stock valued at $2,065,000 after buying an additional 3,008 shares during the last quarter. ORG Partners LLC grew its holdings in Diamondback Energy by 2,768.9% in the 2nd quarter. ORG Partners LLC now owns 4,332 shares of the oil and natural gas company’s stock valued at $883,000 after buying an additional 4,181 shares during the last quarter. Finally, Clearbridge Investments LLC acquired a new stake in Diamondback Energy in the 1st quarter valued at approximately $40,533,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Company Profile

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.