Mizuho Cuts Diamondback Energy (NASDAQ:FANG) Price Target to $179.00

Diamondback Energy (NASDAQ:FANG) had its price objective reduced by Mizuho from $186.00 to $179.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the oil and natural gas company’s stock.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. reduced their price target on shares of Diamondback Energy from $167.00 to $161.00 and set an “overweight” rating for the company in a research report on Wednesday, May 7th. Wells Fargo & Company reduced their price target on shares of Diamondback Energy from $215.00 to $207.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Bank of America raised shares of Diamondback Energy from a “neutral” rating to a “buy” rating and reduced their price target for the company from $202.00 to $170.00 in a research report on Tuesday, April 29th. Truist Financial boosted their price target on shares of Diamondback Energy from $238.00 to $242.00 and gave the company a “buy” rating in a research report on Thursday, April 17th. Finally, UBS Group reduced their price target on shares of Diamondback Energy from $175.00 to $163.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Two research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $194.09.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $141.95 on Tuesday. The stock has a market cap of $41.47 billion, a P/E ratio of 8.13, a price-to-earnings-growth ratio of 1.24 and a beta of 1.06. The company has a fifty day simple moving average of $141.32 and a 200-day simple moving average of $158.36. Diamondback Energy has a 12-month low of $114.00 and a 12-month high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data 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. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.58 billion. During the same period in the previous year, the company earned $4.50 EPS. The company’s revenue for the quarter was up 81.8% on a year-over-year basis. Equities analysts expect that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Thursday, May 15th will be issued a dividend of $1.00 per share. The ex-dividend date is Thursday, May 15th. This represents a $4.00 annualized dividend and a yield of 2.82%. Diamondback Energy’s dividend payout ratio is currently 24.46%.

Insider Buying and Selling

In related news, Director Frank D. Tsuru bought 2,000 shares of the stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the transaction, the director now owns 5,730 shares of the company’s stock, valued at $896,802.30. This represents a 53.62% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Hof Matthew Kaes Van’t sold 10,000 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the transaction, the president now owns 120,645 shares in the company, valued at $17,214,835.05. The trade was a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amundi grew its position in Diamondback Energy by 0.6% during the first quarter. Amundi now owns 695,462 shares of the oil and natural gas company’s stock worth $111,190,000 after buying an additional 3,964 shares during the period. Adage Capital Partners GP L.L.C. acquired a new position in Diamondback Energy during the first quarter worth about $77,622,000. Holt Capital Advisors L.L.C. dba Holt Capital Partners L.P. grew its position in Diamondback Energy by 21.9% during the first quarter. Holt Capital Advisors L.L.C. dba Holt Capital Partners L.P. now owns 12,040 shares of the oil and natural gas company’s stock worth $1,925,000 after buying an additional 2,165 shares during the period. Focus Partners Advisor Solutions LLC acquired a new position in Diamondback Energy during the first quarter worth about $328,000. Finally, Point72 Europe London LLP grew its position in Diamondback Energy by 64.4% during the first quarter. Point72 Europe London LLP now owns 112,580 shares of the oil and natural gas company’s stock worth $17,999,000 after buying an additional 44,120 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.