Diamondback Energy (FANG) Issues Quarterly Earnings Results, Beats Expectations By $0.15 EPS

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Diamondback Energy (NASDAQ:FANG) announced its earnings results on Tuesday. The oil and natural gas company reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.52 by $0.15, Briefing.com reports. Diamondback Energy had a return on equity of 10.56% and a net margin of 33.37%. The business had revenue of $538.03 million for the quarter, compared to analysts’ expectations of $518.32 million. During the same period in the prior year, the business posted $1.33 earnings per share. The firm’s revenue was up 78.6% on a year-over-year basis.

Shares of NASDAQ:FANG traded up $2.50 during trading on Wednesday, reaching $115.87. 3,719,299 shares of the stock were exchanged, compared to its average volume of 1,656,612. The company has a quick ratio of 0.52, a current ratio of 0.54 and a debt-to-equity ratio of 0.33. Diamondback Energy has a 1-year low of $105.66 and a 1-year high of $140.78. The firm has a market capitalization of $11.28 billion, a price-to-earnings ratio of 21.86, a PEG ratio of 0.72 and a beta of 0.70.

In other news, VP Russell Pantermuehl sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $127.80, for a total transaction of $255,600.00. Following the transaction, the vice president now directly owns 89,532 shares of the company’s stock, valued at $11,442,189.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.57% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the company. Bray Capital Advisors acquired a new position in shares of Diamondback Energy during the third quarter worth approximately $116,000. First Hawaiian Bank acquired a new position in shares of Diamondback Energy during the third quarter worth approximately $121,000. Captrust Financial Advisors raised its position in shares of Diamondback Energy by 99.8% during the second quarter. Captrust Financial Advisors now owns 995 shares of the oil and natural gas company’s stock worth $131,000 after purchasing an additional 497 shares during the period. Wedbush Securities Inc. acquired a new position in shares of Diamondback Energy during the second quarter worth approximately $201,000. Finally, Ingalls & Snyder LLC acquired a new position in shares of Diamondback Energy during the third quarter worth approximately $212,000.

Several analysts recently commented on the company. BidaskClub upgraded Diamondback Energy from a “hold” rating to a “buy” rating in a report on Wednesday, July 11th. Zacks Investment Research upgraded Diamondback Energy from a “hold” rating to a “buy” rating and set a $126.00 target price on the stock in a report on Thursday, October 25th. Williams Capital set a $171.00 target price on Diamondback Energy and gave the company a “buy” rating in a report on Wednesday. Morgan Stanley increased their price target on Diamondback Energy from $163.00 to $176.00 and gave the stock an “overweight” rating in a report on Thursday, July 12th. Finally, BMO Capital Markets cut Diamondback Energy from an “outperform” rating to a “market perform” rating and set a $150.00 price target on the stock. in a report on Wednesday, August 15th. Four research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $156.45.

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About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of onshore oil and natural gas reserves in the Permian Basin in West Texas. Its activities are primarily focused on the Wolfcamp, Spraberry, Clearfork, Bone Spring, and Cline formations.

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Earnings History for Diamondback Energy (NASDAQ:FANG)

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