Stock to Keep Your Eyes on: Diamondback Energy, Inc. (NASDAQ: FANG)

On Friday, Shares of Diamondback Energy, Inc. (NASDAQ: FANG) rose 2.25% to $134.97. The stock recorded $129.95 as its minimum price and hit the max level of $136.08, during its most recent trading session. It traded total volume of 794.8k shares lower than the average volume of 1.95M shares.

Diamondback Energy, Inc. (FANG) recently declared financial results for the first quarter ended March 31, 2018.

FINANCIAL HIGHLIGHTS

Diamondback’s first quarter 2018 net income was $163.0M, or $1.65 per diluted share. Adjusted net income was $162.0M, or $1.64 per diluted share.

First quarter 2018 Adjusted EBITDA was $341.0M, up 13% from $302.0M in Q4 2017. First quarter 2018 average realized prices were $61.66 per barrel of oil, $2.20 per Mcf of natural gas and $24.64 per barrel of natural gas liquids, resulting in a total equivalent unhedged price of $50.55/boe, up 12% from $45.31/boe in Q4 2017. Diamondback’s cash operating costs for the first quarter 2018 were $8.42 per boe, counting lease operating expenses (“LOE”) of $4.04 per boe, cash general and administrative expenses of $0.96 per boe and taxes and transportation of $3.42 per boe.

As of March 31, 2018, Diamondback had $54.0M in standalone cash and $166.0M outstanding on its revolving credit facility. In connection with its Spring 2018 redetermination expected to close in May 2018, the lead bank on Diamondback’s credit facility recommended a borrowing base increase to $2.00B from $1.80B, while the Company intends to limit the lenders’ aggregate commitment to $1.00B. In Addition To, Viper Energy Partners LP (“Viper”), a partner of Diamondback, anticipates having its borrowing base increased to $475.0M from $400.0M presently.

During the first quarter of 2018, Diamondback spent $275.0M on drilling, completion and non-operated properties, and $43.0M on infrastructure and midstream.

FANG has the market capitalization of $13.30B and its EPS growth ratio for the past five years was 49.30%. The return on assets ratio of the Company was 6.80% while its return on investment ratio stands at 10.30%. Price to sales ratio was 9.17.

David Rich

David Rich

I am David Rich and I focus on breaking news stories and ensuring we (“Stocks Pen”) offer timely reporting on some of the most recent stories released through market wires about “Basic Materials” Sector companies. I have formerly spent over 5 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for “Stocks Pen” specializing in quicker moving active shares with a short term view on investment opportunities and trends.

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