Raymond James Issues Positive Forecast for Diamondback Energy (NASDAQ:FANG) Stock Price

Diamondback Energy (NASDAQ:FANG) had its target price boosted by Raymond James from $232.00 to $237.00 in a report released on Tuesday,Benzinga reports. The firm currently has a strong-buy rating on the oil and natural gas company’s stock.

Several other research firms have also commented on FANG. BMO Capital Markets upgraded shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and increased their price target for the company from $205.00 to $215.00 in a research report on Friday, October 4th. Bank of America boosted their price target on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Piper Sandler increased their price objective on Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Benchmark reissued a “buy” rating and issued a $195.00 target price on shares of Diamondback Energy in a research note on Tuesday, October 29th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $210.00 price target on shares of Diamondback Energy in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and an average target price of $212.00.

Diamondback Energy Trading Up 1.4 %

NASDAQ:FANG opened at $185.29 on Tuesday. The stock has a fifty day moving average price of $182.15 and a two-hundred day moving average price of $190.81. The stock has a market capitalization of $54.10 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 1.32 and a beta of 1.89. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy has a 1 year low of $145.70 and a 1 year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.62 by ($1.24). The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period last year, the firm earned $5.49 EPS. As a group, sell-side analysts anticipate that Diamondback Energy will post 16.37 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were paid a dividend of $0.90 per share. The ex-dividend date was Thursday, November 14th. This represents a $3.60 annualized dividend and a yield of 1.94%. Diamondback Energy’s dividend payout ratio is presently 20.61%.

Insiders Place Their Bets

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares in the company, valued at $181,732,485.09. This represents a 92.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the sale, the director now owns 4,712 shares of the company’s stock, valued at $852,872. This represents a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Diamondback Energy

Large investors have recently modified their holdings of the stock. First Community Trust NA acquired a new stake in shares of Diamondback Energy in the second quarter valued at about $26,000. Carolinas Wealth Consulting LLC grew its stake in shares of Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after buying an additional 55 shares in the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at about $40,000. Values First Advisors Inc. acquired a new stake in shares of Diamondback Energy in the third quarter valued at about $42,000. Finally, Founders Capital Management grew its stake in shares of Diamondback Energy by 99.2% in the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after buying an additional 125 shares in the last quarter. Institutional investors and hedge funds 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.