Scotiabank Expects Lower Earnings for Diamondback Energy

Diamondback Energy, Inc. (NASDAQ:FANG) – Stock analysts at Scotiabank lowered their FY2024 earnings per share estimates for shares of Diamondback Energy in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the oil and natural gas company will post earnings of $16.20 per share for the year, down from their prior forecast of $19.75. Scotiabank has a “Sector Outperform” rating and a $225.00 price target on the stock. The consensus estimate for Diamondback Energy’s current full-year earnings is $16.51 per share. Scotiabank also issued estimates for Diamondback Energy’s FY2025 earnings at $15.20 EPS.

A number of other research firms also recently issued reports on FANG. The Goldman Sachs Group initiated coverage on shares of Diamondback Energy in a research note on Monday, December 2nd. They issued a “buy” rating and a $227.00 price target for the company. Johnson Rice lowered Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. Wolfe Research upgraded Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price target on the stock in a research report on Friday, January 3rd. KeyCorp decreased their price objective on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Finally, Susquehanna dropped their target price on shares of Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $210.08.

Diamondback Energy Stock Up 0.0 %

Shares of NASDAQ FANG opened at $177.68 on Monday. The firm has a fifty day simple moving average of $170.76 and a two-hundred day simple moving average of $183.46. The firm has a market capitalization of $51.88 billion, a PE ratio of 10.17, a price-to-earnings-growth ratio of 1.19 and a beta of 1.88. 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 $147.93 and a 12 month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its 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 business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. Diamondback Energy’s revenue was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.49 EPS.

Institutional Trading of Diamondback Energy

Hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. grew its position in Diamondback Energy by 48.5% during the third quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock valued at $28,008,000 after buying an additional 47,951 shares during the period. Benjamin Edwards Inc. grew its position in shares of Diamondback Energy by 368.1% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,784 shares of the oil and natural gas company’s stock valued at $1,687,000 after acquiring an additional 7,694 shares during the period. Everence Capital Management Inc. purchased a new stake in shares of Diamondback Energy in the 4th quarter worth $1,053,000. Geode Capital Management LLC raised its holdings in Diamondback Energy by 6.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company’s stock worth $793,611,000 after purchasing an additional 266,299 shares during the period. Finally, Atria Investments Inc lifted its position in Diamondback Energy by 18.5% during the third quarter. Atria Investments Inc now owns 42,678 shares of the oil and natural gas company’s stock valued at $7,358,000 after purchasing an additional 6,672 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling at Diamondback Energy

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the transaction, the director now directly owns 4,712 shares of the company’s stock, valued at $852,872. This represents a 19.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.48% of the company’s stock.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Thursday, November 14th. Diamondback Energy’s dividend payout ratio is currently 20.61%.

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.