Diamondback Energy Inc (NASDAQ:FANG) Expected to Post Quarterly Sales of $1.02 Billion

Equities analysts expect Diamondback Energy Inc (NASDAQ:FANG) to announce $1.02 billion in sales for the current fiscal quarter, according to Zacks. Fourteen analysts have issued estimates for Diamondback Energy’s earnings, with estimates ranging from $881.00 million to $1.08 billion. Diamondback Energy posted sales of $526.27 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 93.8%. The business is scheduled to issue its next earnings results after the market closes on Tuesday, August 6th.

On average, analysts expect that Diamondback Energy will report full year sales of $4.17 billion for the current financial year, with estimates ranging from $3.81 billion to $4.48 billion. For the next fiscal year, analysts forecast that the firm will post sales of $5.53 billion, with estimates ranging from $4.82 billion to $7.92 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that cover Diamondback Energy.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, May 7th. The oil and natural gas company reported $1.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.36 by $0.03. The company had revenue of $864.00 million during the quarter, compared to the consensus estimate of $893.16 million. Diamondback Energy had a net margin of 27.05% and a return on equity of 6.81%. Diamondback Energy’s revenue for the quarter was up 80.4% on a year-over-year basis. During the same period last year, the firm earned $1.64 EPS.

Several research analysts recently commented on the stock. Bank of America raised their price objective on shares of Diamondback Energy from $165.00 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, May 21st. Raymond James raised shares of Diamondback Energy from an “outperform” rating to a “strong-buy” rating in a report on Thursday, May 9th. TD Securities raised their price objective on shares of Diamondback Energy from $155.00 to $160.00 and gave the stock an “action list buy” rating in a report on Thursday, June 20th. Williams Capital reaffirmed a “buy” rating and issued a $165.00 price objective on shares of Diamondback Energy in a report on Tuesday. Finally, Morgan Stanley cut their price objective on shares of Diamondback Energy from $151.00 to $143.00 and set an “overweight” rating for the company in a report on Friday, July 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have given a buy rating and three have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $158.71.

In other Diamondback Energy news, VP Russell Pantermuehl sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $112.18, for a total value of $560,900.00. Following the sale, the vice president now owns 117,107 shares of the company’s stock, valued at approximately $13,137,063.26. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Hof Matthew Kaes Van’t sold 1,500 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $107.47, for a total transaction of $161,205.00. Following the completion of the sale, the chief financial officer now directly owns 27,465 shares in the company, valued at approximately $2,951,663.55. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,500 shares of company stock worth $1,258,505. 0.47% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in FANG. Cullen Frost Bankers Inc. boosted its stake in shares of Diamondback Energy by 29.6% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 2,002 shares of the oil and natural gas company’s stock valued at $218,000 after purchasing an additional 457 shares in the last quarter. Wright Investors Service Inc. purchased a new position in Diamondback Energy during the 2nd quarter valued at about $210,000. Amica Retiree Medical Trust purchased a new position in Diamondback Energy during the 2nd quarter valued at about $74,000. DekaBank Deutsche Girozentrale lifted its position in Diamondback Energy by 40.6% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 35,634 shares of the oil and natural gas company’s stock valued at $3,903,000 after acquiring an additional 10,291 shares during the period. Finally, Coastal Investment Advisors Inc. lifted its position in Diamondback Energy by 93.5% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 503 shares of the oil and natural gas company’s stock valued at $54,000 after acquiring an additional 243 shares during the period. 99.24% of the stock is currently owned by institutional investors and hedge funds.

FANG traded down $6.03 on Thursday, hitting $97.40. The company’s stock had a trading volume of 4,794,720 shares, compared to its average volume of 1,751,522. The stock’s 50 day simple moving average is $105.30. The stock has a market cap of $17.03 billion, a price-to-earnings ratio of 16.59, a P/E/G ratio of 0.65 and a beta of 0.85. Diamondback Energy has a 12 month low of $85.19 and a 12 month high of $140.78. The company has a current ratio of 0.62, a quick ratio of 0.59 and a debt-to-equity ratio of 0.32.

Diamondback Energy Company Profile

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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Earnings History and Estimates for Diamondback Energy (NASDAQ:FANG)

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