Diamondback Energy Inc (NASDAQ:FANG) – Oppenheimer cut their Q3 2019 earnings per share (EPS) estimates for shares of Diamondback Energy in a research note issued to investors on Thursday, August 8th. Oppenheimer analyst T. Rezvan now forecasts that the oil and natural gas company will post earnings per share of $2.23 for the quarter, down from their previous estimate of $2.24. Oppenheimer currently has a “Buy” rating and a $151.00 target price on the stock. Oppenheimer also issued estimates for Diamondback Energy’s Q4 2019 earnings at $2.52 EPS, FY2019 earnings at $7.83 EPS, Q1 2020 earnings at $3.08 EPS, Q2 2020 earnings at $3.23 EPS, Q3 2020 earnings at $3.33 EPS, Q4 2020 earnings at $3.44 EPS and FY2020 earnings at $13.06 EPS.
Several other brokerages have also weighed in on FANG. Credit Suisse Group began coverage on Diamondback Energy in a research report on Monday, June 17th. They issued an “outperform” rating and a $135.00 target price on the stock. Bank of America increased their target price on Diamondback Energy from $165.00 to $170.00 and gave the stock a “buy” rating in a research report on Tuesday, May 21st. MKM Partners began coverage on Diamondback Energy in a research report on Friday, June 28th. They issued a “buy” rating on the stock. ValuEngine lowered Diamondback Energy from a “hold” rating to a “sell” rating in a research report on Friday, July 26th. Finally, Wells Fargo & Co increased their target price on Diamondback Energy from $169.00 to $171.00 and gave the stock an “outperform” rating in a research report on Monday. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, twenty-five have issued a buy rating and three have issued a strong buy rating to the company’s stock. Diamondback Energy currently has an average rating of “Buy” and an average price target of $157.39.
Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Tuesday, August 6th. The oil and natural gas company reported $1.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.74 by ($0.04). The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.04 billion. Diamondback Energy had a net margin of 26.92% and a return on equity of 6.50%. The business’s revenue was up 93.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.59 earnings per share.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 26th. Stockholders of record on Friday, August 16th will be paid a $0.188 dividend. The ex-dividend date is Thursday, August 15th. This represents a $0.75 annualized dividend and a dividend yield of 0.75%. Diamondback Energy’s payout ratio is 12.78%.
In other news, CEO Travis D. Stice bought 4,186 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average price of $95.55 per share, with a total value of $399,972.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Hof Matthew Kaes Van’t sold 1,500 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $107.47, for a total value of $161,205.00. Following the transaction, the chief financial officer now directly owns 27,465 shares of the company’s stock, valued at approximately $2,951,663.55. The disclosure for this sale can be found here. In the last three months, insiders sold 11,500 shares of company stock valued at $1,258,505. Company insiders own 0.47% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its position in shares of Diamondback Energy by 11.4% in the 1st quarter. JPMorgan Chase & Co. now owns 13,528,463 shares of the oil and natural gas company’s stock valued at $1,373,546,000 after purchasing an additional 1,388,245 shares during the period. BlackRock Inc. boosted its position in shares of Diamondback Energy by 4.7% in the 2nd quarter. BlackRock Inc. now owns 10,717,934 shares of the oil and natural gas company’s stock valued at $1,167,931,000 after purchasing an additional 485,647 shares during the period. Boston Partners boosted its position in shares of Diamondback Energy by 16.5% in the 1st quarter. Boston Partners now owns 3,990,944 shares of the oil and natural gas company’s stock valued at $405,201,000 after purchasing an additional 566,290 shares during the period. Geode Capital Management LLC boosted its position in shares of Diamondback Energy by 128.1% in the 4th quarter. Geode Capital Management LLC now owns 2,040,175 shares of the oil and natural gas company’s stock valued at $188,797,000 after purchasing an additional 1,145,573 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Diamondback Energy by 12.1% in the 2nd quarter. Northern Trust Corp now owns 1,872,258 shares of the oil and natural gas company’s stock valued at $204,020,000 after purchasing an additional 202,584 shares during the period. 99.48% of the stock is owned by institutional investors and hedge funds.
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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