UBS Group Lowers Diamondback Energy (NASDAQ:FANG) Price Target to $223.00

Diamondback Energy (NASDAQ:FANG) had its price objective trimmed by UBS Group from $247.00 to $223.00 in a research note published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the oil and natural gas company’s stock.

A number of other equities analysts have also issued reports on FANG. Bank of America boosted their target price on shares of Diamondback Energy from $201.00 to $215.00 and gave the stock a neutral rating in a research report on Tuesday, July 23rd. Piper Sandler cut their price objective on shares of Diamondback Energy from $249.00 to $240.00 and set an overweight rating for the company in a research report on Thursday, August 15th. Benchmark reissued 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 Diamondback Energy in a report on Thursday, June 27th. They issued an overweight rating and a $225.00 price target for the company. Finally, Morgan Stanley lifted their price objective on Diamondback Energy from $185.00 to $198.00 and gave the stock an overweight rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Diamondback Energy has an average rating of Moderate Buy and an average price target of $209.71.

Diamondback Energy Stock Down 0.9 %

Diamondback Energy stock opened at $178.12 on Wednesday. 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 fifty-two week low of $143.08 and a fifty-two week high of $214.50. The firm has a fifty day moving average price of $193.26 and a two-hundred day moving average price of $195.65. The firm has a market cap of $31.77 billion, a price-to-earnings ratio of 10.04, a P/E/G ratio of 1.06 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, topping 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 revenue was up 29.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.68 EPS. As a group, analysts forecast that Diamondback Energy will post 19.08 earnings per share for the current 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 issued a $2.34 dividend. This is an increase from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s payout ratio is presently 20.29%.

Institutional Investors Weigh In On Diamondback Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. grew its holdings in shares of Diamondback Energy by 14.1% during the fourth quarter. Franklin Resources Inc. now owns 50,633 shares of the oil and natural gas company’s stock worth $7,852,000 after purchasing an additional 6,240 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Diamondback Energy by 178.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock worth $6,112,000 after acquiring an additional 19,552 shares during the last quarter. TFO Wealth Partners LLC increased its position in Diamondback Energy by 78,990.0% in the 4th quarter. TFO Wealth Partners LLC now owns 7,909 shares of the oil and natural gas company’s stock valued at $1,227,000 after acquiring an additional 7,899 shares in the last quarter. Integrated Advisors Network LLC raised its stake in shares of Diamondback Energy by 92.8% in the fourth quarter. Integrated Advisors Network LLC now owns 13,031 shares of the oil and natural gas company’s stock worth $2,021,000 after acquiring an additional 6,272 shares during the last quarter. Finally, Kapitalo Investimentos Ltda lifted its position in shares of Diamondback Energy by 1,842.5% during the fourth quarter. Kapitalo Investimentos Ltda now owns 4,390 shares of the oil and natural gas company’s stock worth $681,000 after purchasing an additional 4,164 shares in the last quarter. 90.01% of the stock is 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.