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Diamondback Energy

Diamondback Energy is an independent oil and gas producer in the United States. The company operates exclusively in the Permian Basin. At the end of 2023, the company reported net proven reserves of 2.2 billion barrels of oil equivalent. Net production averaged about 448,000 barrels per day in 2023, at a ratio of 59% oil, 21% natural gas liquids, and 20% natural gas.

Oil Price Photo by William Potter on Shutterstock

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With its low break-even costs and reliable regulatory framework, the Permian Basin presents an appealing opportunity for oil and gas investors seeking sustained growth and profitability over the long haul. The current favorable oil pricing environment further enhances the business outlook in the United States&#39; most prolific basin.

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Diamondback Energy reports Q1 FY24 revenue of $2.227B, beating consensus of $2.088B. Oil production at high end of guidance, adjusted EBITDA of $1.6B and EPS of $4.50. Maintains FY24 production and capex outlook. 

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Over the past five days, the S&amp;P 500 index dipped by 0.17%. The technology sector, represented by the SPDR Select Sector Fund &#8211; Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), <a href="https://www.benzinga.com/quote/XLE/news">declined by 2.23%</a>.
In stark contrast, the energy sector — tracked by the SPDR Select Sector Fund &#8211; Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) — surged by 2.20%.
This divergence highlights the energy sector as a bright spot worth watching. Here are five energy stocks that have stood out with their recent performance:
<ol>
<li>Baker Hughes Co (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) Baker Hughes soared by 7.25%, reflecting strong momentum and solid positioning within the energy market. The company's focus on advanced technology and services for oil and gas exploration makes it a vital player in the industry.</li>
<li>Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) Exxon Mobil climbed 4.60%, demonstrating its resilience and dominance as a key player in the energy sector. As one of the largest publicly traded energy providers, Exxon Mobil&#8217;s extensive operations span the globe, ensuring its pivotal role in meeting global energy demands.</li>
<li>Diamondback Energy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) Diamondback Energy rose by 4.28%, showcasing its potential for continued growth amidst favorable market conditions. This independent oil and natural gas company focuses on the acquisition, development, and exploration of unconventional onshore oil and natural gas reserves, primarily in the Permian Basin.</li>
<li>Marathon Oil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) Marathon Oil increased by 4.28%, highlighting investor confidence and its strategic importance in the energy landscape. With a strong portfolio of assets in the United States and internationally, Marathon Oil&#8217;s efficient operations and strategic investments drive its competitive edge.</li>
<li>EOG Resources Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) EOG Resources added 4.25%, indicating robust performance and strong investor interest in its growth prospects. Known for its disciplined capital allocation and focus on high-return projects, EOG Resources has established itself as a leader in crude oil and natural gas exploration and production.</li>
</ol>
Also Read: <a href="https://www.benzinga.com/markets/equities/24/06/39496437/exxon-ex-execs-new-firm-to-partner-on-guyanas-next-gas-project-report">Exxon Ex-Exec&#8217;s New Firm To Partner On Guyana&#8217;s Next Gas Project: Report</a>
As the tech sector undergoes corrections, the energy sector's rise offers a compelling alternative. Keeping an eye on these energy stocks could provide strategic opportunities for savvy investors looking to capitalize on the current market dynamics.
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<li><a href="https://www.benzinga.com/partner/commodities/24/06/39522399/1-8-trillion-investment-in-clean-energy-in-2023-highlights-importance-of-critical-materials">$1.8 Trillion Investment In Clean Energy In 2023 Highlights Importance Of Critical Materials</a></li>
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Analysts' ratings for Diamondback Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) over the last quarter vary from bullish to bearish, as provided by 17 analysts.
The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">9</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $223.71, with a high estimate of $255.00 and a low estimate of $154.00. Observing a 5.37% increase, the current average has risen from the previous average price target of $212.31. 
<img src="https://www.benzinga.com/files/images/story/2024/1719511256_0.png" alt="price target chart" />
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
A comprehensive examination of how financial experts perceive Diamondback Energy is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Tim Rezvan</td>
<td>Keybanc</td>
<td>Announces</td>
<td>Overweight</td>
<td>$225.00</td>
<td>-</td>
</tr>
<tr>
<td>Subash Chandra</td>
<td>Benchmark</td>
<td>Maintains</td>
<td>Buy</td>
<td>$154.00</td>
<td>$154.00</td>
</tr>
<tr>
<td>Kalei Akamine</td>
<td>B of A Securities</td>
<td>Announces</td>
<td>Neutral</td>
<td>$201.00</td>
<td>-</td>
</tr>
<tr>
<td>Bob Brackett</td>
<td>Bernstein</td>
<td>Announces</td>
<td>Outperform</td>
<td>$243.00</td>
<td>-</td>
</tr>
<tr>
<td>Nitin Kumar</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Buy</td>
<td>$222.00</td>
<td>$217.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$220.00</td>
<td>$195.00</td>
</tr>
<tr>
<td>Roger Read</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$224.00</td>
<td>$227.00</td>
</tr>
<tr>
<td>Derrick Whitfield</td>
<td>Stifel</td>
<td>Raises</td>
<td>Buy</td>
<td>$229.00</td>
<td>$224.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$250.00</td>
<td>$248.00</td>
</tr>
<tr>
<td>Tim Rezvan</td>
<td>Keybanc</td>
<td>Raises</td>
<td>Overweight</td>
<td>$225.00</td>
<td>$210.00</td>
</tr>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Raises</td>
<td>Positive</td>
<td>$245.00</td>
<td>$212.00</td>
</tr>
<tr>
<td>Mark Lear</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$247.00</td>
<td>$227.00</td>
</tr>
<tr>
<td>Devin McDermott</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$184.00</td>
<td>$186.00</td>
</tr>
<tr>
<td>Paul Cheng</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$255.00</td>
<td>$210.00</td>
</tr>
<tr>
<td>Nitin Kumar</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Buy</td>
<td>$217.00</td>
<td>$200.00</td>
</tr>
<tr>
<td>Betty Jiang</td>
<td>Barclays</td>
<td>Announces</td>
<td>Equal-Weight</td>
<td>$214.00</td>
<td>-</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$248.00</td>
<td>$250.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Diamondback Energy. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Diamondback Energy compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of Diamondback Energy's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Capture valuable insights into Diamondback Energy's market standing by understanding these analyst evaluations alongside pertinent financial indicators. Stay informed and make strategic decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/FANG/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Diamondback Energy analyst ratings.</a>
<h2>All You Need to Know About Diamondback Energy</h2>
Diamondback Energy is an independent oil and gas producer in the United States. The company operates exclusively in the Permian Basin. At the end of 2023, the company reported net proven reserves of 2.2 billion barrels of oil equivalent. Net production averaged about 448,000 barrels per day in 2023, at a ratio of 59% oil, 21% natural gas liquids, and 20% natural gas.
<h3>Understanding the Numbers: Diamondback Energy's Finances</h3>
Market Capitalization: Surpassing industry standards, the company's market capitalization asserts its dominance in terms of size, suggesting a robust market position.
Revenue Growth: Over the 3 months period, Diamondback Energy showcased positive performance, achieving a revenue growth rate of 16.61% as of 31 March, 2024. This reflects a substantial increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Energy sector.
Net Margin: Diamondback Energy's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 34.63% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 4.57%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 2.62%, the company showcases effective utilization of assets.
Debt Management: Diamondback Energy's debt-to-equity ratio is below the industry average at 0.39, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>The Significance of Analyst Ratings Explained</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Expert Ratings For Diamondback Energy

Keybanc analyst Tim Rezvan initiates coverage on Diamondback Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) with a Overweight rating and announces Price Target of $225.

Price Target

Initiation

Keybanc Initiates Coverage On Diamondback Energy with Overweight Rating, Announces Price Target of $225

Diamondback Energy's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NYSE">FANG</a>) short percent of float has risen 3.38% since its last report. The company recently reported that it has 5.23 million shares sold short, which is 3.36% of all regular shares that are available for trading. Based on its trading volume, it would take traders 4.08 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Diamondback Energy Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1718906411_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Diamondback Energy has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Diamondback Energy's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Diamondback Energy's peer group average for short interest as a percentage of float is 7.34%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

(FANG) - Analyzing Diamondback Energy's Short Interest

Benchmark analyst Subash Chandra reiterates Diamondback Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) with a Buy and maintains $154 price target.

Reiteration

Benchmark Reiterates Buy on Diamondback Energy, Maintains $154 Price Target

The U.S. <a href="https://apnews.com/article/us-extreme-heat-wave-f4877dd84b047cdb7f4b5f2ae61da106">faces</a> severe heat waves, impacting areas from the Midwest into much of the Ohio Valley, Great Lakes, Northeast, and Mid-Atlantic through <a href="https://www.benzinga.com/topic/weather">the next few days.</a>
According to the latest updates from the National Oceanic and Atmospheric Administration (NOAA), high temperatures and warm overnight lows will likely challenge daily and even some monthly records.
Heat index readings are expected to peak from 100 to 105 degrees in many locations. 
&#8220;Those without access to reliable air conditioning are urged to find a way to cool down. Record warm overnight temperatures will prevent natural cooling and allow the heat danger to build over time indoors without air conditioning,&#8221; the NOAA wrote.
<h3 class="wp-block-heading">Increased Demand and Rising Prices</h3>
During heat waves, electricity demand typically surges. People rely heavily on air conditioning to cool their homes and businesses.
This surge in electricity use typically drives up natural gas prices. For example, in June 2023, U.S. natural gas prices — as tracked by the US Natural Gas Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNG#NYSE">UNG</a>) — climbed for four consecutive weeks due to elevated temperatures boosting electricity demand.
A similar trend is emerging this year. <a href="https://www.benzinga.com/news/21/08/22684772/henry-hub-remains-the-center-of-natural-gas-markets">Henry Hub gas prices</a> are poised for their third consecutive month of increases, fueled by higher-than-average temperatures in late spring.
<h3 class="wp-block-heading">Analyst Insights</h3>
As the summer of 2024 heats up, investors and analysts are closely watching the implications of soaring temperatures on natural gas prices and related stocks. 
Eli Rubin, a senior analyst at EBW Analytics Group, told Natural Gas Intelligence that the market is poised to seize upon the heat theme throughout the summer. 
&#8220;Chances for significantly hotter-than-normal weather during July and August could raise natural gas demand and drive prices higher,&#8221; Rubin stated.
Cooling degree days (CDD) are increasing. Forecasters use these to estimate the energy demand for air conditioning. DTN's 15-day forecast called for 57 CDD above the 30-year averages, with every single day exceeding peak summer CDD averages.
The combination of shrinking storage surpluses and scorching record heat could drive natural gas prices to exceed long-term fundamentals over the next 30-45 days. &#8220;Medium-term bullish upside is likely, but it is increasingly dependent on blistering weather forecasts coming to fruition,&#8221; Rubin added.
In major areas across the Midwest and Northeast, observers expect heat waves to span at least three days with temperatures of 90 degrees or higher. And tropical storm Alberto — the first tropical storm of the hurricane season — is <a href="https://www.nbcnews.com/news/us-news/tropical-storm-texas-extreme-heat-wave-northeast-rcna157893">currently</a> aiming for Texas and Mexico, putting the Gulf Coast region on flood watch.
AccuWeather forecasts that these high temperatures will likely persist throughout the week, contributing to increased natural gas consumption. &#8220;The increased demand for cooling is going to be a problem here. This could have some impacts on the power grid,&#8221; AccuWeather meteorologist Bernie Rayno warned.
<a href="https://www.benzinga.com/news/24/06/39360337/heat-wave-hits-us-10-stocks-to-watch-during-junes-sweltering-temperatures">Heat Wave Hits US: 10 Stocks To Watch During June&#8217;s Sweltering Temperatures</a>
<h3 class="wp-block-heading">10 Stocks To Watch</h3>
Here are some key stocks for investors to watch:
<ul>
<li>EQT Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>):&nbsp;The largest producer of natural gas in the United States, focusing on the Appalachian Basin.</li>
<li>Chesapeake Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHK#NYSE">CHK</a>): A leading producer of natural gas, oil, and natural gas liquids in the U.S.</li>
<li>Cheniere Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LNG#NYSE">LNG</a>):&nbsp;The top exporter of liquefied natural gas (LNG) in the U.S., operating the Sabine Pass and Corpus Christi LNG terminals.</li>
<li>Canadian Natural Resources Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNQ#NYSE">CNQ</a>):&nbsp;One of the largest independent producers of crude oil and natural gas in the world.</li>
<li>Antero Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AR#NYSE">AR</a>)&nbsp;A top producer of natural gas and natural gas liquids, primarily operating in the Appalachian Basin.</li>
<li>EOG Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>)&nbsp;A producer of crude oil and natural gas, with operations across the U.S.</li>
<li>Kinder Morgan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>)&nbsp;A major energy infrastructure company, operating one of the largest natural gas pipeline networks in North America. The company&#8217;s extensive midstream assets are critical for the transportation and storage of natural gas.</li>
<li>Diamondback Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NYSE">FANG</a>)&nbsp;An independent oil and natural gas company with significant operations in the Permian Basin.</li>
<li>ONEOK Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>)&nbsp;A leading midstream service provider, focusing on natural gas gathering, processing, storage, and transportation.</li>
<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>)&nbsp;An integrated power company combining power generation, retail electricity, and natural gas-fired power plants.</li>
</ul>
Now Read: <a href="https://www.benzinga.com/markets/esg/24/05/39012013/noaa-meteorologists-predict-aggressive-hurricane-season-what-it-means-for-home-depot-generac-other-s">NOAA Meteorologists Predict Aggressive Hurricane Season: What It Means For Home Depot, Generac, Other Storm-Related Stocks</a>
Image by Ron Porter from Pixabay

B of A Securities analyst Kalei Akamine reinstates Diamondback Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) with a Neutral and announces $201 price target.

B of A Securities Reinstates Neutral on Diamondback Energy, Announces $201 Price Target

In the latest quarter, 19 analysts provided ratings for Diamondback Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), showcasing a mix of bullish and bearish perspectives.
The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">12</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">7</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $224.26, a high estimate of $255.00, and a low estimate of $184.00. This upward trend is apparent, with the current average reflecting a 7.85% increase from the previous average price target of $207.94.
<img src="https://www.benzinga.com/files/images/story/2024/1717675274_0.png" alt="price target chart" />
<h2>Decoding Analyst Ratings: A Detailed Look</h2>
The standing of Diamondback Energy among financial experts becomes clear with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Bob Brackett</td>
<td>Bernstein</td>
<td>Announces</td>
<td>Outperform</td>
<td>$243.00</td>
<td>-</td>
</tr>
<tr>
<td>Nitin Kumar</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Buy</td>
<td>$222.00</td>
<td>$217.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$220.00</td>
<td>$195.00</td>
</tr>
<tr>
<td>Roger Read</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$224.00</td>
<td>$227.00</td>
</tr>
<tr>
<td>Derrick Whitfield</td>
<td>Stifel</td>
<td>Raises</td>
<td>Buy</td>
<td>$229.00</td>
<td>$224.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$250.00</td>
<td>$248.00</td>
</tr>
<tr>
<td>Tim Rezvan</td>
<td>Keybanc</td>
<td>Raises</td>
<td>Overweight</td>
<td>$225.00</td>
<td>$210.00</td>
</tr>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Raises</td>
<td>Positive</td>
<td>$245.00</td>
<td>$212.00</td>
</tr>
<tr>
<td>Mark Lear</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$247.00</td>
<td>$227.00</td>
</tr>
<tr>
<td>Devin McDermott</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$184.00</td>
<td>$186.00</td>
</tr>
<tr>
<td>Paul Cheng</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$255.00</td>
<td>$210.00</td>
</tr>
<tr>
<td>Nitin Kumar</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Buy</td>
<td>$217.00</td>
<td>$200.00</td>
</tr>
<tr>
<td>Betty Jiang</td>
<td>Barclays</td>
<td>Announces</td>
<td>Equal-Weight</td>
<td>$214.00</td>
<td>-</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$248.00</td>
<td>$250.00</td>
</tr>
<tr>
<td>Devin McDermott</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$186.00</td>
<td>$177.00</td>
</tr>
<tr>
<td>Stephen Richardson</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>Outperform</td>
<td>$215.00</td>
<td>$185.00</td>
</tr>
<tr>
<td>Derrick Whitfield</td>
<td>Stifel</td>
<td>Raises</td>
<td>Buy</td>
<td>$224.00</td>
<td>$192.00</td>
</tr>
<tr>
<td>Tim Rezvan</td>
<td>Keybanc</td>
<td>Raises</td>
<td>Overweight</td>
<td>$210.00</td>
<td>$186.00</td>
</tr>
<tr>
<td>Roger Read</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$203.00</td>
<td>$189.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Diamondback Energy. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Unveiling insights, analysts deliver qualitative insights into stock performance, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Diamondback Energy compared to the broader market.</li>
<li>Price Targets: Delving into movements, analysts provide estimates for the future value of Diamondback Energy's stock. This analysis reveals shifts in analysts' expectations over time.</li>
</ul>
Analyzing these analyst evaluations alongside relevant financial metrics can provide a comprehensive view of Diamondback Energy's market position. Stay informed and make data-driven decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/FANG/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Diamondback Energy analyst ratings.</a>
<h2>Delving into Diamondback Energy's Background</h2>
Diamondback Energy is an independent oil and gas producer in the United States. The company operates exclusively in the Permian Basin. At the end of 2023, the company reported net proven reserves of 2.2 billion barrels of oil equivalent. Net production averaged about 448,000 barrels per day in 2023, at a ratio of 59% oil, 21% natural gas liquids, and 20% natural gas.
<h3>Diamondback Energy: Delving into Financials</h3>
Market Capitalization: Boasting an elevated market capitalization, the company surpasses industry averages. This signals substantial size and strong market recognition.
Positive Revenue Trend: Examining Diamondback Energy's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 16.61% as of 31 March, 2024, showcasing a substantial increase in top-line earnings. When compared to others in the Energy sector, the company excelled with a growth rate higher than the average among peers.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 34.63%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): Diamondback Energy's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 4.57%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): Diamondback Energy's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 2.62% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: Diamondback Energy's debt-to-equity ratio is below the industry average at 0.39, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Breaking Down Diamondback Energy: 19 Analysts Share Their Views

Bernstein analyst Bob Brackett initiates coverage on Diamondback Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) with a Outperform rating and announces Price Target of $243.

Bernstein Initiates Coverage On Diamondback Energy with Outperform Rating, Announces Price Target of $243

This strategic acquisition further solidifies Deep Blue&#39;s position&nbsp;in sustainable water management in the core of the&nbsp;Midland&nbsp;Basin.

Diamondback Energy, Five Point JV Deep Blue Acquires Lagoon Operating – Midland, LLC; No Terms Disclosed

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/05/28/final-trades-amazon-diamondback-energy-target-and-urnm.html">Halftime Report Final Trades</a>,&#8221; Joshua Brown of Ritholtz Wealth Management called Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) a gift under $200.
Amazon.com's cloud computing arm, Amazon Web Services (AWS), is negotiating with the Italian government to invest billions of euros to expand its data center <a href="https://www.benzinga.com/markets/equities/24/05/39029775/amazons-aws-in-talks-to-invest-billions-in-italian-data-center-expansion">operations in the country</a>.
Bryn Talkington of Requisite Capital Management expects Sprott Uranium Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URNM#NYSE">URNM</a>) to <a href="https://www.benzinga.com/quote/URNM">go higher</a>.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Stephanie Link of Hightower said Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) reported a pretty good quarter.
On May 22, Target reported weaker-than-expected first-quarter earnings. The company reported a first-quarter FY24 sales decline of 3.1% year-on-year to $24.531 billion, beating the analyst consensus estimate of $24.521 billion.
Joseph M. Terranova of Virtus Investment Partners named Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) as his final trade.
Diamondback Energy penned a deal with Energy Transfer LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ET#NYSE">ET</a>) to sell WTG Midstream Holdings LLC. Energy Transfer LP is acquiring WTG Midstream from affiliates of Stonepeak, the Davis Estate and Diamondback Energy in a transaction valued at <a href="https://www.benzinga.com/markets/equities/24/05/39043256/energy-transfer-expands-permian-presence-with-3-25b-acquisition-details">approximately $3.25 billion</a>.
Price Action:
<ul>
<li>Amazon shares rose 0.8% to close at $182.15 on Tuesday.</li>
<li>Sprott Uranium Miners ETF gained 0.7% during Tuesday's session.</li>
<li>Target shares rose 1.3% to close at $147.10 during Tuesday's session.</li>
<li>Diamondback Energy shares gained 2.2% to settle at $197.76 on Tuesday.</li>
</ul>
Now Read: <a href="https://www.benzinga.com/news/24/05/39052499/jeff-bezos-wanted-to-be-a-theoretical-physicist-but-this-was-the-moment-when-the-amazon-founder-deci">Jeff Bezos Wanted To Be A Theoretical Physicist But This Was The Moment When The Amazon Founder Decided To Pivot: &#8216;I Realized I Was Never Going To…</a>
Image: Shutterstock

Amazon, Target, Diamondback Energy And More On CNBC's 'Final Trades'

CNBC Halftime Report Final Trades: Amazon.Com, Target, Diamondback Energy, Sprott Uranium Miners ETF

Diamondback Energy, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) shares are trading higher after it penned a deal with&nbsp;Energy Transfer&nbsp;LP&nbsp;(NYSE:&nbsp;ET) to sell&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/g39036921/diamondback-energy-inc-announces-sale-of-wtg-midstream" rel="noreferrer noopener">WTG Midstream Holdings LLC</a>.
Energy Transfer&nbsp;LP&nbsp;is acquiring WTG Midstream from affiliates of Stonepeak, the Davis Estate&nbsp;and&nbsp;Diamondback Energy in a transaction&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b39036623/energy-transfer-to-acquire-wtg-midstream-in-a-3-25-billion-transaction" rel="noreferrer noopener">valued at approximately $3.25 billion</a>.
The transaction&#8217;s consideration comprises $2.45 billion in cash and approximately 50.8 million newly issued Energy Transfer&nbsp;common&nbsp;units.
The buyout&nbsp;is expected&nbsp;to boost Energy Transfer&#8217;s natural gas pipeline and processing network in the Permian Basin.
The acquisition comprises eight gas processing plants (~1.3 Bcf/d), two more under construction (~0.4 Bcf/d) assets&nbsp;and&nbsp;a 20% stake in BANGL Pipeline.&nbsp;
Energy Transfer is expected to benefit from&nbsp;well positioned&nbsp;assets in the Permian,&nbsp;which is&nbsp;the most active region in the&nbsp;U.S.
The deal&nbsp;is projected&nbsp;to close in the third quarter of 2024, subject to regulatory approval and customary closing conditions.
Synergy: The deal is anticipated to add incremental revenue from downstream NGL transportation and fractionation fees. Energy Transfer expects the WTG assets to add around $0.04 of Distributable Cash Flow (DCF) per common unit in 2025, which is expected to grow to about <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">$0.07 per common unit in 2027</a>. 
Diamondback Energy expects a total pre-tax consideration net of approximately&nbsp;$375 million, subject to customary closing conditions and adjustments. Proceeds from the transaction will&nbsp;be used&nbsp;to reduce debt associated with the&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38469997" rel="noreferrer noopener">pending Endeavor Energy Resources,&nbsp;L.P.&nbsp;merger.</a>
As of March-end, Energy Transfer&#8217;s&nbsp;adjusted&nbsp;Distributable Cash Flow attributable to partners&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b38712725/energy-transfer-reports-strong-first-quarter-2024-results" rel="noreferrer noopener">stood&nbsp;at $2.36 billion</a>.
Investors can gain exposure to FANG stock via&nbsp;Texas Capital&nbsp;Funds Trust Texas Capital Texas Oil Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>) and&nbsp;Invesco Energy&nbsp;Exploration &amp; Production ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXE#NYSE">PXE</a>).
Price Action: FANG shares are up 1.89% at $197.11 at the last check Tuesday.
Photo via Shutterstock

USAC

Energy Transfer To Acquire WTG Midstream In A Transaction Valued At $3.25B From Affiliates Of Stonepeak, The Davis Estate And Diamondback Energy; Consideration For The Transaction Will Be Comprised Of $2.45B In Cash And ~50.8M Newly Issued Energy Transfer Common Units

Mizuho analyst Nitin Kumar maintains Diamondback Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) with a Buy and raises the price target from $217 to $222.

Mizuho Maintains Buy on Diamondback Energy, Raises Price Target to $222

RBC Capital analyst Scott Hanold maintains Diamondback Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) with a Outperform and raises the price target from $195 to $220.

RBC Capital Maintains Outperform on Diamondback Energy, Raises Price Target to $220

The investment world is buzzing with anticipation over the upcoming acquisition of Oklo Inc. by AltC Acquisition Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALCC#NYSE">ALCC</a>), a special purpose acquisition company led by ChatGPT founder and tech <a href="https://www.benzinga.com/topic/sam-altman">luminary Sam Altman</a>. 
Reddit users on r/Wallstreetbetsnew and r/ALCCstock have been discussing the potential for a stock pop following the merger. Some users have compared the situation to the rapid rise of DJT stock after its merger. 
&#8220;Sam Altman has &#8216;worshippers&#8217; just like Donald Trump has his "cult"&#8221; &#8211; <a href="https://www.reddit.com/r/Wallstreetbetsnew/comments/1civxrd/sam_altmans_stock_alcc_to_acquire_oklo_clean/">said</a> Redditor Inferno__xz9 at r/Wallstreetbetsnew, comparing Altman&#8217;s cult-like following similar to that of Trump. &#8220;His name on this coupled with clean energy is rocket fuel,&#8221; the Redditor added.
<h2 class="wp-block-heading">The DJT Stock Pop</h2>
With a special meeting of AltC stockholders scheduled for May 7, 2024, to approve the business combination, investors are wondering if this merger could result in a stock pop similar to what they saw with Trump Media &amp; Technology Group Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) stock after its merger.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="629" height="452" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/03031325/Screenshot-2024-05-03-at-12.43.10-PM.png" alt="" class="wp-image-320871" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/03031325/Screenshot-2024-05-03-at-12.43.10-PM.png 629w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/03031325/Screenshot-2024-05-03-at-12.43.10-PM-300x216.png 300w" sizes="(max-width: 629px) 100vw, 629px" /></figure>
<a target="_blank" href="https://pro.benzinga.com/dashboard" rel="noreferrer noopener">Chart: Benzinga Pro</a>
DWAC shareholders approved the DJT SPAC merger on March 22. The stock popped a whopping 79.32%, spiking from $36.94 on March 22 to $66.22 on March 27. However, the stock lost momentum over the next few days and had corrected 65.5% by April 16. DJT stock is currently down 36% from the March 27 high.
<h2 class="wp-block-heading">Potential Catalysts for Growth</h2>
Reddit users see the merger between AltC and Oklo as highly likely, noting that it would be a surprise if the deal did not go through. The anticipation is fueled by several factors, including:
<ul>
<li>Altman&#8217;s track record as a successful entrepreneur and investor.</li>
<li>His association with clean energy.</li>
<li>The potential synergies between the two companies.</li>
</ul>
Moreover, Oklo has maintained strong business momentum since announcing its transaction with AltC. The company has <a href="https://www.sec.gov/Archives/edgar/data/1849056/000110465924052207/tm2324337d25_425.htm">signed</a> letters of intent with Equinix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EQIX#NASDAQ">EQIX</a>) and Diamondback Energy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), and formed a partnership with Centrus Energy Corp. (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/LEU#AMEX">LEU</a>) focused on the development and operation of Oklo's Aurora powerhouses. Additionally, the U.S. Department of Energy approved the Safety Design Strategy for the Oklo Aurora Fuel Fabrication Facility.
<h2 class="wp-block-heading">Sam Altman: The Golden Thumb</h2>
Altman is a well-known figure in the tech and investment world. As the co-founder and CEO of AltC, and a member of both the AltC and Oklo boards, Altman brings a wealth of experience and a strong track record of success. Investors view his involvement in the merger as a positive sign, considering him to have the &#8220;golden thumb&#8221; when it comes to business success.
Also Read: <a href="https://www.benzinga.com/news/24/04/38421912/openais-sam-altman-invests-20m-in-startup-using-solar-power-to-address-ais-massive-energy-appetite">OpenAI&#8217;s Sam Altman Invests $20M In Startup Using Solar Power To Address AI&#8217;s Massive Energy Appetite</a>
<h2 class="wp-block-heading">Clean Energy Focus</h2>
Another factor driving excitement around the merger is the focus on clean energy. Oklo is a fast fission clean power technology and nuclear fuel recycling company, with a mission to deliver clean, reliable, and affordable power. This focus on sustainability aligns with growing investor interest in clean energy companies, adding to the potential for a stock pop.
<h2 class="wp-block-heading">Eyes On AltC Stock Ahead Od Merger Approval On May 7</h2>
As the date of the special meeting approaches, all eyes will be on AltC stock to see how it performs. If approved and the market responds positively, we could see a stock pop similar to what DJT stock witnessed. However, as with any investment, there are risks involved, and investors should conduct their own due diligence before making any decisions.
Read Next: <a href="https://www.benzinga.com/news/24/04/38141181/sam-altmans-7-trillion-ai-ambition-is-openais-ceo-stretching-too-far-expert-weighs-in">Sam Altman&#8217;s $7 Trillion AI Ambition: Is OpenAI&#8217;s CEO Stretching Too Far? Expert Weighs In</a>
Photo: Shutterstock

Will Sam Altman's AltC Acquisition Echo Trump Media's Stock Surge Post-Merger? Redditors Predict 'Rocket Fuel' Rally

Wells Fargo analyst Roger Read maintains Diamondback Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) with a Overweight and lowers the price target from $227 to $224.

Wells Fargo Maintains Overweight on Diamondback Energy, Lowers Price Target to $224

WIIM

Diamondback Energy shares are trading lower. The company reported Q1 financial results.

Diamondback Energy, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) reported first-quarter FY24 revenue of $2.227 billion, beating&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/g38532980/diamondback-energy-inc-announces-first-quarter-2024-financial-and-operating-results" rel="noreferrer noopener">the consensus of&nbsp;$2.088 billion</a>.
Average daily oil volume production stood at 273.3 MBO/d,&nbsp;which was&nbsp;at the high end of the quarterly<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/g38533020/letter-to-stockholders-issued-by-diamondback-energy-inc" rel="noreferrer noopener">&nbsp;guidance range of 270 &#8211; 274 MBO/d</a>.
Daily combined volumes came in at 461.1 MBOE/d in the quarter. The company&#8217;s average unhedged realized prices stood at $75.06 per barrel of oil, $0.99 per Mcf of natural gas, and $21.26 per barrel of natural gas liquids (NGLs), resulting in a total unhedged realized price of $50.07 per BOE.
Cash operating costs were $11.52 per BOE vs. $11.61 per BOE the year-ago quarter. Oil realizations remained relatively flat Q/Q at 98% of West Texas Intermediate (WTI) pricing in the quarter.&nbsp;
In the quarter, Diamondback drilled 69 gross wells in the Midland Basin and&nbsp;10&nbsp;gross wells in the Delaware Basin. The company turned 101 operated wells to production, all in the Midland Basin, with an average lateral length of 11,463 feet.&nbsp;
Adjusted EBITDA was $1.6&nbsp;billion compared to $1.4 billion in the prior quarter. Adjusted EPS&nbsp;of $4.50&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">surpassed the estimate of&nbsp;$4.42</a>.
Operating cash flow stood at $1.3 billion, and cash capital expenditures of $609 million in the quarter.
As of March-end, the company had cash of $876 million, with approximately $1.6 billion available for future borrowings under its revolving credit facility and approximately $2.5 billion of total liquidity.&nbsp;
Dividend: Diamondback declared a&nbsp;first quarter&nbsp;base cash dividend of $0.90 per share and a variable cash dividend of $1.07 per share,&nbsp;both&nbsp;payable on May&nbsp;22 to stockholders of record as of May&nbsp;15.
Repurchase: In the quarter, Diamondback repurchased 279,266 common shares for around $42 million, excluding excise tax.&nbsp;
To date,&nbsp;the company has repurchased 19.3 million shares for about $2.4 billion and has roughly $1.6 billion remaining on its current share buyback authorization.
Outlook:&nbsp;Diamondback Energy reiterated FY24 oil production of between 270 and 275 MBO/D and cash capital expenditures of<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37225074/diamondback-energy-shares-climb-on-better-than-expected-q4-earnings" rel="noreferrer noopener">&nbsp;$2.30 billion-$2.55 billion</a>.
For&nbsp;second-quarter,&nbsp;the company expects oil production of 271 &#8211; 275 MBO/D and&nbsp;cash capital expenditures&nbsp;of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$580 million &#8211; $620 million</a>.
The&nbsp;company expects to realize at least 95% of WTI when WTI is at least $65 per barrel, with most quarters (like the first quarter) above that number.
Investors can gain exposure to the stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>) and&nbsp;TCW Transform Systems ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/NETZ#BATS">NETZ</a>).
Price Action: FANG shares are down 1.06% at $199.00 premarket at&nbsp;the last check Wednesday.

What's Going On With Diamondback Energy Shares Premarket Wednesday?

EQT, APA, OXY most shorted S&P 500 energy stocks in May

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Analysts love certain stocks. Driven by strong financial results and other catalysts, analysts favor certain stocks and continuously raise their ratings and price targets on the company&rsquo;s shares. Many stocks that have enjoyed big runs over the past 12 to 18 months continue to receive the analyst community&rsquo;s <a href="https://www.nasdaq.com/market-activity/quotes/analyst-research">highest rating</a> of &ldquo;strong buy.&rdquo;



Paying attention to <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings</a> is instructive as it indicates sentiment toward a stock. The price target can also show whether people think the shares will continue running higher, have peaked, or are likely to decline. In the end, analyst ratings should form one part of the due diligence that investors perform on a stock before deciding whether to buy it or not.



Wall Street favorites are three Nasdaq stocks with strong buy ratings for June 2024.



<h2>Broadcom (AVGO)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/AVGO1600-300x169.jpg" alt="broadcom (AVGO) logo outside office building"><div>Source: Sasima / Shutterstock.com</div></div>Chipmaker Broadcom (NASDAQ:<a href="https://investorplace.com/stock-quotes/avgo-stock-quote/">AVGO</a>) has a &ldquo;<a href="https://www.tipranks.com/stocks/avgo/forecast">strong buy</a>&rdquo; rating. The stock has 21 &ldquo;buy&rdquo; ratings and two &ldquo;hold&rdquo; ratings. There are no &ldquo;sell&rdquo; ratings. AVGO stock has been on fire since the company issued its latest financial results and announced a 10-for-1 stock split that will go into effect on July 15. So far this year, Broadcom stock has risen 60%, making it a top performer in the Nasdaq 100 index.



Despite the huge run up in its share price this year, analysts see more runway ahead for Broadcom stock. The median price target on the shares is nearly 10% higher than where they&rsquo;re presently trading. Broadcom is seen as a big beneficiary of the current artificial intelligence (AI) boom. The company is also getting a revenue boost from VMware, the enterprise software company it acquired for $69 billion in 2023.



AVGO stock has doubled in the last 12 months and has risen more than 500% over the past five years. 



<h2>Costco (COST)</h2>



<div><img width="300" height="150" src="https://investorplace.com/wp-content/uploads/2017/05/costco-wholesale-corporation-cost-ipsize-300x150.jpg" alt="Costco Stock May Be the Market&rsquo;s Top Recession Pick"><div>Source: Shutterstock</div></div>Although it might be a grocery retailer, Costco (NASDAQ:<a href="https://investorplace.com/stock-quotes/cost-stock-quote/">COST</a>) trades on the Nasdaq exchange, and analysts currently rate the stock a &ldquo;<a href="https://www.tipranks.com/stocks/cost/forecast">strong buy</a>&rdquo; as well. Among 25 analysts, 19 have a &ldquo;buy&rdquo; rating on the stock, while the rest rate it a &ldquo;hold.&rdquo; Several analysts have upgraded their rating and price target on COST stock after the company issued its financial results for this year&rsquo;s first quarter.



Loop Capital, for example, just <a href="https://ca.investing.com/news/company-news/costco-shares-target-raised-by-loop-capital-cites-growth-and-savings-potential-93CH-3459470">lifted its price target</a> on Costco to $940 a share from $890 previously. The new price target is 10% higher than the stock&rsquo;s current level. Loop Capital said it likes Costco&rsquo;s leverage potential. Several other analysts want to know how Costco is <a href="https://www.fool.com/investing/2024/06/09/reasons-buy-costco-stock-like-theres-no-tomorrow/">growing its e-commerce sales</a> at an aggressive pace even as its same-store sales continue to rise. COST stock is up 63% in the last 12 months, including a 32% gain this year.



<h2>Diamondback Energy (FANG)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/09/diamondback_fang_stock_fang1600-300x169.jpg" alt="Diamondback Energy (FANG) logo on its website to represent oil stocks. FANG stock"><div>Source: Pavel Kapysh / Shutterstock.com</div></div>With crude oil trading below $80 a barrel, there aren&rsquo;t many <a href="https://investorplace.com/industries/energy/oil/">oil stocks</a> with &ldquo;<a href="https://www.tipranks.com/stocks/fang/forecast">strong buy</a>&rdquo; ratings right now. Diamondback Energy (NASDAQ:<a href="https://investorplace.com/stock-quotes/fang-stock-quote/">FANG</a>) is an exception. Among 16 analysts who track the company&rsquo;s progress, 14 rate the stock a &ldquo;buy,&rdquo; and two have a &ldquo;hold&rdquo; rating. Best of all, analysts see big upside potential for the energy company&rsquo;s stock price. The median price target is 23% higher than where the shares are trading currently.



Like most oil producers, FANG stock and crude prices have slumped recently. However, investors should see this as a buying opportunity. Analysts are bullish on Diamondback Energy&rsquo;s future following its 26 billion acquisition of privately held Endeavor Energy. Once the deal is completed, Diamondback Energy will be one of the largest producers in the oil-rich Permian Basin of Texas.



FANG stock is up 45% in the last year, including an 18% gain in 2024. 



On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/06/wall-street-favorites-3-nasdaq-stocks-with-strong-buy-ratings-for-june-2024/">Wall Street Favorites: 3 Nasdaq Stocks With Strong Buy Ratings for June 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Wall Street Favorites: 3 Nasdaq Stocks With Strong Buy Ratings for June 2024

Benchmark Co. analyst Subash Chandra maintained a Buy rating on Diamondback (FANG – Research Report) today and set a price target of $154.00. The c...

Diamondback (FANG) Receives a Buy from Benchmark Co.

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Top 10 S&P 500 stocks with at least a 4% dividend yield

Oil continues higher on fuel demand expectations, rising geopolitical risks

Amid rising oil prices and a promising future outlook for the energy sector, quality energy stocks Diamondback Energy (FANG), Weatherford International (WFRD), and VAALCO Energy (EGY) stand out for their solid growth potential, making them ideal investments now. Keep reading… As the energy sector navigates a complex landscape of rising demand and geopolitical tensions, fundamentally sound stocks like Diamondback Energy, Inc. (<a href="https://stocknews.com/stock/FANG/">FANG</a>), Weatherford International plc (<a href="https://stocknews.com/stock/WFRD/">WFRD</a>), and VAALCO Energy, Inc. (<a href="https://stocknews.com/stock/EGY/">EGY</a>) emerge as top picks for investors seeking high profitability and growth potential.
Recent movements in oil prices underscore the sector's volatility and promise. Oil prices <a href="https://www.reuters.com/business/energy/oil-extends-losses-strong-dollar-weighs-commodities-markets-2024-06-24/">rose by about 1%</a> on Monday, driven by robust summer driving demand and heightened geopolitical tensions, including drone attacks on Russian refineries.
The easing of the U.S. dollar further bolstered crude prices, with Brent futures for August delivery settling at $86.01 a barrel and U.S. crude at $81.63 a barrel. Both benchmarks increased roughly 3% last week, marking their second consecutive weekly gain.
OPEC remains bullish on global oil demand, with a <a href="https://www.bnnbloomberg.ca/opec-still-sees-strengthening-oil-demand-as-it-plans-supply-hike-1.2083644">2.3 million barrels per day increase</a> in the second half of the year, driven by economic growth in China and other emerging economies. The organization's plan to gradually restore 2 million barrels per day of production from October, led by Saudi Arabia, initially caused market jitters but is viewed as manageable to meet growing demand without oversupplying.
The organization's optimistic demand projections suggest confidence in managing the supply restart without destabilizing global markets, aiming to meet a projected third-quarter supply requirement of 43.6 million barrels per day.
Additionally, the extension of OPEC+ production cuts through the third quarter of 2024 is expected to push Brent prices to an <a href="https://www.eia.gov/outlooks/steo/report/global_oil.php">average of $85 per barrel</a> in the latter half of the year, potentially leading to increased global oil inventory withdrawals.
With that in mind, let's look at the fundamentals of these stocks in detail, beginning with number 3.
Stock #3: Diamondback Energy, Inc. (<a href="https://stocknews.com/stock/FANG/">FANG</a>)
With a 35.29 billion market cap, FANG is an independent oil and natural gas company that acquires, develops, and explores unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas.
On May 28, FANG announced the sale of its 25% stake in WTG Midstream Holdings LLC to Energy Transfer LP (<a href="https://stocknews.com/stock/ET/">ET</a>) for approximately $375 million pre-tax. The sale, expected to close in Q3 2024, represents a 3.5x return on invested capital for Diamondback. The proceeds will be used to reduce debt related to the pending merger with Endeavor Energy Resources, L.P.
The stock's trailing-12-month gross profit and levered FCF margins of 82.49% and 10.97% are 84.6% and 79.9% higher than the respective industry averages of 44.70% and 6.10%. Likewise, its 38.66% trailing-12-month net income margin compares to the 11.48% industry average.
FANG's total revenue increased 15.7% year-over-year to $2.23 billion in the first quarter ended March 31, 2024. Its income from operations grew 9.1% from the year-ago value to $1.12 billion, while its <a href="https://www.investopedia.com/terms/n/netincome.asp">net income</a> improved by 7.9% year-over-year to $768 million. The company's earnings per common share increased 10.3% from its year-ago value to $4.28.
The consensus EPS estimate of $4.79 for the fiscal second quarter (ending June 2024) indicates a 30.2% improvement year-over-year. The consensus revenue estimate of $2.27 billion for the same quarter reflects an 18.3% increase from the same period last year. The company has an impressive earnings surprise history; it surpassed the consensus EPS estimates in three of the trailing four quarters.
Moreover, its revenue and EBITDA have grown at impressive CAGRs of 42.6% and 72.8%, respectively, over the past three years. Also, its levered FCF has improved at a 98.4% CAGR over the same period.
Over the past year, the stock has gained 63.1% to close its last trading session at $197.88.
FANG's strong fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. It has an overall rating of B, which equates to Buy in our proprietary rating system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.
It has an A grade for Quality and a B for Growth. Among the 81 stocks in the <a href="https://stocknews.com/category/energy-oil-gas/">Energy - Oil &amp; Gas</a> industry, it is ranked #18. <a href="https://stocknews.com/stock/FANG/">Click here</a> to see the other ratings of FANG for Value, Momentum, Stability, and Sentiment.
Stock #2: Weatherford International plc (<a href="https://stocknews.com/stock/WFRD/">WFRD</a>)
WFRD provides equipment and services for drilling, evaluation, completion, production, and intervention in oil, geothermal, and natural gas wells worldwide. The company operates through three segments: Drilling and Evaluation; Well Construction and Completions; and Production and Intervention.
On June 11, the company increased its Credit Facility by $40 million, bringing the total to $720 million, with a new lender. The facility now includes a $327 million tranche for performance letters of credit and a $393 million tranche for revolving loans. Additionally, the accordion feature was amended to allow an increase of up to $1 billion.
CEO Girish Saligram highlighted that this expansion enhances WFRD's liquidity and capital structure, reflecting strong confidence from banking partners in the company's performance and future prospects.
WFRD's trailing-12-month levered FCF margin of 11.78% is 93.3% higher than the 6.10% industry average. Similarly, its 8.98% trailing-12-month ROTA is 60.2% above the 5.61% industry average. In addition, the stock's trailing-12-month ROCE of 55.13% favorably compares to the industry average of 13.64%.
For the fiscal first quarter that ended March 31, 2024, WFRD reported a 14.5% year-over-year increase in total revenues of $1.36 billion. Its operating income grew by 25.9% from the prior year's quarter to $233 billion, while its adjusted EBITDA stood at $336 million, up 24.9% year-over-year.
The company's attributable net income amounted to $112 million and $1.50 per share, reflecting an increase of 55.6% and 54.6% from the year-ago quarter, respectively. Moreover, its adjusted free cash flow improved by 203.7% year-over-year to $82 million.
Street expects WFRD's EPS to increase 48.8% year-over-year in the second quarter (ending June 30, 2024) to $1.70. Its revenue for the current quarter is projected to grow by 10.9% from the prior year to $1.41 billion. Further, WFRD has topped the consensus EPS estimate in three of the trailing four quarters, which is promising.
Over the past three years, its revenue and EBITDA have grown at respective CAGRs of 17.1% and 76.8%. Likewise, its levered FCF has increased at an 8.8% CAGR over the same time frame.
The stock has soared 93.6% over the past year and 23.9% year-to-date to close the last trading session at $121.26.
WFRD's POWR Ratings reflect this promising outlook. The stock has an overall B rating, translating to Buy in our proprietary rating system.
It also has an A grade for Momentum and a B for Growth and Quality. Within the same industry, it is ranked #9. To see additional POWR Ratings for WFRD for Value, Stability, and Sentiment, <a href="https://stocknews.com/stock/WFRD/">click here</a>.
Stock #1: VAALCO Energy, Inc. (<a href="https://stocknews.com/stock/EGY/">EGY</a>)
EGY acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in Gabon, Egypt, Equatorial Guinea, and Canada.
On April 30, EGY completed the all-cash acquisition of Svenska Petroleum Exploration AB for $40.2 million, enhancing its production capacity in the Baobab field. It now produces over 5,000 barrels of oil equivalent per day (99% oil).
This acquisition strategically expands EGY's presence in West Africa, particularly in Cote d'Ivoire, an investment-friendly country with significant upside potential. Further, the move bolsters EGY's growth prospects and regional operational footprint.
The stock's trailing-12-month gross profit and EBITDA margins of 65.35% and 60.36% are 46.2% and 78.8% higher than the industry averages of 44.70% and 33.76%, respectively. Likewise, its 29.24% trailing-12-month levered FCF margin compares favorably to the 6.10% industry average.
During the fourth quarter (ended December 31, 2023), EGY's revenue increased 24.6% year-over-year to $100.16 million. Its operating income grew 48.9% from the year-ago value to $32.19 million. The company's net income amounted to $7.69 million and $0.07 per share, reflecting a year-over-year improvement of 121.5% and 133.3%, respectively. In addition, its adjusted EBITDAX stood at $61.74 million, up 29.1% year-over-year.
Analysts expect EGY's revenue to increase 15.1% year-over-year to $125.74 million for the current quarter (ending June 2024), while its EPS is expected to grow 18.2% from the prior year to $0.13 in the same period. The company has also surpassed the consensus revenue estimates in three of the trailing four quarters, which is impressive.
Moreover, the stock's revenue and net income have grown at impressive CAGRs of 75% and 64.6% over the past three years, respectively. Similarly, its EPS has grown at a 33.9% CAGR over the same period.
EGY's shares have gained 74.7% over the past year and 44.3% year-to-date to close the last trading session at $6.48.
It's no surprise that EGY has an overall rating of B, which equates to Buy in our proprietary rating system. It has an A grade for Sentiment and a B for Growth, Value, and Quality. Out of 81 stocks in the same industry, it is ranked #8.
In addition to the POWR Ratings we've stated above, we also have EGY's ratings for Momentum and Stability. Get all EGY ratings <a href="https://stocknews.com/stock/EGY/">here</a>.
What To Do Next?
Get your hands on this special report with 3 low priced companies with tremendous upside potential even in today's volatile markets:
<a href="https://report.stocknews.com/free-report/3stocks/?formplacement=artbotad_3s">3 Stocks to DOUBLE This Year &gt;</a>

<hr />
FANG shares were trading at $196.99 per share on Wednesday afternoon, down $0.89 (-0.45%). Year-to-date, FANG has gained 30.45%, versus a 15.28% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Shweta Kumari</h2> <img src='https:/wp-content/uploads/2022/03/Shweta-Kumari_Image-2.jpg' style="float:left; padding:5px;width:125px;">Shweta's profound interest in financial research and quantitative analysis led her to pursue a career as an investment analyst. She uses her knowledge to help retail investors make educated investment decisions.<a href="https://stocknews.com/authors/?author=shweta-kumari">More...</a>The post <a href=https://stocknews.com/news/fang-wfrd-egy-et-3-energy-stocks-with-high-profitability-and-growth-potential/>3 Energy Stocks With High Profitability and Growth Potential</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Energy Stocks With High Profitability and Growth Potential

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
I&rsquo;m going to let you in on a little secret (which isn&rsquo;t that much of a secret): the world runs on oil. Thanks to the energy density of hydrocarbons, global societies will probably run on oil for as long as we all shall live. It goes against the narrative, I understand. But it&rsquo;s also the reason why you should consider oil and gas stocks to buy.



While people talk a big game about renewable energy infrastructure, you can&rsquo;t cheat physical laws. Hydrocarbons will always command greater energy density than wind or solar infrastructures. As such, it&rsquo;s impossible to ignore oil and gas stocks, especially when you&rsquo;re talking about current events.



Right now, the sector is suffering a disinflationary cycle. A good chunk of this narrative centers on Russia&rsquo;s invasion of Ukraine. The invaded country is fighting back by hitting the Russians&rsquo; refineries (or downstream energy units). That means Moscow will need to make up for the lost revenue.



Translation? Big dumps of upstream energy commodities in the global market. That&rsquo;s been deflationary for the sector but another geopolitical flashpoint &mdash; whether in Europe or the Middle East &mdash; could reverse this narrative.



So, the below oil and gas stocks to buy could be on a temporary discount.



<h2>Shell (SHEL)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/11/royal-dutch-shell-rds1600-300x169.jpg" alt="Shell logo on a gas station in Iceland. SHEL stock"><div>Source: JuliusKielaitis / Shutterstock.com</div></div>One of the biggest integrated oil and gas stocks to buy, Shell (NYSE:<a href="https://investorplace.com/stock-quotes/shel-stock-quote/">SHEL</a>) arguably offers a great place to park your money, especially if you have $500 lying around. Presently trading hands at $71.55 a pop, Shell commands a market capitalization of nearly $225 billion. Along with its robust hydrocarbon business, which covers all components of the sector value chain, Shell has also made significant investments in hydrogen and other clean energy solutions.



Financially, Shell has been a strong performer. Between the second quarter of last year to Q1 2024, the company posted an average earnings per share of nearly $1.98. Aside from a miss in Q2, Shell has beaten analysts&rsquo; bottom-line targets. Overall, the average positive earnings surprise, or the magnitude by which EPS beat experts&rsquo; consensus view, landed at 11.08%.



During the trailing 12 months (TTM), Shell posted net income of $18.01 billion or $5.46 per share. Revenue in the cycle hit $302.14 billion. For fiscal 2024, EPS may rise approximately 2.17% to reach $8.49. Revenue may rise 1.8% to hit $322.19 billion.



<h2>Matador Resources (MTDR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/oil1600h-300x169.jpg" alt="miniature oil barrel and oil well figures on top of stack of money"><div>Source: Shutterstock</div></div>An independent energy firm, Matador Resources (NYSE:<a href="https://investorplace.com/stock-quotes/mtdr-stock-quote/">MTDR</a>) engages in the exploration, development, production and acquisition of oil and natural gas resources in the U.S. Right now, this upstream component faces pressure from the geopolitical events mentioned earlier. However, should tensions &mdash; particularly in the Middle East &mdash; escalate on the global stage, the upstream category could become incredibly pertinent.



Another factor that works in favor of MTDR as one of the oil and gas stocks to buy is the underlying financial performance. During the past four quarters, Matador&rsquo;s average EPS reached about $1.75. This print translated to an earnings surprise of 11.53%. Notably, the company beat four out of the past four quarterly EPS estimates.



In the TTM period, Matador posted net income of $876.67 million or $7.30 per share. Revenue in the cycle reached $2.83 billion. For fiscal 2024, analysts anticipate a lift of 15.4% to $7.81. On the top line, revenue may expand by a robust 24.4% to reach $3.49 billion. What&rsquo;s more, in fiscal 2025, sales are expected to hit $4.19 billion.



With so much promise, MTDR ranks among the top oil and gas stocks to buy.



<h2>Diamondback Energy (FANG)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/09/diamondback_fang_stock_fang1600-300x169.jpg" alt="Diamondback Energy (FANG) logo on its website to represent oil stocks. FANG stock"><div>Source: Pavel Kapysh / Shutterstock.com</div></div>Based in Midland, Tex., Diamondback Energy (NASDAQ:<a href="https://investorplace.com/stock-quotes/fang-stock-quote/">FANG</a>) also falls under the hydrocarbon upstream sector. An independent entity, Diamondback acquires, develops, explores and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin. Geopolitically, this framework may offer a key advantage, especially if outside forces threaten global energy supply chains.



Financially, outside of a miss in Q2, Diamondback has been consistent in recent disclosures. During the past four quarters, the company&rsquo;s average EPS came out to $4.60. This print translated to an average earnings surprise of 1.88%. That&rsquo;s decent considering the aforementioned Q2 miss.



During the TTM period, Diamondback posted net income of $3.18 billion or $17.73 per share. Revenue in the cycle hit $8.27 billion. For fiscal 2024, covering experts believe that earnings may rise by 6.1% to reach $19.11 per share. On the top line, sales could expand by 8.9% to hit $9.16 billion.



Adding to the attractive narrative is Diamondback&rsquo;s forward dividend yield of 4.68%. Combined with its <a href="https://www.tipranks.com/stocks/fang/forecast">strong buy assessment</a>, FANG ranks among the oil and gas stocks to buy.



On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/06/the-3-smartest-oil-gas-stocks-to-buy-with-500-right-now/">The 3 Smartest Oil &amp; Gas Stocks to Buy With $500 Right Now</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.


Lois FrankelHouse (D-FL)	$1K - $15K	Sale	Oct 10, 2023	Sep 08, 2023	House
Lois FrankelHouse (D-FL)	$1K - $15K	Sale (Partial)	Oct 24, 2022	Oct 07, 2022	House
Lois FrankelHouse (D-FL)	$1K - $15K	Purchase	Feb 27, 2022	Jan 27, 2022	House
Lois FrankelHouse (D-FL)	$1K - $15K	Purchase	Feb 16, 2022	Jan 11, 2022	House
Lois FrankelHouse (D-FL)	$1K - $15K	Purchase	Feb 16, 2022	Jan 10, 2022	House

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Government Trades

Diamondback Energy Inc

top performing FANG trades