Diamondback Energy (NASDAQ:FANG) Earns Outperform Rating from Analysts at Evercore ISI
Evercore ISI assumed coverage on shares of Diamondback Energy (NASDAQ:FANG) in a report published on Wednesday, The Fly reports. The brokerage issued an outperform rating on the oil and natural gas company’s stock.
Several other brokerages have also commented on FANG. Truist Financial raised their price objective on Diamondback Energy from $80.00 to $105.00 in a research report on Monday, March 8th. Johnson Rice lowered Diamondback Energy from an accumulate rating to a hold rating in a research report on Tuesday, March 9th. TheStreet raised Diamondback Energy from a d+ rating to a c- rating in a research report on Friday, March 12th. KeyCorp raised their price objective on Diamondback Energy from $80.00 to $85.00 and gave the company an overweight rating in a research report on Wednesday, March 17th. Finally, Truist raised their price objective on Diamondback Energy from $65.00 to $80.00 in a research report on Wednesday, February 24th. Four research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $71.39.
Shares of FANG stock opened at $76.31 on Wednesday. The stock has a fifty day moving average of $75.87 and a 200 day moving average of $51.95. Diamondback Energy has a 52 week low of $23.63 and a 52 week high of $88.75. The firm has a market capitalization of $12.06 billion, a price-to-earnings ratio of -2.83, a PEG ratio of 0.59 and a beta of 2.59. The company has a quick ratio of 0.43, a current ratio of 0.45 and a debt-to-equity ratio of 0.53.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 11th. Shareholders of record on Thursday, March 4th were paid a dividend of $0.40 per share. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.38. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend was Wednesday, March 3rd. Diamondback Energy’s payout ratio is currently 23.09%.
In related news, CFO Hof Matthew Kaes Van’t sold 1,900 shares of the business’s stock in a transaction that occurred on Friday, March 19th. The stock was sold at an average price of $77.24, for a total transaction of $146,756.00. Following the completion of the transaction, the chief financial officer now directly owns 67,043 shares in the company, valued at approximately $5,178,401.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.47% of the company’s stock.
Several large investors have recently made changes to their positions in FANG. Acadian Asset Management LLC bought a new position in shares of Diamondback Energy during the 3rd quarter valued at approximately $25,000. Vantage Consulting Group Inc bought a new position in shares of Diamondback Energy during the 4th quarter valued at approximately $26,000. AJO LP purchased a new position in Diamondback Energy in the 4th quarter worth approximately $33,000. IFP Advisors Inc lifted its holdings in Diamondback Energy by 125.0% in the 4th quarter. IFP Advisors Inc now owns 900 shares of the oil and natural gas company’s stock worth $43,000 after purchasing an additional 500 shares in the last quarter. Finally, Jeppson Wealth Management LLC purchased a new position in Diamondback Energy in the 3rd quarter worth approximately $47,000. Institutional investors own 92.14% of the company’s stock.
Diamondback Energy Company Profile
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily 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.
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