Diamondback Energy, Inc. (NASDAQ:FANG) Receives $189.91 Consensus PT from Brokerages

Diamondback Energy, Inc. (NASDAQ:FANG) has received a consensus rating of “Buy” from the twenty-three research firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, twenty have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $189.9091.

Several equities analysts have recently commented on FANG shares. William Blair began coverage on shares of Diamondback Energy in a report on Monday, August 25th. They set an “outperform” rating on the stock. KeyCorp cut their price objective on Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating for the company in a report on Wednesday, September 3rd. Mizuho reduced their price objective on Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Scotiabank reaffirmed an “outperform” rating on shares of Diamondback Energy in a research report on Thursday, October 9th. Finally, Wells Fargo & Company cut their price target on Diamondback Energy from $211.00 to $160.00 and set an “overweight” rating for the company in a research note on Friday, October 17th.

Diamondback Energy Price Performance

Shares of FANG opened at $147.17 on Tuesday. The business’s 50-day moving average is $142.50 and its 200-day moving average is $140.66. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. The company has a market capitalization of $42.60 billion, a price-to-earnings ratio of 10.46 and a beta of 1.04. Diamondback Energy has a fifty-two week low of $114.00 and a fifty-two week high of $186.07.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing the consensus estimate of $2.72 by ($0.05). The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business’s revenue for the quarter was up 48.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.52 earnings per share. Equities research analysts expect that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a $1.00 dividend. The ex-dividend date was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. Diamondback Energy’s payout ratio is 28.43%.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the sale, the chairman directly owned 102,145 shares of the company’s stock, valued at $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Diamondback Energy by 1.7% during the second 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 purchasing an additional 388,512 shares during the period. Boston Partners lifted its stake in shares of Diamondback Energy by 2.8% in 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 buying an additional 151,150 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Diamondback Energy by 2.7% during the 2nd quarter. Geode Capital Management LLC now owns 5,441,649 shares of the oil and natural gas company’s stock worth $746,526,000 after buying an additional 142,649 shares during the period. Bank of New York Mellon Corp grew its stake in 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 buying an additional 384,971 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its holdings in 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 worth $468,846,000 after acquiring 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.