Diamondback Energy (NASDAQ:FANG) Announces Quarterly Earnings Results, Misses Estimates By $1.24 EPS

Diamondback Energy (NASDAQ:FANG) announced its earnings results on Monday. The oil and natural gas company reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24), Zacks reports. The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The business’s revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the business earned $5.49 earnings per share.

Diamondback Energy Price Performance

FANG traded down $4.12 on Tuesday, hitting $175.64. 1,295,766 shares of the company were exchanged, compared to its average volume of 1,728,526. The business’s fifty day moving average is $182.94 and its 200 day moving average is $192.79. Diamondback Energy has a fifty-two week low of $145.70 and a fifty-two week high of $214.50. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66. The firm has a market capitalization of $51.77 billion, a P/E ratio of 9.29, a price-to-earnings-growth ratio of 1.23 and a beta of 1.89.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FANG. JPMorgan Chase & Co. initiated coverage on shares of Diamondback Energy in a report on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 target price on the stock. Evercore ISI decreased their target price on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a report on Monday, September 30th. KeyCorp lowered their price objective on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Barclays raised Diamondback Energy from an “equal weight” rating to an “overweight” rating and dropped their target price for the company from $216.00 to $210.00 in a report on Wednesday, October 2nd. Finally, Benchmark reissued a “buy” rating and set a $195.00 target price on shares of Diamondback Energy in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $210.09.

Insider Transactions at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.48% of the company’s stock.

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.