Wall Street brokerages forecast that Diamondback Energy Inc (NASDAQ:FANG) will announce sales of $1.07 billion for the current fiscal quarter, Zacks Investment Research reports. Fourteen analysts have provided estimates for Diamondback Energy’s earnings, with estimates ranging from $881.00 million to $1.15 billion. Diamondback Energy posted sales of $526.27 million in the same quarter last year, which suggests a positive year over year growth rate of 103.3%. The business is expected to report its next earnings results on Wednesday, August 14th.
On average, analysts expect that Diamondback Energy will report full-year sales of $4.28 billion for the current financial year, with estimates ranging from $3.88 billion to $4.74 billion. For the next financial year, analysts expect that the firm will post sales of $5.69 billion, with estimates ranging from $4.87 billion to $7.92 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Diamondback Energy.
Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, May 7th. The oil and natural gas company reported $1.39 EPS for the quarter, beating the Zacks’ consensus estimate of $1.36 by $0.03. The business had revenue of $864.00 million during the quarter, compared to analysts’ expectations of $893.16 million. Diamondback Energy had a net margin of 27.05% and a return on equity of 6.81%. The company’s quarterly revenue was up 80.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.64 earnings per share.
FANG has been the subject of several recent analyst reports. Morgan Stanley raised their price objective on shares of Diamondback Energy from $147.00 to $154.00 and gave the stock an “overweight” rating in a research report on Thursday, February 21st. KeyCorp increased their target price on shares of Diamondback Energy from $116.00 to $124.00 and gave the stock an “overweight” rating in a research note on Monday, April 22nd. ValuEngine raised shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, April 23rd. Roth Capital set a $166.00 target price on shares of Diamondback Energy and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $148.00 target price on shares of Diamondback Energy in a research note on Monday, March 11th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $160.74.
In related news, insider Randall J. Holder sold 4,000 shares of Diamondback Energy stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $104.13, for a total value of $416,520.00. Following the completion of the transaction, the insider now owns 14,448 shares in the company, valued at $1,504,470.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jennifer Soliman sold 350 shares of Diamondback Energy stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $104.41, for a total transaction of $36,543.50. Following the completion of the transaction, the vice president now owns 2,624 shares of the company’s stock, valued at approximately $273,971.84. The disclosure for this sale can be found here. In the last three months, insiders sold 9,350 shares of company stock valued at $1,013,964. Insiders own 0.47% of the company’s stock.
A number of institutional investors have recently modified their holdings of FANG. BlackRock Inc. lifted its stake in Diamondback Energy by 103.8% in the fourth quarter. BlackRock Inc. now owns 10,172,829 shares of the oil and natural gas company’s stock worth $943,023,000 after acquiring an additional 5,181,063 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in Diamondback Energy by 28,126.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,981,881 shares of the oil and natural gas company’s stock worth $32,000 after acquiring an additional 2,971,317 shares during the last quarter. Boston Partners lifted its stake in Diamondback Energy by 135.9% in the fourth quarter. Boston Partners now owns 3,424,654 shares of the oil and natural gas company’s stock worth $317,465,000 after acquiring an additional 1,973,018 shares during the last quarter. Norges Bank purchased a new position in Diamondback Energy in the fourth quarter worth approximately $141,883,000. Finally, JPMorgan Chase & Co. lifted its stake in Diamondback Energy by 11.4% in the first quarter. JPMorgan Chase & Co. now owns 13,528,463 shares of the oil and natural gas company’s stock worth $1,373,546,000 after acquiring an additional 1,388,245 shares during the last quarter. Institutional investors own 98.97% of the company’s stock.
Shares of NASDAQ FANG traded down $0.91 during mid-day trading on Friday, reaching $98.85. The company’s stock had a trading volume of 45,798 shares, compared to its average volume of 1,871,957. Diamondback Energy has a 1-year low of $85.19 and a 1-year high of $140.78. The stock has a market capitalization of $15.98 billion, a price-to-earnings ratio of 16.87, a price-to-earnings-growth ratio of 0.58 and a beta of 0.83. The company has a quick ratio of 0.59, a current ratio of 0.62 and a debt-to-equity ratio of 0.32.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 28th were paid a $0.188 dividend. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, May 24th. This represents a $0.75 annualized dividend and a dividend yield of 0.76%. Diamondback Energy’s dividend payout ratio (DPR) is presently 12.78%.
Diamondback Energy Company Profile
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily 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.
Read More: Why are percentage gainers important?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Diamondback Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Diamondback Energy and related companies with MarketBeat.com's FREE daily email newsletter.