FANG Earnings: Diamondback Energy Little Changed after EPS Beat
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FANG Earnings: Diamondback Energy Little Changed after EPS Beat

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Earnings per share came in at $4.52, which beat analysts’ consensus estimate of $4.50 per share.

Shares of Diamondback Energy (FANG) were little changed in after-hours trading after the energy company reported earnings for its second quarter of Fiscal Year 2024. Earnings per share came in at $4.52, which beat analysts’ consensus estimate of $4.50 per share. Sales increased by 29.2% year-over-year, with revenue hitting $2.48 billion. This beat analysts’ expectations by $280 million.

During the second quarter, FANG returned over $352 million to shareholders, with the entire amount coming from dividends. Interestingly, although the firm has regularly repurchased its shares in each of the most recent quarters (as demonstrated in the image below), it has opted not to do so this quarter. Nevertheless, it has $1.6 billion remaining under its buyback plan.

Is FANG a Good Stock to Buy Now?

Turning to Wall Street, analysts have a Strong Buy consensus rating on FANG stock based on nine Buys, three Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 31.5% rally in its share price over the past year, the average FANG price target of $220.22 per share implies almost 19% upside potential. However, it’s worth noting that estimates will likely change following today’s earnings report.

See more FANG analyst ratings

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