Diamondback Energy, Inc. (NASDAQ:FANG) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Diamondback Energy, Inc. (NASDAQ:FANG) have been assigned an average recommendation of “Buy” from the twenty-three ratings firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $189.9091.

Several research analysts recently issued reports on the stock. Susquehanna cut their target price on shares of Diamondback Energy to $188.00 and set a “positive” rating for the company in a research report on Monday, October 20th. Melius Research assumed coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 target price for the company. Evercore ISI upped their target price on shares of Diamondback Energy from $165.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, October 6th. Wall Street Zen lowered shares of Diamondback Energy from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Finally, Mizuho cut their target price on shares of Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating for the company in a research report on Monday, September 15th.

Diamondback Energy Stock Down 0.9%

FANG opened at $145.86 on Tuesday. The company has a fifty day moving average price of $142.61 and a 200-day moving average price of $140.99. The firm has a market capitalization of $42.23 billion, a P/E ratio of 10.37 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. Diamondback Energy has a one year low of $114.00 and a one year high of $186.07.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same quarter last year, the firm earned $4.52 earnings per share. The firm’s revenue for the quarter was up 48.1% on a year-over-year basis. Equities research analysts expect that Diamondback Energy will post 15.49 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, August 21st. Stockholders of record on Thursday, August 14th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy’s dividend payout ratio (DPR) is 28.43%.

Insider Activity

In other news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares of the company’s stock, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. BankPlus Trust Department bought a new position in shares of Diamondback Energy during the first quarter valued at about $27,000. Pinnacle Bancorp Inc. raised its stake 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 during the last quarter. SouthState Corp raised its stake in shares of Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 167 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. raised its stake in shares of Diamondback Energy by 106.3% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the oil and natural gas company’s stock valued at $28,000 after acquiring an additional 102 shares during the last quarter. Finally, WASHINGTON TRUST Co raised its stake in shares of Diamondback Energy by 119.8% during the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock valued at $32,000 after acquiring an additional 109 shares during the last quarter. 90.01% of the stock is owned by 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.