Analyst Consensus ?
ConsensusBuy51 ratings
Bullish4690.2%
Neutral59.8%
Bearish00.0%
Diamondback Energy, Inc. · FANG · FY2026 Q1 · Calendar Q2 2026
Diamondback Energy Beats Q1 Estimates, Raises Guidance, Accelerates Debt Paydown
Diamondback Energy delivered a Q1 2026 double beat — EPS of $4.23 versus $3.74 estimate (+13.1%) and revenue of $4.24B versus $3.83B estimate (+10.6%). Despite the beat, shares fell 4.3% on an abnormal basis in the reaction window, suggesting the market may have already priced in strong results or reacted to factors beyond the headline numbers. Management raised guidance and accelerated the net debt reduction target to $10B within months rather than the previously communicated 12-18 month horizon. The company added 2-3 rigs and a fifth completion crew, establishing a production baseline above 520,000 bpd. Capital allocation continues to prioritize rapid debt paydown, dividend growth, and modest buybacks over large-scale M&A, while surfactant testing and a power/data-center project provide additional upside vectors. The stock subsequently drifted 2.1% higher in the sessions following…
Reported After market closeNASDAQEnergy
$53.54B market cap
100quality score
Company context
Snapshot as of publicationDiamondback Energy, Inc. operates as an independent enterprise focused on oil and natural gas. Its core business involves the acquisition, development, exploration, and production of unconventional and onshore hydrocarbon reserves, predominantly located within the Permian Basin across West Texas and New Mexico. The company's development efforts primarily target significant geological formations, including the Spraberry and Wolfcamp in the Midland Basin, as well as the Wolfcamp and Bone Spring within the Delaware Basin – both crucial components of the broader Permian. As of December 31, 2021, Diamondback Energy's asset base included approximately 524,700 gross acres under its control in the Permian Basin.…
Earnings scorecard
Reported versus consensus
Reported EPS
$4.23
Consensus $4
EPS surprise
+13.1%
Reported versus consensus
Reported revenue
$4.24B
Consensus $3.83B
Revenue surprise
+10.6%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$199.13Current
$100Low
$198.73Average
$262High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Roth Capital | Neutral | Buy | Downgrade | Apr 8, 2026 |
| The Benchmark Company | Hold | Buy | Downgrade | Mar 5, 2026 |
| B of A Securities | Buy | Neutral | Upgrade | Apr 29, 2025 |
| Citigroup | Buy | Neutral | Upgrade | Apr 7, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jan 3, 2025 |
| Wells Fargo | Overweight | Overweight | Maintain | Oct 18, 2024 |
| Susquehanna | Positive | Positive | Maintain | Oct 18, 2024 |
| Truist Securities | Buy | Buy | Maintain | Oct 16, 2024 |
| Keybanc | Overweight | Overweight | Maintain | Oct 16, 2024 |
| Piper Sandler | Overweight | Overweight | Maintain | Oct 15, 2024 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Oct 10, 2024 |
| BMO Capital | Outperform | Market Perform | Upgrade | Oct 4, 2024 |
| Benchmark | Buy | Buy | Maintain | Oct 3, 2024 |
| Barclays | Overweight | Equal Weight | Upgrade | Oct 2, 2024 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Sep 30, 2024 |
| UBS | Buy | Buy | Maintain | Sep 18, 2024 |
| RBC Capital | Outperform | Outperform | Maintain | Sep 17, 2024 |
| Morgan Stanley | Overweight | Overweight | Maintain | Sep 16, 2024 |
| Bernstein | Outperform | Outperform | Maintain | Jul 17, 2024 |
| Mizuho | Buy | Buy | Maintain | May 13, 2024 |
| Stifel | Buy | Buy | Maintain | Apr 23, 2024 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Jan 24, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 21, 2023 |
| Johnson Rice | Buy | Accumulate | Maintain | Dec 5, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 17, 2022 |
| Imperial Capital | Outperform | Outperform | Maintain | Jul 16, 2020 |
| TD Securities | Buy | Buy | Maintain | Jul 15, 2020 |
| SunTrust Robinson Humphrey | Buy | Hold | Upgrade | Jun 25, 2020 |
| CFRA | Buy | Buy | Maintain | Apr 8, 2020 |
| MKM Partners | Buy | Buy | Maintain | Feb 20, 2020 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 9, 2019 |
| Oppenheimer | Outperform | Outperform | Maintain | Aug 22, 2019 |
| Bank of America | Buy | Buy | Maintain | May 21, 2019 |
| Williams Capital | Buy | Hold | Upgrade | Aug 20, 2018 |
| Jefferies | Buy | Buy | Maintain | Jun 19, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Apr 11, 2018 |
| Stephens & Co. | Overweight | Equal Weight | Upgrade | Oct 17, 2016 |
| Canaccord Genuity | Buy | Buy | Maintain | Oct 11, 2016 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 10, 2016 |
| Wunderlich Securities | Buy | Buy | Maintain | May 5, 2016 |
| Wunderlich | Buy | Buy | Maintain | May 5, 2016 |
| Clarksons Platou | Neutral | Buy | Downgrade | Mar 15, 2016 |
| Clarkson Capital Markets | Neutral | Buy | Downgrade | Mar 15, 2016 |
| Nomura | Buy | Buy | Maintain | Jan 21, 2016 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Jan 14, 2016 |
| Topeka Capital | Buy | Buy | Maintain | Oct 6, 2015 |
| Topeka | Buy | Buy | Maintain | Oct 6, 2015 |
| Tudor Pickering | Accumulate | Buy | Maintain | Apr 23, 2015 |
| KLR Group | Hold | Buy | Downgrade | Dec 23, 2013 |
| Sterne Agee | Buy | Neutral | Upgrade | Sep 24, 2013 |
| CK Cooper | Buy | Buy | Maintain | May 28, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $199.13. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Susquehanna | Charles Minervino | $255 | $197.87 | +28.1% | Jul 21, 2026 |
| UBS | Josh Silverstein | $243 | $195.38 | +22.0% | Jul 21, 2026 |
| Truist Financial | Gabe Daoud | $220 | $190.05 | +10.5% | Jul 16, 2026 |
| Morgan Stanley | Analyst unavailable | $216 | $179.91 | +8.5% | Jun 29, 2026 |
| Wells Fargo | Analyst unavailable | $212 | $183.5 | +6.5% | Jun 22, 2026 |
| Roth Capital | Analyst unavailable | $212 | $183.5 | +6.5% | Jun 22, 2026 |
| Raymond James | John Freeman | $249 | $194.24 | +25.0% | Jun 10, 2026 |
| Mizuho Securities | Nitin Kumar | $240 | $195.13 | +20.5% | May 27, 2026 |
| Barclays | Betty Jiang | $232 | $200.71 | +16.5% | May 26, 2026 |
| Morgan Stanley | Devin McDermott | $229 | $200.31 | +15.0% | May 22, 2026 |
| Bernstein | Bob Brackett | $241 | $188.7 | +21.0% | May 11, 2026 |
| Susquehanna | Analyst unavailable | $245 | $196.43 | +23.0% | May 6, 2026 |
| Truist Financial | Analyst unavailable | $242 | $197.02 | +21.5% | May 6, 2026 |
| Roth Capital | Analyst unavailable | $205 | $207.7 | +2.9% | May 5, 2026 |
| Barclays | Analyst unavailable | $225 | $213.69 | +13.0% | May 5, 2026 |
| Raymond James | John Freeman | $242 | $197.03 | +21.5% | Apr 27, 2026 |
| Wells Fargo | Hanwen Chang | $262 | $180.27 | +31.6% | Apr 20, 2026 |
| Morgan Stanley | Devin McDermott | $224 | $173.23 | +12.5% | Apr 17, 2026 |
| UBS | Analyst unavailable | $245 | $187.2 | +23.0% | Apr 10, 2026 |
| Goldman Sachs | Analyst unavailable | $100 | $191.78 | -49.8% | Mar 23, 2026 |
| Raymond James | John Freeman | $240 | $187.08 | +20.5% | Mar 17, 2026 |
| Roth Capital | Analyst unavailable | $180 | $172.8 | -9.6% | Feb 24, 2026 |
| UBS | Analyst unavailable | $195 | $173.07 | -2.1% | Feb 24, 2026 |
| Mizuho Securities | Analyst unavailable | $205 | $173.82 | +2.9% | Feb 24, 2026 |
| Piper Sandler | Analyst unavailable | $218 | $159.12 | +9.5% | Jan 28, 2026 |
| Wells Fargo | Analyst unavailable | $171 | $153.52 | -14.1% | Jan 27, 2026 |
| Morgan Stanley | Analyst unavailable | $171 | $154.49 | -14.1% | Jan 23, 2026 |
| Piper Sandler | Analyst unavailable | $215 | $148.7 | +8.0% | Jan 21, 2026 |
| Jefferies | Lloyd Byrne | $173 | $151.28 | -13.1% | Jan 19, 2026 |
| Scotiabank | Analyst unavailable | $175 | $150.39 | -12.1% | Jan 16, 2026 |
| Bernstein | Analyst unavailable | $190 | $152.34 | -4.6% | Jan 5, 2026 |
| UBS | Analyst unavailable | $194 | $157.24 | -2.6% | Dec 12, 2025 |
| Mizuho Securities | Analyst unavailable | $194 | $157.06 | -2.6% | Dec 12, 2025 |
| Morgan Stanley | Devin McDermott | $183 | $149 | -8.1% | Nov 20, 2025 |
| Piper Sandler | Analyst unavailable | $219 | $149.58 | +10.0% | Nov 18, 2025 |
| Roth Capital | Analyst unavailable | $162 | $138.06 | -18.6% | Nov 4, 2025 |
| Susquehanna | Charles Minervino | $188 | $139.09 | -5.6% | Oct 20, 2025 |
| RBC Capital | Analyst unavailable | $173 | $141.96 | -13.1% | Oct 10, 2025 |
| Scotiabank | Paul Cheng | $182 | $145.59 | -8.6% | Oct 9, 2025 |
| Barclays | Analyst unavailable | $178 | $149.1 | -10.6% | Oct 7, 2025 |
| KeyBanc | Tim Rezvan | $176 | $144.45 | -11.6% | Sep 3, 2025 |
| Piper Sandler | Mark Lear | $222 | $138.82 | +11.5% | Aug 14, 2025 |
| Morgan Stanley | Analyst unavailable | $206 | $163.09 | +3.5% | Mar 26, 2025 |
| Wells Fargo | Analyst unavailable | $215 | $146.55 | +8.0% | Mar 12, 2025 |
| Williams Trading | Analyst unavailable | $190 | $142.7 | -4.6% | Mar 5, 2025 |
| Morgan Stanley | Devin McDermott | $220 | $176.32 | +10.5% | Jan 22, 2025 |
| Piper Sandler | Mark Lear | $252 | $169.11 | +26.6% | Dec 4, 2024 |
| Truist Financial | Neal Dingmann | $230 | $179.77 | +15.5% | Oct 16, 2024 |
| KeyBanc | Tim Rezvan | $216 | $181.56 | +8.5% | Oct 16, 2024 |
| Williams Trading | Gabriele Sorbara | $230 | $190.7 | +15.5% | Oct 15, 2024 |
| Citigroup | Scott Gruber | $195 | $194.96 | -2.1% | Oct 14, 2024 |
| BMO Capital | Phillip Jungwirth | $215 | $192.87 | +8.0% | Oct 4, 2024 |
| Barclays | Betty Jiang | $210 | $188.16 | +5.5% | Oct 2, 2024 |
| Morgan Stanley | Devin McDermott | $198 | $172.42 | -0.6% | Sep 16, 2024 |
| Mizuho Securities | Nitin Kumar | $219 | $172.42 | +10.0% | Sep 16, 2024 |
| KeyBanc | Tim Rezvan | $225 | $168.5 | +13.0% | Sep 11, 2024 |
| Susquehanna | Biju Perincheril | $237 | $187.48 | +19.0% | Sep 4, 2024 |
| Bernstein | Bob Brackett | $238 | $199.77 | +19.5% | Aug 12, 2024 |
| Truist Financial | Neal Dingmann | $249 | $205.47 | +25.0% | Jul 22, 2024 |
| Bernstein | Bob Brackett | $243 | $189.19 | +22.0% | Jun 6, 2024 |
| RBC Capital | Scott Hanold | $220 | $201.5 | +10.5% | May 6, 2024 |
| Wells Fargo | Roger Read | $224 | $196.01 | +12.5% | May 2, 2024 |
| Wells Fargo | Roger Read | $227 | $203.95 | +14.0% | Apr 17, 2024 |
| Mizuho Securities | Nitin Kumar | $217 | $206.23 | +9.0% | Apr 11, 2024 |
| Truist Financial | Neal Dingmann | $248 | $201.29 | +24.5% | Apr 5, 2024 |
| Morgan Stanley | Devin McDermott | $186 | $197.02 | -6.6% | Mar 28, 2024 |
| Stifel Nicolaus | Derrick Whitfield | $224 | $194.7 | +12.5% | Mar 22, 2024 |
| KeyBanc | Tim Rezvan | $210 | $194.4 | +5.5% | Mar 21, 2024 |
| Morgan Stanley | Analyst unavailable | $180 | $138.09 | -9.6% | Dec 14, 2022 |
| Barclays | Analyst unavailable | $173 | $138.21 | -13.1% | Dec 7, 2022 |
| Johnson Rice | Analyst unavailable | $210 | $142 | +5.5% | Dec 5, 2022 |
| Credit Suisse | Analyst unavailable | $195 | $158.98 | -2.1% | Nov 17, 2022 |
| Citigroup | Analyst unavailable | $155 | $130.79 | -22.2% | Sep 21, 2022 |
| Mizuho Securities | Analyst unavailable | $203 | $129.07 | +1.9% | Aug 18, 2022 |
| Piper Sandler | Mark Lear | $191 | $125.92 | -4.1% | Aug 2, 2022 |
| Raymond James | Analyst unavailable | $190 | $119.99 | -4.6% | Jul 26, 2022 |
| Truist Financial | Analyst unavailable | $203 | $114.86 | +1.9% | Jul 19, 2022 |
| Mizuho Securities | Analyst unavailable | $224 | $114.26 | +12.5% | Jul 19, 2022 |
| Truist Financial | Analyst unavailable | $185 | $104.42 | -7.1% | Jul 14, 2022 |
| Goldman Sachs | Analyst unavailable | $160 | $115 | -19.7% | Jul 5, 2022 |
| Piper Sandler | Mark Lear | $196 | $156.18 | -1.6% | Jun 10, 2022 |
| Raymond James | Analyst unavailable | $215 | $138.49 | +8.0% | May 4, 2022 |
| Susquehanna | Analyst unavailable | $167 | $130.1 | -16.1% | Apr 25, 2022 |
| Raymond James | Analyst unavailable | $200 | $130.1 | +0.4% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $184 | $136.86 | -7.6% | Apr 22, 2022 |
| Wells Fargo | Analyst unavailable | $204 | $138.45 | +2.4% | Apr 19, 2022 |
| Raymond James | John Freeman | $195 | $137.8 | -2.1% | Mar 4, 2022 |
| TD Securities | Menno Hulshof | $150 | $128.99 | -24.7% | Feb 23, 2022 |
| Evercore ISI | Stephen Richardson | $130 | $128.99 | -34.7% | Feb 23, 2022 |
| Credit Suisse | William Janela | $140 | $128.99 | -29.7% | Feb 23, 2022 |
| RBC Capital | Scott Hanold | $160 | $128.99 | -19.7% | Feb 23, 2022 |
| Siebert Williams Shank & Co | Gabriele Sorbara | $155 | $128.99 | -22.2% | Feb 23, 2022 |
| Susquehanna | Biju Perincheril | $152 | $130.4 | -23.7% | Feb 2, 2022 |
| Morgan Stanley | Devin McDermott | $155 | $126.42 | -22.2% | Jan 25, 2022 |
| Truist Financial | Neal Dingmann | $165 | $128.64 | -17.1% | Jan 14, 2022 |
| Citigroup | Scott Gruber | $122 | $111.35 | -38.7% | Jan 3, 2022 |
| Wolfe Research | Josh Silverstein | $132 | $103.61 | -33.7% | Dec 14, 2021 |
| UBS | Lloyd Byrne | $165 | $106.77 | -17.1% | Nov 17, 2021 |
| Roth Capital | John M. White | $135 | $109.98 | -32.2% | Oct 19, 2021 |
| Cowen & Co. | David Deckelbaum | $121 | $107.25 | -39.2% | Oct 13, 2021 |
| Johnson Rice | Charles Meade | $114 | $88.35 | -42.8% | Jun 8, 2021 |
| BMO Capital | Phillip Jungwirth | $95 | $74.29 | -52.3% | Apr 13, 2021 |
Track every rating change on FANG the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-3.5%
Event window
SPY move
+0.8%
Same window
Abnormal move
-4.3%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
+2.1%
Up to 20 sessions
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What changed
From Q4 2025 to Q1 2026, guidance sentiment moved from maintained to raised and capex outlook shifted from stable to increasing. Production accelerated with the addition of 2-3 rigs and a fifth completion crew, establishing a 520k+ bpd baseline. The net debt reduction target was pulled forward from 12-18 months to potentially within months. Surfactant testing advanced, with select wells showing 400-500 bbl/day uplift versus approximately 100 bbl/day in the prior 60-well pilot. The power and data-center project leveraging in-basin gas moved closer to commercial deployment. M&A activity remained limited to small bolt-on acquisitions in the Midland Basin.
Guidance delta
Guidance was raised from the prior quarter's maintained stance. Capex outlook moved from stable to increasing, reflecting the added rigs and completion crew. The net debt target of $10B was accelerated from a 12-18 month horizon to potentially within months. Management reaffirmed dividend growth and modest share repurchases while keeping M&A limited to small bolt-on deals in the Midland Basin.
Key takeaways
- Double beat: EPS $4.23 vs $3.74 estimate (+13.1%), revenue $4.24B vs $3.83B estimate (+10.6%).
- Production ramped with 2-3 additional rigs and a fifth completion crew, targeting 520k+ bpd.
- Net debt target of $10B accelerated from 12-18 months to potentially within months.
- Surfactant treatment showing up to 400-500 bbl/day uplift in select wells, up from prior pilot results.
- Power and data-center project leveraging in-basin natural gas advancing toward commercial use.
- Capital allocation favors debt reduction, dividend growth, and modest buybacks over large M&A.
Management priorities
- Accelerate debt reduction to $10B net debt target earlier than previously guided.
- Maintain dividend growth and continue modest share repurchases.
- Advance the power and data-center project leveraging in-basin natural gas.
- Expand Barnett Shale activity and maintain DUC inventory for operational flexibility.
- Pursue only small bolt-on acquisitions in the Midland Basin if strategically aligned.
Related earnings events
EnergySources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T20:14:18.049019+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T20:14:18.046857+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.