Diamondback Energy (NASDAQ:FANG) Price Target Raised to $220.00

Diamondback Energy (NASDAQ:FANG) had its target price upped by Royal Bank of Canada from $195.00 to $220.00 in a research report released on Monday morning, Benzinga reports. The firm currently has an outperform rating on the oil and natural gas company’s stock.

Several other equities research analysts have also commented on FANG. Susquehanna boosted their price target on shares of Diamondback Energy from $212.00 to $245.00 and gave the stock a positive rating in a report on Monday, April 22nd. Barclays started coverage on Diamondback Energy in a research note on Wednesday, April 10th. They issued an equal weight rating and a $214.00 price target on the stock. Truist Financial boosted their price target on Diamondback Energy from $248.00 to $250.00 and gave the stock a buy rating in a research report on Monday, April 22nd. Bank Of America (Bofa) decreased their price objective on Diamondback Energy from $147.00 to $129.00 and set an underperform rating on the stock in a report on Thursday, January 18th. Finally, StockNews.com raised shares of Diamondback Energy from a hold rating to a buy rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $205.68.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $203.22 on Monday. The firm’s fifty day moving average is $196.55 and its two-hundred day moving average is $171.35. The firm has a market cap of $36.24 billion, a price-to-earnings ratio of 11.46 and a beta of 1.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. Diamondback Energy has a one year low of $123.41 and a one year high of $211.96.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.29 by $0.21. The business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.10 EPS. Research analysts expect that Diamondback Energy will post 18.91 EPS for the current year.

Diamondback Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Wednesday, May 15th will be issued a $0.90 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.60 annualized dividend and a yield of 1.77%. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.29%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief executive officer now directly owns 446,610 shares in the company, valued at $89,322,000. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Travis D. Stice sold 30,000 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the transaction, the chief executive officer now owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jere W. Thompson III sold 900 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $199.90, for a total value of $179,910.00. Following the completion of the sale, the vice president now directly owns 7,585 shares in the company, valued at approximately $1,516,241.50. The disclosure for this sale can be found here. Insiders have sold 58,575 shares of company stock valued at $11,491,006 over the last 90 days. 0.43% of the stock is owned by insiders.

Hedge Funds Weigh In On Diamondback Energy

Hedge funds have recently bought and sold shares of the company. Sage Mountain Advisors LLC lifted its holdings in Diamondback Energy by 4.5% during the 1st quarter. Sage Mountain Advisors LLC now owns 1,420 shares of the oil and natural gas company’s stock worth $281,000 after buying an additional 61 shares in the last quarter. Coldstream Capital Management Inc. increased its position in shares of Diamondback Energy by 1.8% during the third quarter. Coldstream Capital Management Inc. now owns 3,655 shares of the oil and natural gas company’s stock worth $566,000 after acquiring an additional 64 shares during the period. MCF Advisors LLC raised its stake in shares of Diamondback Energy by 8.6% in the fourth quarter. MCF Advisors LLC now owns 846 shares of the oil and natural gas company’s stock valued at $131,000 after acquiring an additional 67 shares in the last quarter. Meeder Advisory Services Inc. boosted its holdings in Diamondback Energy by 2.8% in the first quarter. Meeder Advisory Services Inc. now owns 2,612 shares of the oil and natural gas company’s stock valued at $518,000 after purchasing an additional 72 shares during the period. Finally, Edmond DE Rothschild Holding S.A. grew its stake in Diamondback Energy by 20.8% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 424 shares of the oil and natural gas company’s stock worth $84,000 after purchasing an additional 73 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

About Diamondback Energy

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.