Diamondback Energy (NASDAQ:FANG – Free Report) had its price target lifted by Wells Fargo & Company from $262.00 to $263.00 in a report published on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the oil and natural gas company’s stock.
Several other brokerages have also issued reports on FANG. Susquehanna boosted their price objective on shares of Diamondback Energy from $245.00 to $255.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Scotiabank increased their target price on shares of Diamondback Energy from $175.00 to $195.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 22nd. Citigroup dropped their price target on shares of Diamondback Energy from $245.00 to $221.00 and set a “buy” rating for the company in a research report on Monday, July 20th. Raymond James Financial reissued a “strong-buy” rating and issued a $248.00 price target on shares of Diamondback Energy in a research note on Friday, July 31st. Finally, Barclays increased their price objective on shares of Diamondback Energy from $225.00 to $232.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $220.75.
Check Out Our Latest Report on FANG
Diamondback Energy Stock Performance
Diamondback Energy (NASDAQ:FANG – Get Free Report) last released its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, topping analysts’ consensus estimates of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $4.89 billion. During the same quarter in the previous year, the company earned $2.38 earnings per share. The company’s quarterly revenue was up 51.2% on a year-over-year basis. Analysts expect that Diamondback Energy will post 19.22 EPS for the current fiscal year.
Diamondback Energy Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.3%. The ex-dividend date is Thursday, August 13th. Diamondback Energy’s dividend payout ratio is currently 85.77%.
Insider Activity at Diamondback Energy
In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 500 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total transaction of $98,250.00. Following the transaction, the director owned 13,437 shares of the company’s stock, valued at $2,640,370.50. The trade was a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Teresa L. Dick sold 7,000 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the transaction, the chief accounting officer owned 85,755 shares in the company, valued at $17,228,179.50. This trade represents a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 139,167 shares of company stock valued at $26,749,809. Corporate insiders own 0.64% of the company’s stock.
Hedge Funds Weigh In On Diamondback Energy
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA raised its position in shares of Diamondback Energy by 4.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,441,622 shares of the oil and natural gas company’s stock worth $216,719,000 after buying an additional 56,194 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Diamondback Energy by 18.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 139,308 shares of the oil and natural gas company’s stock valued at $20,942,000 after buying an additional 21,575 shares during the period. Eagle Global Advisors LLC acquired a new stake in shares of Diamondback Energy in the fourth quarter worth $5,472,000. Hsbc Holdings PLC boosted its position in Diamondback Energy by 16.3% during the 4th quarter. Hsbc Holdings PLC now owns 338,577 shares of the oil and natural gas company’s stock worth $50,890,000 after purchasing an additional 47,450 shares during the period. Finally, Assetmark Inc. boosted its position in Diamondback Energy by 16.1% during the 4th quarter. Assetmark Inc. now owns 297,945 shares of the oil and natural gas company’s stock worth $44,790,000 after purchasing an additional 41,307 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.
About Diamondback Energy
Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.
Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.
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