Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating)’s stock price traded up 4.4% on Monday after Morgan Stanley raised their price target on the stock from $170.00 to $175.00. Morgan Stanley currently has an overweight rating on the stock. Diamondback Energy traded as high as $140.08 and last traded at $139.83. 46,490 shares were traded during trading, a decline of 98% from the average session volume of 2,836,887 shares. The stock had previously closed at $133.93.
Other equities analysts have also recently issued reports about the company. StockNews.com cut Diamondback Energy from a “buy” rating to a “hold” rating in a report on Friday, August 12th. The Goldman Sachs Group cut their price target on Diamondback Energy from $180.00 to $160.00 and set a “buy” rating on the stock in a report on Tuesday, July 5th. Piper Sandler cut their price target on Diamondback Energy from $196.00 to $191.00 and set an “overweight” rating on the stock in a report on Friday, July 22nd. Barclays increased their price target on Diamondback Energy from $160.00 to $180.00 and gave the stock an “overweight” rating in a report on Tuesday, June 14th. Finally, Truist Financial increased their target price on Diamondback Energy from $185.00 to $203.00 in a report on Tuesday, July 19th. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $168.58.
Insider Buying and Selling at Diamondback Energy
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In other news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the firm’s stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $160.00, for a total transaction of $960,000.00. Following the completion of the sale, the chief financial officer now directly owns 61,334 shares of the company’s stock, valued at approximately $9,813,440. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.42% of the company’s stock.
Institutional Investors Weigh In On Diamondback Energy
Several large investors have recently made changes to their positions in FANG. Carolinas Wealth Consulting LLC increased its position in shares of Diamondback Energy by 366.7% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock valued at $31,000 after purchasing an additional 176 shares during the last quarter. Cambridge Trust Co. increased its holdings in Diamondback Energy by 1,991.7% in the 1st quarter. Cambridge Trust Co. now owns 251 shares of the oil and natural gas company’s stock worth $34,000 after acquiring an additional 239 shares during the last quarter. MCF Advisors LLC purchased a new stake in Diamondback Energy in the 1st quarter worth about $35,000. Confluence Wealth Services Inc. purchased a new stake in Diamondback Energy in the 4th quarter worth about $38,000. Finally, Global Retirement Partners LLC increased its holdings in Diamondback Energy by 51.8% in the 2nd quarter. Global Retirement Partners LLC now owns 334 shares of the oil and natural gas company’s stock worth $40,000 after acquiring an additional 114 shares during the last quarter. 89.97% of the stock is owned by hedge funds and other institutional investors.
Diamondback Energy Trading Up 4.7 %
The firm has a fifty day moving average of $122.47 and a two-hundred day moving average of $131.94. The company has a market cap of $24.32 billion, a PE ratio of 6.51, a price-to-earnings-growth ratio of 0.24 and a beta of 2.12. The company has a current ratio of 0.73, a quick ratio of 0.69 and a debt-to-equity ratio of 0.38.
Diamondback Energy (NASDAQ:FANG – Get Rating) last announced its quarterly earnings data on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share for the quarter, topping the consensus estimate of $6.66 by $0.41. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter last year, the firm posted $2.40 EPS. The firm’s revenue for the quarter was up 64.7% on a year-over-year basis. As a group, sell-side analysts predict that Diamondback Energy, Inc. will post 26.05 EPS for the current year.
Diamondback Energy Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th were issued a $3.05 dividend. The ex-dividend date was Monday, August 15th. This represents a $12.20 annualized dividend and a yield of 8.70%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.70. Diamondback Energy’s dividend payout ratio (DPR) is 14.03%.
Diamondback Energy announced that its Board of Directors has authorized a stock repurchase program on Monday, August 1st that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the oil and natural gas company to reacquire up to 17.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
About Diamondback Energy
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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