Diamondback Energy (NASDAQ:FANG – Get Free Report) released its quarterly earnings results on Monday. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.08 by $0.40, FiscalAI reports. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The company had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $4.89 billion.
Diamondback Energy Price Performance
FANG traded down $4.20 during trading on Monday, hitting $198.75. 2,136,010 shares of the stock traded hands, compared to its average volume of 2,676,913. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55. Diamondback Energy has a twelve month low of $134.30 and a twelve month high of $214.51. The company has a market cap of $55.91 billion, a price-to-earnings ratio of 231.11 and a beta of 0.43. The business has a 50 day moving average price of $190.79 and a 200 day moving average price of $184.65.
Analyst Ratings Changes
Several equities research analysts recently weighed in on the stock. Truist Financial reduced their target price on shares of Diamondback Energy from $242.00 to $220.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. Sanford C. Bernstein increased their target price on Diamondback Energy from $237.00 to $241.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Roth Capital set a $212.00 price target on Diamondback Energy and gave the company a “buy” rating in a report on Monday, June 22nd. Citigroup cut their target price on Diamondback Energy from $245.00 to $221.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. Finally, Zacks Research downgraded Diamondback Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $218.63.
Insider Activity at Diamondback Energy
In other news, Director Mark Lawrence Plaumann sold 500 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total transaction of $98,250.00. Following the sale, the director directly owned 13,437 shares in the company, valued at approximately $2,640,370.50. The trade was a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Matt Zmigrosky sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $200.54, for a total transaction of $1,002,700.00. Following the completion of the transaction, the executive vice president owned 46,392 shares of the company’s stock, valued at approximately $9,303,451.68. This trade represents a 9.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 113,691 shares of company stock valued at $21,622,752. Company insiders own 0.64% of the company’s stock.
Hedge Funds Weigh In On Diamondback Energy
A number of hedge funds have recently modified their holdings of FANG. JPL Wealth Management LLC acquired a new stake in Diamondback Energy in the third quarter valued at $26,000. DV Equities LLC acquired a new stake in shares of Diamondback Energy in the fourth quarter valued at about $38,000. Wealth Watch Advisors INC acquired a new stake in shares of Diamondback Energy in the third quarter valued at about $45,000. Measured Wealth Private Client Group LLC bought a new position in shares of Diamondback Energy during the third quarter worth about $48,000. Finally, Safe Harbor Fiduciary LLC bought a new position in shares of Diamondback Energy during the fourth quarter worth about $74,000. Institutional investors and hedge funds own 90.01% of the company’s stock.
Diamondback Energy Company Profile
Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.
Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.
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