Diamondback Energy (NASDAQ:FANG) Announces Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Diamondback Energy (NASDAQ:FANG) posted its earnings results on Tuesday. The oil and natural gas company reported $3.64 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07, Zacks reports. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion.

Diamondback Energy Trading Up 1.3 %

Shares of NASDAQ FANG traded up $2.03 during midday trading on Thursday, hitting $154.46. The stock had a trading volume of 397,783 shares, compared to its average volume of 2,188,330. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. Diamondback Energy has a 1-year low of $151.00 and a 1-year high of $214.50. The company has a market capitalization of $45.10 billion, a price-to-earnings ratio of 8.87, a PEG ratio of 1.24 and a beta of 1.86. The company has a fifty day moving average price of $165.28 and a 200 day moving average price of $175.77.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.59%. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, March 6th. Diamondback Energy’s dividend payout ratio (DPR) is 25.32%.

Wall Street Analyst Weigh In

Several research firms recently commented on FANG. Raymond James boosted their price objective on shares of Diamondback Energy from $237.00 to $256.00 and gave the stock a “strong-buy” rating in a research report on Thursday, January 23rd. Wells Fargo & Company increased their price target on shares of Diamondback Energy from $218.00 to $219.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Truist Financial lifted their price objective on Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. The Goldman Sachs Group assumed coverage on Diamondback Energy in a report on Monday, December 2nd. They set a “buy” rating and a $227.00 target price on the stock. Finally, Morgan Stanley boosted their price target on Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $216.09.

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.