Diamondback Energy, Inc. (NASDAQ:FANG) Expected to Post Quarterly Sales of $1.69 Billion

Wall Street brokerages forecast that Diamondback Energy, Inc. (NASDAQ:FANG) will announce $1.69 billion in sales for the current quarter, Zacks reports. Seven analysts have made estimates for Diamondback Energy’s earnings, with estimates ranging from $1.58 billion to $1.99 billion. Diamondback Energy posted sales of $769.00 million in the same quarter last year, which suggests a positive year over year growth rate of 119.8%. The firm is scheduled to announce its next quarterly earnings report on Monday, February 28th.

On average, analysts expect that Diamondback Energy will report full year sales of $6.06 billion for the current financial year, with estimates ranging from $5.52 billion to $6.76 billion. For the next fiscal year, analysts forecast that the firm will report sales of $7.11 billion, with estimates ranging from $6.76 billion to $7.49 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Diamondback Energy.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Sunday, October 31st. The oil and natural gas company reported $2.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.81 by $0.13. Diamondback Energy had a net margin of 7.95% and a return on equity of 12.95%. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the business earned $0.62 EPS. The company’s revenue was up 165.3% on a year-over-year basis.

Several equities analysts have issued reports on FANG shares. Credit Suisse Group upped their price objective on shares of Diamondback Energy from $115.00 to $125.00 and gave the company an “outperform” rating in a research note on Tuesday, November 2nd. Wells Fargo & Company raised their target price on shares of Diamondback Energy from $112.00 to $137.00 and gave the stock an “overweight” rating in a research report on Friday, November 19th. Morgan Stanley raised their target price on shares of Diamondback Energy from $122.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, November 19th. Roth Capital raised their target price on shares of Diamondback Energy from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, October 19th. Finally, Mizuho raised their target price on shares of Diamondback Energy from $127.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, October 26th. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Diamondback Energy currently has a consensus rating of “Buy” and an average target price of $112.56.

FANG stock traded down $6.72 during trading on Tuesday, hitting $107.48. 3,128,352 shares of the company’s stock were exchanged, compared to its average volume of 2,678,258. The business has a 50-day moving average price of $105.53 and a two-hundred day moving average price of $89.86. The stock has a market capitalization of $19.47 billion, a price-to-earnings ratio of 55.98, a PEG ratio of 0.46 and a beta of 2.57. Diamondback Energy has a 52-week low of $39.30 and a 52-week high of $117.71. The company has a current ratio of 0.73, a quick ratio of 0.71 and a debt-to-equity ratio of 0.56.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 18th. Investors of record on Thursday, November 11th were given a dividend of $0.50 per share. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend was Tuesday, November 9th. Diamondback Energy’s payout ratio is currently 104.17%.

In other news, Director Steven E. West sold 8,500 shares of the firm’s stock in a transaction on Monday, November 8th. The stock was sold at an average price of $117.43, for a total transaction of $998,155.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Teresa L. Dick sold 5,000 shares of the firm’s stock in a transaction on Monday, November 8th. The stock was sold at an average price of $116.45, for a total value of $582,250.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,500 shares of company stock worth $2,479,105. 0.47% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the business. Dark Forest Capital Management LP purchased a new position in shares of Diamondback Energy in the 3rd quarter valued at $26,000. Huntington National Bank lifted its position in Diamondback Energy by 52.1% during the 3rd quarter. Huntington National Bank now owns 321 shares of the oil and natural gas company’s stock worth $30,000 after acquiring an additional 110 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in Diamondback Energy during the 2nd quarter worth approximately $35,000. Whittier Trust Co. lifted its position in Diamondback Energy by 93.2% during the 3rd quarter. Whittier Trust Co. now owns 485 shares of the oil and natural gas company’s stock worth $46,000 after acquiring an additional 234 shares in the last quarter. Finally, IndexIQ Advisors LLC lifted its position in Diamondback Energy by 203.2% during the 2nd quarter. IndexIQ Advisors LLC now owns 570 shares of the oil and natural gas company’s stock worth $54,000 after acquiring an additional 382 shares in the last quarter. Institutional investors own 87.19% of the company’s stock.

Diamondback Energy Company Profile

Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.

See Also: FTSE 100 Index

Get a free copy of the Zacks research report on Diamondback Energy (FANG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Diamondback Energy (NASDAQ:FANG)

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.