Diamondback Energy (NASDAQ:FANG – Get Rating) had its target price trimmed by Piper Sandler from $196.00 to $191.00 in a report issued on Friday morning, The Fly reports. The brokerage currently has an overweight rating on the oil and natural gas company’s stock.
FANG has been the subject of several other reports. Susquehanna Bancshares boosted their price target on Diamondback Energy from $152.00 to $167.00 and gave the stock a positive rating in a research report on Monday, April 25th. Bank of America reduced their price objective on shares of Diamondback Energy from $170.00 to $143.00 and set a neutral rating for the company in a research report on Tuesday, July 19th. Mizuho cut their price objective on shares of Diamondback Energy from $233.00 to $224.00 and set a buy rating for the company in a research report on Tuesday, July 19th. Barclays increased their price objective on shares of Diamondback Energy from $160.00 to $180.00 and gave the company an overweight rating in a research note on Tuesday, June 14th. Finally, Citigroup lifted their price target on Diamondback Energy to $148.00 in a report on Monday, July 4th. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $169.42.
Diamondback Energy Stock Performance
Shares of FANG opened at $113.43 on Friday. The business has a 50-day simple moving average of $131.31 and a two-hundred day simple moving average of $131.81. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.42. Diamondback Energy has a 52 week low of $65.93 and a 52 week high of $162.24. The stock has a market cap of $20.13 billion, a price-to-earnings ratio of 7.48, a PEG ratio of 0.20 and a beta of 2.20.
Diamondback Energy (NASDAQ:FANG – Get Rating) last posted its quarterly earnings results on Monday, May 2nd. The oil and natural gas company reported $5.20 EPS for the quarter, topping the consensus estimate of $4.74 by $0.46. Diamondback Energy had a net margin of 34.17% and a return on equity of 19.91%. The company had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter last year, the firm posted $2.30 EPS. On average, analysts expect that Diamondback Energy will post 26.46 EPS for the current year.
Diamondback Energy Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, May 23rd. Shareholders of record on Thursday, May 12th were issued a $0.70 dividend. The ex-dividend date was Wednesday, May 11th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.60. This represents a $2.80 annualized dividend and a yield of 2.47%. Diamondback Energy’s dividend payout ratio is 18.46%.
Insider Activity at Diamondback Energy
In other news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the business’s stock in a transaction on Friday, May 27th. The shares were sold at an average price of $150.00, for a total value of $900,000.00. Following the transaction, the chief financial officer now owns 67,334 shares of the company’s stock, valued at $10,100,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Travis D. Stice sold 30,000 shares of the stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $150.01, for a total value of $4,500,300.00. Following the completion of the sale, the chief executive officer now directly owns 428,497 shares in the company, valued at $64,278,834.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the company’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $150.00, for a total transaction of $900,000.00. Following the completion of the sale, the chief financial officer now directly owns 67,334 shares of the company’s stock, valued at approximately $10,100,100. The disclosure for this sale can be found here. Insiders sold a total of 44,500 shares of company stock valued at $6,740,850 in the last 90 days. Corporate insiders own 0.42% of the company’s stock.
Institutional Trading of Diamondback Energy
Hedge funds have recently added to or reduced their stakes in the company. Kestra Private Wealth Services LLC raised its holdings in Diamondback Energy by 25.6% during the fourth quarter. Kestra Private Wealth Services LLC now owns 2,880 shares of the oil and natural gas company’s stock worth $311,000 after purchasing an additional 587 shares in the last quarter. Avantax Advisory Services Inc. raised its stake in shares of Diamondback Energy by 32.6% in the 4th quarter. Avantax Advisory Services Inc. now owns 3,491 shares of the oil and natural gas company’s stock valued at $377,000 after acquiring an additional 859 shares during the period. Gulf International Bank UK Ltd increased its stake in Diamondback Energy by 360.9% during the 4th quarter. Gulf International Bank UK Ltd now owns 29,500 shares of the oil and natural gas company’s stock worth $3,181,000 after buying an additional 23,100 shares during the period. National Bank of Canada FI purchased a new position in Diamondback Energy in the fourth quarter valued at about $574,000. Finally, New York State Teachers Retirement System lifted its holdings in Diamondback Energy by 6.7% during the 4th quarter. New York State Teachers Retirement System now owns 197,998 shares of the oil and natural gas company’s stock worth $21,354,000 after buying an additional 12,405 shares during the last quarter. Institutional investors and hedge funds own 89.97% of the company’s stock.
Diamondback Energy Company Profile
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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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