Diamondback Energy Inc (NASDAQ:FANG) – Stock analysts at KeyCorp lowered their FY2019 earnings estimates for shares of Diamondback Energy in a report issued on Wednesday, November 6th. KeyCorp analyst L. Mariani now anticipates that the oil and natural gas company will post earnings of $6.26 per share for the year, down from their previous forecast of $6.77. KeyCorp currently has a “Overweight” rating and a $125.00 target price on the stock. KeyCorp also issued estimates for Diamondback Energy’s Q4 2019 earnings at $1.70 EPS, Q1 2020 earnings at $1.81 EPS, Q2 2020 earnings at $1.79 EPS and FY2020 earnings at $7.86 EPS.
Several other equities research analysts have also commented on the company. Imperial Capital decreased their price target on Diamondback Energy from $100.00 to $88.00 and set an “outperform” rating on the stock in a research note on Thursday. Susquehanna Bancshares decreased their price target on Diamondback Energy from $125.00 to $130.00 in a research note on Tuesday, October 1st. Citigroup decreased their price target on Diamondback Energy from $135.00 to $118.00 and set a “buy” rating on the stock in a research note on Monday, September 23rd. Piper Jaffray Companies set a $156.00 price target on Diamondback Energy and gave the stock a “buy” rating in a research note on Friday, August 16th. Finally, TheStreet lowered Diamondback Energy from a “b-” rating to a “c+” rating in a research note on Tuesday, October 8th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $141.05.
Shares of NASDAQ:FANG traded up $0.65 during trading on Friday, hitting $76.21. 130,187 shares of the stock were exchanged, compared to its average volume of 1,554,956. The company has a fifty day moving average price of $86.82 and a two-hundred day moving average price of $98.46. The company has a market cap of $14.71 billion, a PE ratio of 12.99, a P/E/G ratio of 0.47 and a beta of 0.78. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 0.29. Diamondback Energy has a 12-month low of $74.55 and a 12-month high of $116.12.
Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, November 5th. The oil and natural gas company reported $1.47 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.71 by ($0.24). The firm had revenue of $975.00 million for the quarter, compared to analysts’ expectations of $1.04 billion. Diamondback Energy had a return on equity of 6.09% and a net margin of 29.59%. Diamondback Energy’s revenue was up 81.6% compared to the same quarter last year. During the same period last year, the firm earned $1.67 EPS.
Hedge funds have recently added to or reduced their stakes in the company. DNB Asset Management AS boosted its position in Diamondback Energy by 1,346.3% in the 2nd quarter. DNB Asset Management AS now owns 251,313 shares of the oil and natural gas company’s stock valued at $27,386,000 after buying an additional 233,937 shares during the last quarter. WINTON GROUP Ltd boosted its position in Diamondback Energy by 4,282.7% in the 2nd quarter. WINTON GROUP Ltd now owns 195,952 shares of the oil and natural gas company’s stock valued at $21,353,000 after buying an additional 191,481 shares during the last quarter. Oliver Luxxe Assets LLC boosted its position in Diamondback Energy by 3.8% in the 2nd quarter. Oliver Luxxe Assets LLC now owns 8,725 shares of the oil and natural gas company’s stock valued at $933,000 after buying an additional 316 shares during the last quarter. Scout Investments Inc. boosted its position in Diamondback Energy by 7.6% in the 2nd quarter. Scout Investments Inc. now owns 208,270 shares of the oil and natural gas company’s stock valued at $22,695,000 after buying an additional 14,703 shares during the last quarter. Finally, Triangle Securities Wealth Management boosted its position in Diamondback Energy by 5.6% in the 2nd quarter. Triangle Securities Wealth Management now owns 8,790 shares of the oil and natural gas company’s stock valued at $940,000 after buying an additional 465 shares during the last quarter. Institutional investors and hedge funds own 99.27% of the company’s stock.
In other Diamondback Energy news, COO Michael L. Hollis sold 2,000 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $102.25, for a total value of $204,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Randall J. Holder sold 3,000 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $100.00, for a total value of $300,000.00. Following the sale, the executive vice president now owns 11,448 shares of the company’s stock, valued at $1,144,800. The disclosure for this sale can be found here. Insiders sold a total of 16,000 shares of company stock valued at $1,621,690 over the last quarter. 0.47% of the stock is currently owned by insiders.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 15th will be issued a $0.1875 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.75 annualized dividend and a yield of 0.98%. Diamondback Energy’s dividend payout ratio (DPR) is presently 12.78%.
About Diamondback Energy
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily 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.
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