Diamondback Energy (NASDAQ:FANG) Hits New 52-Week High – Here’s What Happened

Diamondback Energy, Inc. (NASDAQ:FANG)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $216.90 and last traded at $215.5680, with a volume of 116689 shares trading hands. The stock had previously closed at $208.55.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Citigroup decreased their price target on Diamondback Energy from $221.00 to $220.00 and set a “buy” rating for the company in a report on Monday, August 10th. Raymond James Financial reiterated a “strong-buy” rating and set a $248.00 price objective on shares of Diamondback Energy in a research note on Friday, July 31st. Truist Financial upped their target price on shares of Diamondback Energy from $220.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Wells Fargo & Company lifted their price target on shares of Diamondback Energy from $262.00 to $263.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Finally, Wolfe Research reissued an “outperform” rating and issued a $206.00 price objective on shares of Diamondback Energy in a research report on Tuesday, August 4th. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $222.21.

Diamondback Energy Stock Down 0.1%

The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. The firm has a fifty day simple moving average of $191.79 and a 200-day simple moving average of $189.22. The company has a market capitalization of $59.01 billion, a PE ratio of 41.08 and a beta of 0.43.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, beating the consensus estimate of $6.08 by $0.40. The company had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $4.89 billion. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The business’s revenue was up 51.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.38 EPS. Equities research analysts anticipate that Diamondback Energy, Inc. will post 19.78 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were issued a $1.10 dividend. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 annualized dividend and a yield of 2.1%. 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 the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total transaction of $98,250.00. Following the completion of the transaction, the director directly owned 13,437 shares of the company’s stock, valued at $2,640,370.50. This trade represents a 3.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Teresa L. Dick sold 7,000 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the sale, the chief accounting officer directly owned 85,755 shares of the company’s stock, valued at $17,228,179.50. The trade was a 7.55% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 129,167 shares of company stock valued at $24,714,309. Insiders own 0.64% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

A number of hedge funds have recently bought and sold shares of FANG. Laurel Wealth Advisors LLC bought a new stake in Diamondback Energy in the fourth quarter valued at about $26,000. Cedar Mountain Advisors LLC acquired a new stake in Diamondback Energy during the first quarter valued at approximately $26,000. JPL Wealth Management LLC bought a new position in Diamondback Energy during the 3rd quarter worth approximately $26,000. Wellington Shields & Co. LLC lifted its holdings in Diamondback Energy by 264.7% during the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock worth $28,000 after buying an additional 135 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in shares of Diamondback Energy in the 2nd quarter worth approximately $28,000. 90.01% of the stock is currently 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.