MIDLAND, Texas (AP) _ Diamondback Energy Inc. (FANG) on Tuesday reported third-quarter profit of $368 million.
The Midland, Texas-based company said it had profit of $2.26 per share. Earnings, adjusted for non-recurring gains, came to $1.47 per share.
The results missed Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $1.71 per share.
The energy exploration and production company posted revenue of $975 million in the period, which also fell short of Street forecasts. Twelve analysts surveyed by Zacks expected $1.05 billion.
Diamondback shares have fallen nearly 3% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $90.23, a drop of 22% in the last 12 months.