Diamondback Energy (NASDAQ:FANG) – Seaport Global Securities reduced their Q2 2018 earnings estimates for Diamondback Energy in a note issued to investors on Tuesday, May 15th. Seaport Global Securities analyst M. Kelly now anticipates that the oil and natural gas company will post earnings of $1.37 per share for the quarter, down from their prior forecast of $1.56. Seaport Global Securities also issued estimates for Diamondback Energy’s Q3 2018 earnings at $1.92 EPS, Q4 2018 earnings at $2.18 EPS, Q1 2019 earnings at $2.54 EPS, Q2 2019 earnings at $2.64 EPS and Q3 2019 earnings at $3.05 EPS.
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Several other research firms have also weighed in on FANG. ValuEngine upgraded Diamondback Energy from a “hold” rating to a “buy” rating in a report on Tuesday, March 27th. Zacks Investment Research raised Diamondback Energy from a “hold” rating to a “buy” rating and set a $146.00 price objective on the stock in a research report on Wednesday, January 17th. BidaskClub downgraded Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Thursday, April 12th. Deutsche Bank started coverage on Diamondback Energy in a research report on Thursday, February 1st. They issued a “buy” rating and a $162.00 price objective on the stock. Finally, Credit Suisse Group set a $143.00 price objective on Diamondback Energy and gave the company a “buy” rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $142.04.
NASDAQ:FANG opened at $128.53 on Wednesday. Diamondback Energy has a fifty-two week low of $123.56 and a fifty-two week high of $129.10. The firm has a market cap of $12.25 billion, a P/E ratio of 24.25, a P/E/G ratio of 0.67 and a beta of 0.84. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.52 and a current ratio of 0.53.
Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Tuesday, May 8th. The oil and natural gas company reported $1.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.59 by $0.05. Diamondback Energy had a return on equity of 10.53% and a net margin of 35.09%. The company had revenue of $480.20 million for the quarter, compared to analyst estimates of $445.78 million. During the same quarter in the prior year, the firm posted $1.04 EPS. Diamondback Energy’s quarterly revenue was up 104.1% compared to the same quarter last year.
Hedge funds have recently modified their holdings of the stock. Next Century Growth Investors LLC bought a new stake in Diamondback Energy during the first quarter valued at about $121,000. ClariVest Asset Management LLC boosted its position in Diamondback Energy by 14,557.1% during the first quarter. ClariVest Asset Management LLC now owns 1,026 shares of the oil and natural gas company’s stock valued at $130,000 after purchasing an additional 1,019 shares in the last quarter. Signaturefd LLC bought a new stake in Diamondback Energy during the first quarter valued at about $132,000. Zions Bancorporation bought a new stake in Diamondback Energy during the first quarter valued at about $136,000. Finally, Captrust Financial Advisors bought a new stake in Diamondback Energy during the fourth quarter valued at about $149,000.
In related news, CEO Travis D. Stice sold 87,150 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $125.20, for a total transaction of $10,911,180.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael L. Hollis sold 3,000 shares of the firm’s stock in a transaction dated Monday, April 16th. The shares were sold at an average price of $118.80, for a total value of $356,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 136,431 shares of company stock worth $17,070,232 in the last three months. Corporate insiders own 0.41% of the company’s stock.
The company also recently declared a special dividend, which will be paid on Tuesday, May 29th. Stockholders of record on Monday, May 21st will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, May 18th.
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.