Diamondback Energy (NASDAQ:FANG – Free Report) had its price target hoisted by Truist Financial from $248.00 to $250.00 in a research report released on Monday, Benzinga reports. Truist Financial currently has a buy rating on the oil and natural gas company’s stock.
Other equities research analysts have also recently issued research reports about the stock. KeyCorp increased their target price on shares of Diamondback Energy from $210.00 to $225.00 and gave the stock an overweight rating in a research report on Monday. UBS Group raised their price objective on shares of Diamondback Energy from $183.00 to $200.00 and gave the company a buy rating in a research report on Wednesday, February 14th. Stifel Nicolaus raised their price objective on shares of Diamondback Energy from $192.00 to $224.00 and gave the company a buy rating in a research report on Friday, March 22nd. Barclays initiated coverage on shares of Diamondback Energy in a research report on Wednesday, April 10th. They issued an equal weight rating and a $214.00 price objective for the company. Finally, Bank Of America (Bofa) reduced their target price on shares of Diamondback Energy from $147.00 to $129.00 and set an underperform rating on the stock in a research note on Thursday, January 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $202.26.
Check Out Our Latest Report on FANG
Diamondback Energy Price Performance
Shares of NASDAQ:FANG traded up $1.84 during midday trading on Monday, reaching $202.58. 1,416,097 shares of the company’s stock were exchanged, compared to its average volume of 1,755,888. The company’s 50 day simple moving average is $190.63 and its two-hundred day simple moving average is $168.24. The firm has a market capitalization of $36.13 billion, a PE ratio of 11.68 and a beta of 1.93. Diamondback Energy has a 12 month low of $123.41 and a 12 month high of $211.96. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.74 and a current ratio of 0.77.
Diamondback Energy (NASDAQ:FANG – Get Free Report) last released its quarterly earnings data on Tuesday, February 20th. The oil and natural gas company reported $4.74 EPS for the quarter, topping analysts’ consensus estimates of $4.61 by $0.13. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.16 billion. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the firm earned $5.29 EPS. Equities research analysts expect that Diamondback Energy will post 18.53 earnings per share for the current fiscal year.
Diamondback Energy Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Tuesday, March 5th were paid a $3.08 dividend. The ex-dividend date was Monday, March 4th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.84. This represents a $12.32 annualized dividend and a dividend yield of 6.08%. Diamondback Energy’s dividend payout ratio is 20.76%.
Insider Activity at Diamondback Energy
In related news, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the transaction, the chief executive officer now directly owns 446,610 shares in the company, valued at $89,322,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the transaction, the chief executive officer now directly owns 446,610 shares in the company, valued at $89,322,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Teresa L. Dick sold 2,000 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total transaction of $384,000.00. Following the sale, the chief accounting officer now owns 96,523 shares in the company, valued at $18,532,416. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,675 shares of company stock worth $11,311,096. Corporate insiders own 0.43% of the company’s stock.
Institutional Investors Weigh In On Diamondback Energy
Hedge funds have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA raised its holdings in Diamondback Energy by 39.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,007,599 shares of the oil and natural gas company’s stock worth $465,817,000 after purchasing an additional 858,446 shares during the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in shares of Diamondback Energy during the 3rd quarter worth approximately $128,720,000. Wellington Management Group LLP grew its position in shares of Diamondback Energy by 4.8% during the 3rd quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock worth $2,209,617,000 after buying an additional 648,317 shares during the period. Raymond James & Associates grew its position in shares of Diamondback Energy by 143.0% during the 4th quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock worth $152,177,000 after buying an additional 577,514 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of Diamondback Energy by 286.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 595,694 shares of the oil and natural gas company’s stock worth $92,380,000 after buying an additional 441,411 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.
About Diamondback Energy
Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.
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