Diamondback Energy Inc (NASDAQ:FANG) – Equities research analysts at SunTrust Banks lifted their Q4 2019 earnings per share estimates for Diamondback Energy in a research note issued to investors on Wednesday, October 16th. SunTrust Banks analyst N. Dingmann now forecasts that the oil and natural gas company will post earnings of $2.14 per share for the quarter, up from their previous estimate of $2.10. SunTrust Banks currently has a “Buy” rating and a $125.00 target price on the stock. SunTrust Banks also issued estimates for Diamondback Energy’s Q4 2020 earnings at $2.45 EPS, FY2020 earnings at $9.27 EPS, Q1 2021 earnings at $2.44 EPS, Q2 2021 earnings at $2.46 EPS, Q3 2021 earnings at $2.54 EPS and FY2021 earnings at $10.06 EPS.
Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, August 6th. The oil and natural gas company reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 6.50% and a net margin of 26.92%. The company’s quarterly revenue was up 93.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.59 earnings per share.
Shares of Diamondback Energy stock opened at $85.69 on Monday. The company has a market capitalization of $13.64 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 0.42 and a beta of 0.77. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 0.29. Diamondback Energy has a 12-month low of $80.75 and a 12-month high of $122.12. The firm’s 50-day moving average price is $90.69 and its two-hundred day moving average price is $99.95.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Essex Investment Management Co. LLC raised its holdings in Diamondback Energy by 90.5% during the 3rd quarter. Essex Investment Management Co. LLC now owns 20,000 shares of the oil and natural gas company’s stock worth $1,798,000 after purchasing an additional 9,500 shares during the last quarter. State of Michigan Retirement System raised its holdings in Diamondback Energy by 5.9% during the 3rd quarter. State of Michigan Retirement System now owns 39,246 shares of the oil and natural gas company’s stock worth $3,529,000 after purchasing an additional 2,200 shares during the last quarter. World Asset Management Inc raised its holdings in Diamondback Energy by 6.4% during the 3rd quarter. World Asset Management Inc now owns 9,382 shares of the oil and natural gas company’s stock worth $844,000 after purchasing an additional 565 shares during the last quarter. Patten Group Inc. raised its holdings in Diamondback Energy by 7.4% during the 3rd quarter. Patten Group Inc. now owns 12,587 shares of the oil and natural gas company’s stock worth $1,132,000 after purchasing an additional 865 shares during the last quarter. Finally, Nippon Life Global Investors Americas Inc. bought a new position in Diamondback Energy during the 3rd quarter worth approximately $6,050,000. Institutional investors and hedge funds own 99.03% of the company’s stock.
In related news, EVP Randall J. Holder sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $103.21, for a total value of $309,630.00. Following the completion of the transaction, the executive vice president now owns 8,448 shares in the company, valued at approximately $871,918.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Michael P. Cross sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $104.75, for a total transaction of $104,750.00. The disclosure for this sale can be found here. Insiders sold 16,000 shares of company stock valued at $1,621,690 in the last three months. Company insiders own 0.47% of the company’s stock.
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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