Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) – KeyCorp decreased their Q2 2023 earnings estimates for shares of Diamondback Energy in a research report issued to clients and investors on Monday, March 6th. KeyCorp analyst T. Rezvan now expects that the oil and natural gas company will earn $4.84 per share for the quarter, down from their prior forecast of $5.27. KeyCorp has a "Overweight" rating and a $171.00 price objective on the stock. The consensus estimate for Diamondback Energy's current full-year earnings is $23.09 per share. KeyCorp also issued estimates for Diamondback Energy's Q3 2023 earnings at $5.07 EPS, Q4 2023 earnings at $5.46 EPS, Q1 2024 earnings at $6.02 EPS, Q2 2024 earnings at $5.95 EPS, Q3 2024 earnings at $5.89 EPS, Q4 2024 earnings at $6.11 EPS and FY2024 earnings at $23.97 EPS.

Diamondback Energy (NASDAQ:FANG – Get Rating) last posted its quarterly earnings results on Tuesday, February 21st. The oil and natural gas company reported $5.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.20 by $0.09. Diamondback Energy had a net margin of 45.48% and a return on equity of 29.29%. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same period last year, the firm posted $3.63 EPS. The company's revenue for the quarter was up .4% on a year-over-year basis.

Other analysts also recently issued reports about the stock. Royal Bank of Canada reiterated an "outperform" rating and issued a $182.00 price objective on shares of Diamondback Energy in a research report on Wednesday. Truist Financial raised their target price on shares of Diamondback Energy from $203.00 to $209.00 and gave the company a "buy" rating in a research note on Friday, November 18th. Roth Capital reaffirmed a "buy" rating on shares of Diamondback Energy in a research note on Wednesday, February 22nd. Bank of America cut shares of Diamondback Energy from a "neutral" rating to an "underperform" rating and set a $143.00 price objective on the stock. in a research note on Monday, November 28th. They noted that the move was a valuation call. Finally, Raymond James raised their target price on shares of Diamondback Energy from $200.00 to $205.00 and gave the stock a "strong-buy" rating in a report on Thursday, January 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $181.00.

Diamondback Energy Trading Down 0.2 %

Diamondback Energy stock opened at $142.49 on Wednesday. The firm's 50-day moving average is $142.40 and its 200-day moving average is $141.60. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 0.81. Diamondback Energy has a 1 year low of $103.71 and a 1 year high of $168.95. The company has a market cap of $26.16 billion, a P/E ratio of 5.79, a PEG ratio of 0.28 and a beta of 2.03.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Armstrong Advisory Group Inc. bought a new position in Diamondback Energy in the 4th quarter worth about $25,000. Raleigh Capital Management Inc. increased its stake in Diamondback Energy by 83.5% in the 4th quarter. Raleigh Capital Management Inc. now owns 189 shares of the oil and natural gas company's stock worth $26,000 after acquiring an additional 86 shares during the last quarter. Adirondack Trust Co. increased its stake in Diamondback Energy by 275.0% in the 3rd quarter. Adirondack Trust Co. now owns 225 shares of the oil and natural gas company's stock worth $27,000 after acquiring an additional 165 shares during the last quarter. Private Trust Co. NA bought a new position in Diamondback Energy in the 2nd quarter worth about $28,000. Finally, SOA Wealth Advisors LLC. increased its stake in Diamondback Energy by 72.1% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 241 shares of the oil and natural gas company's stock worth $29,000 after acquiring an additional 101 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

Insider Buying and Selling

In other Diamondback Energy news, VP Matt Zmigrosky sold 2,012 shares of the business's stock in a transaction on Wednesday, December 21st. The stock was sold at an average price of $136.96, for a total value of $275,563.52. Following the transaction, the vice president now owns 23,623 shares of the company's stock, valued at $3,235,406.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.42% of the stock is currently owned by corporate insiders.

Diamondback Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 10th. Stockholders of record on Friday, March 3rd will be issued a dividend of $2.95 per share. The ex-dividend date of this dividend is Thursday, March 2nd. This represents a $11.80 annualized dividend and a dividend yield of 8.28%. Diamondback Energy's dividend payout ratio is 12.99%.

Diamondback Energy Company Profile

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Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.

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