Diamondback: 2Q Earnings Snapshot
MIDLAND, Texas (AP) _ Diamondback Energy Inc. (FANG) on Tuesday reported second-quarter net income of $349 million.
The Midland, Texas-based company said it had profit of $2.11 per share. Earnings, adjusted for non-recurring gains, were $1.70 per share.
The results did not meet Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of $1.74 per share.
The energy exploration and production company posted revenue of $1.02 billion in the period, also falling short of Street forecasts. Thirteen analysts surveyed by Zacks expected $1.04 billion.
Diamondback shares have decreased 2% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $90.76, a fall of 32% in the last 12 months.