Diamondback Energy (FANG) on late Wednesday released updates that showed higher-than-expected repurchases of its common stock and above-consensus realized pricing for oil and natural gas during Q1.
The company repurchased $575 million of shares during Q1, it said in a regulatory filing, adding buybacks have reached $200 million of shares Q2-to-date. In Q4 of 2024, the repurchases were to the tune of $402 million, according to a note from Truist Securities.
Realized pricing, including hedges for energy production, of $70.06 during Q1 compared with the $68.66 forecast at Truist and the $69.40 Street estimate, according to the brokerage.
Q1 cash capital expenditure of $942 million compared with Truist's guidance of $966 million and the Street's $961 million projection.
Truist raised its price target for Diamondback's shares to $242 from $238.
Shares of Diamondback rose 1.3% in premarket activity Thursday.
Price: 131.95, Change: +1.73, Percent Change: +1.33
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