Diamondback Energy (NASDAQ:FANG – Free Report) had its price target hoisted by Raymond James from $237.00 to $256.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a strong-buy rating on the oil and natural gas company’s stock.
Other research analysts also recently issued research reports about the stock. Piper Sandler decreased their price target on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. JPMorgan Chase & Co. lifted their price objective on shares of Diamondback Energy from $191.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Citigroup started coverage on Diamondback Energy in a research note on Monday, October 14th. They issued a “neutral” rating and a $195.00 price target on the stock. KeyCorp lowered their price objective on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Finally, Truist Financial raised their target price on Diamondback Energy from $230.00 to $236.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued 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 price target of $215.00.
Check Out Our Latest Stock Report on Diamondback Energy
Diamondback Energy Stock Performance
Diamondback Energy (NASDAQ:FANG – Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing the consensus estimate of $4.62 by ($1.24). The company had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. Diamondback Energy’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter last year, the company earned $5.49 EPS. As a group, equities analysts anticipate that Diamondback Energy will post 15.58 earnings per share for the current fiscal year.
Diamondback Energy Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were given a dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a yield of 2.08%. Diamondback Energy’s payout ratio is 20.61%.
Insider Activity
In related news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the transaction, the director now directly 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.48% of the company’s stock.
Hedge Funds Weigh In On Diamondback Energy
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans boosted its stake in shares of Diamondback Energy by 2.8% in the second quarter. Thrivent Financial for Lutherans now owns 26,441 shares of the oil and natural gas company’s stock valued at $5,294,000 after buying an additional 728 shares in the last quarter. Public Sector Pension Investment Board boosted its position in shares of Diamondback Energy by 5.0% during the 2nd quarter. Public Sector Pension Investment Board now owns 30,967 shares of the oil and natural gas company’s stock worth $6,199,000 after purchasing an additional 1,482 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Diamondback Energy by 59.8% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 32,448 shares of the oil and natural gas company’s stock worth $6,496,000 after purchasing an additional 12,147 shares during the period. AXA S.A. increased its holdings in shares of Diamondback Energy by 35.4% in the 2nd quarter. AXA S.A. now owns 25,167 shares of the oil and natural gas company’s stock valued at $5,038,000 after purchasing an additional 6,575 shares in the last quarter. Finally, MBB Public Markets I LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at about $2,493,000. Institutional investors and hedge funds own 90.01% of the company’s stock.
Diamondback Energy Company Profile
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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