Diamondback Energy Inc (NASDAQ:FANG) – Equities researchers at KeyCorp increased their Q4 2019 earnings per share (EPS) estimates for shares of Diamondback Energy in a note issued to investors on Tuesday, August 14th. KeyCorp analyst D. Deckelbaum now anticipates that the oil and natural gas company will earn $3.81 per share for the quarter, up from their previous estimate of $3.44. KeyCorp currently has a “Buy” rating and a $140.00 target price on the stock.
Several other analysts have also recently weighed in on the stock. Morgan Stanley raised their price objective on shares of Diamondback Energy from $161.00 to $163.00 and gave the company an “overweight” rating in a research report on Thursday, May 24th. TD Securities started coverage on shares of Diamondback Energy in a research report on Thursday, July 5th. They set a “buy” rating and a $165.00 price objective on the stock. Williams Capital restated a “hold” rating and set a $134.00 price objective on shares of Diamondback Energy in a research report on Wednesday, May 9th. Jefferies Financial Group set a $181.00 price objective on shares of Diamondback Energy and gave the company a “buy” rating in a research report on Friday, July 13th. Finally, BidaskClub upgraded shares of Diamondback Energy from a “hold” rating to a “buy” rating in a research report on Friday, April 20th. Six investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $152.56.
Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Wednesday, August 8th. The oil and natural gas company reported $1.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.64 by ($0.05). The company had revenue of $526.30 million for the quarter, compared to analysts’ expectations of $479.57 million. Diamondback Energy had a net margin of 33.37% and a return on equity of 10.56%. The business’s quarterly revenue was up 95.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 EPS.
A number of institutional investors have recently made changes to their positions in FANG. BlueMountain Capital Management LLC bought a new stake in Diamondback Energy in the 2nd quarter worth $64,179,000. Lord Abbett & CO. LLC grew its holdings in Diamondback Energy by 223.0% in the 1st quarter. Lord Abbett & CO. LLC now owns 666,299 shares of the oil and natural gas company’s stock worth $84,300,000 after acquiring an additional 459,995 shares during the last quarter. Capital Growth Management LP bought a new stake in Diamondback Energy in the 1st quarter worth $51,241,000. Arosa Capital Management LP bought a new stake in Diamondback Energy in the 1st quarter worth $34,257,000. Finally, Legal & General Group Plc grew its holdings in Diamondback Energy by 206.8% in the 1st quarter. Legal & General Group Plc now owns 401,479 shares of the oil and natural gas company’s stock worth $50,795,000 after acquiring an additional 270,607 shares during the last quarter. 97.54% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Michael L. Hollis sold 5,000 shares of Diamondback Energy stock in a transaction on Monday, July 16th. The shares were sold at an average price of $128.85, for a total value of $644,250.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Hof Matthew Kaes Van’t sold 832 shares of the firm’s stock in a transaction on Wednesday, June 20th. The stock was sold at an average price of $128.46, for a total transaction of $106,878.72. Following the completion of the sale, the vice president now directly owns 6,897 shares in the company, valued at approximately $885,988.62. The disclosure for this sale can be found here. 0.57% of the stock is owned by company insiders.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 27th. Investors of record on Monday, August 20th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date of this dividend is Friday, August 17th. Diamondback Energy’s payout ratio is presently 9.43%.
Diamondback Energy Company Profile
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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