Diamondback Energy (NASDAQ:FANG) Receives New Coverage from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. began coverage on shares of Diamondback Energy (NASDAQ:FANG) in a research report released on Wednesday morning, Marketbeat reports. The brokerage issued an overweight rating and a $182.00 price objective on the oil and natural gas company’s stock.

A number of other equities research analysts have also issued reports on FANG. KeyCorp began coverage on Diamondback Energy in a research note on Thursday, June 27th. They set an overweight rating and a $225.00 price target for the company. UBS Group decreased their price target on Diamondback Energy from $247.00 to $223.00 and set a buy rating for the company in a research note on Wednesday, September 18th. Wolfe Research began coverage on Diamondback Energy in a report on Thursday, July 18th. They issued a peer perform rating for the company. Sanford C. Bernstein lowered their target price on Diamondback Energy from $243.00 to $236.00 and set an outperform rating for the company in a report on Wednesday, July 17th. Finally, Susquehanna lowered their target price on Diamondback Energy from $245.00 to $237.00 and set a positive rating for the company in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $205.82.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $181.29 on Wednesday. Diamondback Energy has a 1 year low of $143.08 and a 1 year high of $214.50. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. The firm has a market capitalization of $32.33 billion, a price-to-earnings ratio of 10.22, a PEG ratio of 1.17 and a beta of 1.89. The business has a 50 day simple moving average of $187.75 and a 200-day simple moving average of $195.25.

Diamondback Energy (NASDAQ:FANG) 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. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period last year, the company earned $3.68 EPS. Diamondback Energy’s quarterly revenue was up 29.4% compared to the same quarter last year. Equities analysts forecast that Diamondback Energy will post 18.97 EPS for the current year.

Diamondback Energy Increases Dividend

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

Insider Activity

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Founders Capital Management grew its stake in shares of Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after purchasing an additional 101 shares during the last quarter. First Community Trust NA purchased a new position in Diamondback Energy during the second quarter worth $26,000. Carolinas Wealth Consulting LLC increased its position in Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after buying an additional 55 shares in the last quarter. Logan Capital Management Inc. purchased a new position in Diamondback Energy during the fourth quarter worth $31,000. Finally, HHM Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy in the second quarter valued at $40,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.