Diamondback Energy, Inc. (NASDAQ:FANG) is reporting second quarter financial results on Monday 3rd August 2020, after market close.
According to analysts surveyed by Thomson Reuters, FANG is expected to report 2Q20 income of $ 0.01 per share from revenue of $ 596.29 million.
For the full year, analysts anticipate top line of $ 2962.85 million, while looking forward to income of $ 2.17 per share bottom line.
Previous Quarter Performance
Diamondback Energy, Inc. came out with income for the first quarter of $ 1.45 per share, from the revenue of $ 899.00 million. The quarterly earnings extended 4.32 percent while revenues extended 4.05 percent compared with the same quarter last year.
The consensus estimates are income of $ 1.29 per share from $ 979.58 million in revenue. The bottom line results beat street analysts by $ 0.16 or 12.40 percent, at the same time, top line results fell short of analysts by $ 80.58 million or 8.23 percent.
Historical Earnings Performance
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Stock Performance
According to the previous trading day, closing price of FANG was $ 39.86, representing a 173.95 % increase from the 52 week low of $ 14.55 and a 62.38 % decrease over the 52 week high of $ 105.95.
The company has a market capital of $ 6.29 billion and is part of the Energy sector and Oil & Gas E&P industry.
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Recent Analyst recommendations
- On 15th July 2020, maintained by Morgan Stanley at Equal-Weight rating, with $ 33.00 target price.
- On 15th July 2020, maintained by TD Securities at Buy rating, with $ 57.00 target price.
- On 15th July 2020, maintained by Credit Suisse Group at Outperform rating, with $ 57.00 target price.
- On 13th July 2020, maintained by Scotiabank at Sector Outperform rating, with $ 45.00 target price.
Recent Stock Dividend Announcement
The board of directors has authorized quarterly dividend of $ 0.375 per share on May 4, 2020. The dividend were payable on May 21, 2020 to holders of record as of the close of business on May 14, 2020 and ex-dividend date on May 13, 2020.
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. As of December 31, 2018, the companys net acreage position was approximately 461,218 acres in the Permian Basin; and estimated proved oil and natural gas reserves were 992,001 thousand barrels of crude oil equivalent.
