Diamondback Energy (NASDAQ:FANG – Free Report) had its price objective boosted by Truist Financial from $249.00 to $255.00 in a research note issued to investors on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the oil and natural gas company’s stock.
A number of other brokerages also recently issued reports on FANG. Morgan Stanley dropped their price target on shares of Diamondback Energy from $186.00 to $184.00 and set an overweight rating on the stock in a research report on Monday, April 15th. Bank of America boosted their target price on shares of Diamondback Energy from $201.00 to $215.00 and gave the company a neutral rating in a research report on Tuesday, July 23rd. Benchmark reiterated a buy rating and set a $154.00 target price on shares of Diamondback Energy in a research report on Tuesday, August 6th. KeyCorp assumed coverage on shares of Diamondback Energy in a research report on Thursday, June 27th. They set an overweight rating and a $225.00 target price on the stock. Finally, Piper Sandler boosted their target price on shares of Diamondback Energy from $247.00 to $249.00 and gave the company an overweight rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $210.00.
Read Our Latest Stock Report on FANG
Diamondback Energy Stock Up 1.2 %
Shares of NASDAQ FANG opened at $199.77 on Wednesday. The company has a market capitalization of $35.63 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 1.06 and a beta of 1.90. Diamondback Energy has a 52-week low of $143.08 and a 52-week high of $214.50. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The company’s 50 day moving average price is $197.86 and its 200-day moving average price is $191.40.
Diamondback Energy (NASDAQ:FANG – Get Free Report) last issued its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The company’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.68 EPS. Equities analysts forecast that Diamondback Energy will post 18.63 earnings per share for the current year.
Diamondback Energy Increases Dividend
The company also recently announced a None dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th will be paid a $2.34 dividend. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date of this dividend is Thursday, August 15th. This represents a dividend yield of 1.9%. Diamondback Energy’s dividend payout ratio is presently 20.29%.
Insider Transactions at Diamondback Energy
In other news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the completion of the sale, the chief operating officer now owns 69,677 shares in the company, valued at approximately $13,736,123.78. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.48% of the company’s stock.
Hedge Funds Weigh In On Diamondback Energy
A number of hedge funds and other institutional investors have recently made changes to their positions in FANG. Price T Rowe Associates Inc. MD boosted its holdings in shares of Diamondback Energy by 38.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after buying an additional 2,381,488 shares during the last quarter. Boston Partners lifted its holdings in Diamondback Energy by 235.6% during the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after purchasing an additional 1,916,900 shares during the last quarter. Homestead Advisers Corp purchased a new stake in Diamondback Energy during the first quarter valued at about $87,940,000. Bank of New York Mellon Corp lifted its holdings in Diamondback Energy by 16.0% during the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after purchasing an additional 415,902 shares during the last quarter. Finally, Lord Abbett & CO. LLC purchased a new stake in Diamondback Energy during the first quarter valued at about $77,510,000. 90.01% of the stock is owned by hedge funds and other institutional investors.
Diamondback Energy Company Profile
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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