Diamondback Energy (NASDAQ:FANG) Price Target Raised to $219.00

Diamondback Energy (NASDAQ:FANG) had its target price upped by Wells Fargo & Company from $218.00 to $219.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the oil and natural gas company’s stock.

Other research analysts also recently issued reports about the company. Piper Sandler boosted their price target on Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. KeyCorp dropped their target price on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. StockNews.com raised Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, November 13th. Citigroup initiated coverage on shares of Diamondback Energy in a research note on Monday, October 14th. They set a “neutral” rating and a $195.00 price objective for the company. Finally, Mizuho lowered their target price on shares of Diamondback Energy from $219.00 to $207.00 and set an “outperform” rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $210.70.

Diamondback Energy Stock Down 1.9 %

Shares of NASDAQ:FANG opened at $153.06 on Tuesday. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $44.69 billion, a P/E ratio of 8.76, a P/E/G ratio of 1.21 and a beta of 1.88. Diamondback Energy has a 52-week low of $147.93 and a 52-week high of $214.50. The stock’s fifty day simple moving average is $176.44 and its 200-day simple moving average is $186.92.

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%. Diamondback Energy’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period in the prior year, the business earned $5.49 earnings per share. As a group, equities research analysts forecast that Diamondback Energy will post 16.28 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were paid a $0.90 dividend. The ex-dividend date was Thursday, November 14th. This represents a $3.60 annualized dividend and a dividend yield of 2.35%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,150 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value 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 position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy 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 sale, the insider now directly owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The trade was a 92.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp raised its holdings in Diamondback Energy by 1.3% in the third quarter. State Street Corp now owns 11,858,555 shares of the oil and natural gas company’s stock valued at $2,044,415,000 after acquiring an additional 149,871 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Diamondback Energy by 6.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company’s stock worth $793,611,000 after purchasing an additional 266,299 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Diamondback Energy by 16.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after purchasing an additional 415,902 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Diamondback Energy by 9.3% during the third quarter. Pacer Advisors Inc. now owns 2,704,520 shares of the oil and natural gas company’s stock worth $466,259,000 after purchasing an additional 230,689 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Diamondback Energy by 10.1% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock worth $538,547,000 after purchasing an additional 247,065 shares during the last quarter. 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.