Diamondback Energy, Inc. (NASDAQ:FANG) Receives $193.13 Average Target Price from Brokerages

Diamondback Energy, Inc. (NASDAQ:FANGGet Free Report) has been given an average rating of “Buy” by the twenty-two brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $193.13.

A number of research analysts have commented on the stock. Barclays reduced their price target on shares of Diamondback Energy from $200.00 to $185.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Royal Bank Of Canada started coverage on shares of Diamondback Energy in a report on Friday, May 2nd. They set an “outperform” rating and a $180.00 target price on the stock. Morgan Stanley lowered their price target on shares of Diamondback Energy from $186.00 to $183.00 and set an “overweight” rating for the company in a research note on Friday, May 23rd. Wells Fargo & Company upped their price target on shares of Diamondback Energy from $207.00 to $208.00 and gave the company an “overweight” rating in a research report on Monday, June 16th. Finally, Piper Sandler reduced their price objective on Diamondback Energy from $234.00 to $225.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th.

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Insider Activity at Diamondback Energy

In related news, President Hof Matthew Kaes Van’t sold 10,000 shares of Diamondback Energy stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the completion of the transaction, the president now directly owns 120,645 shares of the company’s stock, valued at $17,214,835.05. This trade represents a 7.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Diamondback Energy

Hedge funds have recently made changes to their positions in the stock. BankPlus Trust Department purchased a new position in Diamondback Energy during the first quarter valued at $27,000. Wintrust Investments LLC bought a new position in shares of Diamondback Energy during the fourth quarter valued at $28,000. Pinnacle Bancorp Inc. increased its holdings in shares of Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company’s stock valued at $29,000 after acquiring an additional 88 shares in the last quarter. SouthState Corp raised its position in shares of Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock worth $31,000 after purchasing an additional 167 shares during the last quarter. Finally, Grove Bank & Trust boosted its stake in Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock worth $32,000 after purchasing an additional 80 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $148.85 on Wednesday. Diamondback Energy has a 52-week low of $114.00 and a 52-week high of $214.50. The company has a fifty day moving average of $139.18 and a 200-day moving average of $151.76. The company has a market capitalization of $43.49 billion, a P/E ratio of 9.10, a P/E/G ratio of 1.35 and a beta of 1.06. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.86.

Diamondback Energy (NASDAQ:FANGGet Free Report) last issued its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.67 by $0.87. The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.58 billion. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. The company’s revenue was up 81.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.50 earnings per share. As a group, equities research analysts predict that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend was Thursday, May 15th. Diamondback Energy’s payout ratio is presently 24.46%.

Diamondback Energy Company Profile

(Get Free Report

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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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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