Diamondback Energy (NASDAQ:FANG) Given New $174.00 Price Target at UBS Group

Diamondback Energy (NASDAQ:FANG) had its price objective increased by UBS Group from $171.00 to $174.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the oil and natural gas company’s stock.

Several other equities research analysts also recently weighed in on FANG. Melius started coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They set a “buy” rating and a $213.00 target price on the stock. Piper Sandler cut their price objective on Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a research report on Thursday, August 14th. William Blair started coverage on Diamondback Energy in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Wall Street Zen upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Diamondback Energy in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $188.55.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock opened at $148.15 on Tuesday. The stock has a market capitalization of $42.45 billion, a price-to-earnings ratio of 10.30 and a beta of 0.99. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60. The business has a 50-day moving average of $142.20 and a 200 day moving average of $141.92. Diamondback Energy has a 12 month low of $114.00 and a 12 month high of $186.07.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.94 by $0.14. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.48 billion. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The business’s revenue for the quarter was up 48.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.19 earnings per share. As a group, sell-side analysts forecast that Diamondback Energy will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.7%. The ex-dividend date is Thursday, November 13th. Diamondback Energy’s dividend payout ratio is currently 27.80%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Diamondback Energy by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 23,325,287 shares of the oil and natural gas company’s stock worth $3,204,894,000 after acquiring an additional 388,512 shares in the last quarter. Boston Partners increased its position in shares of Diamondback Energy by 2.8% during the second quarter. Boston Partners now owns 5,569,990 shares of the oil and natural gas company’s stock worth $766,914,000 after purchasing an additional 151,150 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Diamondback Energy by 2.7% in the 2nd quarter. Geode Capital Management LLC now owns 5,441,649 shares of the oil and natural gas company’s stock valued at $746,526,000 after purchasing an additional 142,649 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Diamondback Energy by 9.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,642,218 shares of the oil and natural gas company’s stock valued at $637,841,000 after purchasing an additional 384,971 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its position in shares of Diamondback Energy by 4.1% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company’s stock valued at $468,846,000 after purchasing an additional 114,930 shares during the period. 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.