Diamondback Energy (NASDAQ:FANG) Price Target Raised to $230.00

Diamondback Energy (NASDAQ:FANG) had its target price boosted by Truist Financial from $220.00 to $230.00 in a research note issued to investors on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the oil and natural gas company’s stock.

A number of other equities research analysts also recently commented on the company. Barclays upgraded Diamondback Energy from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $216.00 to $210.00 in a research report on Wednesday, October 2nd. 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 research report on Wednesday, July 17th. Jefferies Financial Group initiated coverage on shares of Diamondback Energy in a research report on Monday, September 16th. They issued a “hold” rating and a $185.00 price target on the stock. KeyCorp dropped their price objective on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Citigroup started coverage on shares of Diamondback Energy in a research report on Monday, October 14th. They set a “neutral” rating and a $195.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Diamondback Energy has a consensus rating of “Moderate Buy” and an average price target of $210.09.

Diamondback Energy Trading Up 0.0 %

FANG stock opened at $183.99 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 1-year low of $145.70 and a 1-year high of $214.50. The business has a 50 day simple moving average of $186.35 and a two-hundred day simple moving average of $194.81. The company has a market capitalization of $32.81 billion, a price-to-earnings ratio of 10.37, a PEG ratio of 1.22 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. Diamondback Energy’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.68 earnings per share. Research analysts anticipate that Diamondback Energy will post 19.08 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared 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 was Thursday, August 15th. This is a boost from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. Diamondback Energy’s dividend payout ratio is presently 20.29%.

Insider Buying and Selling

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Diamondback Energy

Several hedge funds have recently made changes to their positions in FANG. First Community Trust NA bought a new stake in shares of Diamondback Energy in the second quarter valued at about $26,000. Carolinas Wealth Consulting LLC increased its position in Diamondback Energy by 67.1% during 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 purchasing an additional 55 shares during the period. HHM Wealth Advisors LLC bought a new stake in shares of Diamondback Energy in the 2nd quarter valued at about $40,000. Founders Capital Management lifted its position in shares of Diamondback Energy by 99.2% in the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after purchasing an additional 125 shares during the period. Finally, CVA Family Office LLC boosted its stake in shares of Diamondback Energy by 28.1% during the third quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock valued at $51,000 after purchasing an additional 65 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.