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Walgreens has a 4.8% yield and just cut its dividend, a worrying sign for income investors. Kraft Heinz has a 4.6% yield and appears to be on the cusp of a business turnaround.
It would be wise to keep an eye on EOG Resources (EOG), Matador (MTDR) and Diamondback (FANG), as the peak in demand for fossil fuels is not expected to happen in the near future.
In the most recent trading session, Diamondback Energy (FANG) closed at $184.52, indicating a +0.01% shift from the previous trading day.
Energy stocks trade at historically low levels. Investors are bidding up tech stocks and overlooking the growth still ahead for the energy sector.
Diamondback is well-positioned in the current market despite uncertain macroeconomic conditions. The firm is well hedged and has breakeven production at $40/bbl WTI. Management increased the base dividend by 7% to $3.60/share and has a remaining $1.6b in authorized share buybacks as of Q4'23. The acquisition of Endeavor will provide synergies and increase shareholder value through free cash flow generation. Near-term, management will limit payouts to 50% of FCF.
For 2024, Diamondback Energy (FANG) forecasts a capital spending budget between $2.3 billion and $2.55 billion and looks to pump around 458,000-466,000 BOE/d of hydrocarbon.
The pricing environment of crude oil continues to be favorable, encouraging more exploration and production activities. Upstream players may keep increasing their operations in prolific shale resources, consequently raising the count of drilling rigs.
While the top- and bottom-line numbers for Diamondback (FANG) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Diamondback Energy (FANG) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
Diamondback Energy (FANG) beat the Zacks Consensus Estimate for earnings in two of the last four quarters and missed in the other two.