Diamondback Energy (NASDAQ:FANG) PT Lowered to $220.00

by · The Cerbat Gem

Diamondback Energy (NASDAQ:FANG – Free Report) had its price objective trimmed by Truist Financial from $255.00 to $220.00 in a research note released on Monday, Benzinga reports. The brokerage currently has a buy rating on the oil and natural gas company’s stock.

A number of other research firms also recently weighed in on FANG. Morgan Stanley raised their price target on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an overweight rating in a report on Monday, September 16th. Wells Fargo & Company reduced their price target on Diamondback Energy from $231.00 to $230.00 and set an overweight rating for the company in a research report on Wednesday, August 14th. KeyCorp initiated coverage on Diamondback Energy in a report on Thursday, June 27th. They set an overweight rating and a $225.00 price objective on the stock. StockNews.com downgraded Diamondback Energy from a buy rating to a hold rating in a research note on Saturday, July 6th. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $220.00 target price on shares of Diamondback Energy in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy presently has an average rating of Moderate Buy and a consensus target price of $207.68.

Read Our Latest Report on Diamondback Energy

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $188.30 on Monday. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. Diamondback Energy has a one year low of $143.08 and a one year high of $214.50. The business’s 50-day moving average price is $187.52 and its two-hundred day moving average price is $195.20. The company has a market capitalization of $33.58 billion, a P/E ratio of 10.61, a price-to-earnings-growth ratio of 1.17 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG – Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, beating the consensus estimate of $4.51 by $0.01. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.68 EPS. Analysts anticipate that Diamondback Energy will post 18.97 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently announced a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were paid a $2.34 dividend. This represents a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio (DPR) is 20.29%.

Insider Transactions at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the sale, the insider now directly owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Diamondback Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in FANG. Quent Capital LLC boosted its position in shares of Diamondback Energy by 7.2% during the second quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock worth $162,000 after buying an additional 54 shares during the period. Carolinas Wealth Consulting LLC lifted its stake in Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after acquiring an additional 55 shares in the last quarter. Sugarloaf Wealth Management LLC boosted its position in Diamondback Energy by 0.3% during the 2nd quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock worth $3,999,000 after acquiring an additional 56 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of Diamondback Energy by 16.1% during the 2nd quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock worth $82,000 after acquiring an additional 57 shares in the last quarter. Finally, Confluence Investment Management LLC raised its holdings in shares of Diamondback Energy by 1.6% in the second quarter. Confluence Investment Management LLC now owns 3,667 shares of the oil and natural gas company’s stock valued at $734,000 after purchasing an additional 58 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

About Diamondback Energy

(Get Free Report)

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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