Diamondback: 4Q Earnings Snapshot
MIDLAND, Texas (AP) _ Diamondback Energy Inc. (FANG) on Tuesday reported fourth-quarter profit of $306.7 million.
The Midland, Texas-based company said it had profit of $2.50 per share. Earnings, adjusted for non-recurring gains, came to $1.21 per share.
The results did not meet Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of $1.62 per share.
The energy exploration and production company posted revenue of $633.1 million in the period, which also did not meet Street forecasts. Twelve analysts surveyed by Zacks expected $663.2 million.
For the year, the company reported profit of $845.7 million, or $8.06 per share. Revenue was reported as $2.18 billion.
Diamondback shares have risen 13 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $104.80, a decrease of 15 percent in the last 12 months.