Diamondback Energy (NASDAQ:FANG) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Diamondback Energy (NASDAQ:FANG) announced its quarterly earnings data on Monday. The oil and natural gas company reported $4.52 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01, Briefing.com reports. The business had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The business’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.68 earnings per share.

Diamondback Energy Price Performance

Shares of FANG stock opened at $185.18 on Tuesday. Diamondback Energy has a twelve month low of $143.08 and a twelve month high of $214.50. The business’s fifty day moving average is $198.25 and its 200 day moving average is $190.21. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The stock has a market cap of $33.03 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 1.06 and a beta of 1.90.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the completion of the sale, the chief operating officer now directly owns 69,677 shares in the company, valued at approximately $13,736,123.78. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.48% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FANG has been the topic of several analyst reports. Piper Sandler boosted their price target on shares of Diamondback Energy from $247.00 to $249.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Barclays assumed coverage on shares of Diamondback Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $214.00 price objective on the stock. Scotiabank cut their price target on shares of Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Truist Financial lifted their target price on Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Finally, Bank of America increased their target price on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $209.65.

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.