Zacks Investment Research upgraded shares of Diamondback Energy (NASDAQ:FANG) from a strong sell rating to a hold rating in a research note published on Friday.
According to Zacks, “Diamondback Energy focuses on growth through a combination of acquisitions and active drilling in the lucrative Permian Basin spread over west Texas and New Mexico. Since the 2012 IPO, the Permian pure play’s annual production and cash flow per share have witnessed CAGRs of 76% and 30%, respectively. Diamondback's twin acquisitions of Energen Corporation and Ajax Resources – totaling more than $10 billion – are expected to further strengthen its Permian position, with multi-year production growth prospects, a wide inventory of drill-ready locations and the promise of billions worth of synergies. However, service cost inflation and takeaway capacity constraints in the Permian have emerged as concerns. Hence, investors are advised to wait for a better entry point before buying shares in Diamondback.”
A number of other research analysts have also commented on FANG. ValuEngine lowered shares of Diamondback Energy from a hold rating to a sell rating in a research note on Tuesday, February 5th. BidaskClub downgraded shares of Diamondback Energy from a hold rating to a sell rating in a report on Friday. Citigroup reissued a buy rating and set a $155.00 price objective on shares of Diamondback Energy in a report on Tuesday, December 11th. Imperial Capital reissued an outperform rating and set a $140.00 price objective (down previously from $170.00) on shares of Diamondback Energy in a report on Thursday, December 20th. Finally, Morgan Stanley decreased their price objective on shares of Diamondback Energy from $171.00 to $153.00 and set a buy rating on the stock in a report on Tuesday, November 20th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Diamondback Energy currently has an average rating of Buy and an average price target of $158.43.
NASDAQ FANG opened at $96.60 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.08 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $9.78 billion, a price-to-earnings ratio of 18.23, a price-to-earnings-growth ratio of 0.47 and a beta of 0.93. Diamondback Energy has a one year low of $85.19 and a one year high of $140.78.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 28th. Shareholders of record on Thursday, February 21st will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.52%. The ex-dividend date is Wednesday, February 20th. Diamondback Energy’s dividend payout ratio (DPR) is presently 9.43%.
In other Diamondback Energy news, VP Hof Matthew Kaes Van’t sold 1,000 shares of the company’s stock in a transaction dated Thursday, December 20th. The shares were sold at an average price of $89.91, for a total value of $89,910.00. Following the sale, the vice president now owns 5,757 shares of the company’s stock, valued at $517,611.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.57% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Legacy Financial Advisors Inc. acquired a new position in shares of Diamondback Energy in the fourth quarter valued at approximately $30,000. Oregon Public Employees Retirement Fund raised its position in shares of Diamondback Energy by 28,126.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,981,881 shares of the oil and natural gas company’s stock valued at $32,000 after buying an additional 2,971,317 shares during the last quarter. Webster Bank N. A. acquired a new position in shares of Diamondback Energy in the fourth quarter valued at approximately $36,000. Sun Life Financial INC acquired a new position in shares of Diamondback Energy in the fourth quarter valued at approximately $38,000. Finally, Guardian Life Insurance Co. of America acquired a new position in shares of Diamondback Energy in the fourth quarter valued at approximately $40,000.
Diamondback Energy Company Profile
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of onshore oil and natural gas reserves in the Permian Basin in West Texas. Its activities are primarily focused on the Wolfcamp, Spraberry, Clearfork, Bone Spring, and Cline formations.
Featured Story: Momentum Investing
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Diamondback Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Diamondback Energy and related companies with MarketBeat.com's FREE daily email newsletter.