Diamondback Energy, Inc. (NASDAQ:FANG) Receives $222.30 Consensus Target Price from Brokerages

Shares of Diamondback Energy, Inc. (NASDAQ:FANG) have been given a consensus recommendation of “Moderate Buy” by the twenty-five brokerages that are presently covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and four have given a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $222.2105.

A number of research analysts recently issued reports on the stock. Truist Financial raised their price objective on shares of Diamondback Energy from $220.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Mizuho boosted their target price on shares of Diamondback Energy from $220.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Sanford C. Bernstein upped their price target on shares of Diamondback Energy from $237.00 to $241.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Morgan Stanley reaffirmed an “equal weight” rating and set a $216.00 price target on shares of Diamondback Energy in a research note on Wednesday. Finally, Raymond James Financial restated a “strong-buy” rating and set a $248.00 price objective on shares of Diamondback Energy in a research report on Friday, July 31st.

Insider Activity at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 83,334 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the transaction, the director owned 851,530 shares of the company’s stock, valued at $159,338,293.60. This represents a 8.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Matt Zmigrosky sold 5,000 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the transaction, the executive vice president owned 46,392 shares in the company, valued at approximately $9,303,451.68. The trade was a 9.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 129,167 shares of company stock valued at $24,714,309 in the last ninety days. 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. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Diamondback Energy by 18.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 139,308 shares of the oil and natural gas company’s stock worth $20,942,000 after buying an additional 21,575 shares during the last quarter. Eagle Global Advisors LLC bought a new stake in Diamondback Energy in the fourth quarter worth about $5,472,000. Hsbc Holdings PLC raised its position in Diamondback Energy by 16.3% in the fourth quarter. Hsbc Holdings PLC now owns 338,577 shares of the oil and natural gas company’s stock worth $50,890,000 after acquiring an additional 47,450 shares during the period. Oppenheimer & Co. Inc. boosted its stake in Diamondback Energy by 1,127.5% in the fourth quarter. Oppenheimer & Co. Inc. now owns 26,907 shares of the oil and natural gas company’s stock valued at $4,045,000 after acquiring an additional 24,715 shares during the last quarter. Finally, Guinness Asset Management LTD boosted its stake in Diamondback Energy by 12.0% in the fourth quarter. Guinness Asset Management LTD now owns 54,132 shares of the oil and natural gas company’s stock valued at $8,042,000 after acquiring an additional 5,816 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Price Performance

Shares of FANG opened at $210.72 on Monday. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. The stock has a market cap of $59.01 billion, a PE ratio of 41.08 and a beta of 0.43. Diamondback Energy has a 12-month low of $134.30 and a 12-month high of $216.90. The business has a 50-day simple moving average of $191.79 and a two-hundred day simple moving average of $189.44.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, beating analysts’ consensus estimates of $6.08 by $0.40. The firm had revenue of $5.56 billion for the quarter, compared to analyst estimates 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 for the quarter was up 51.2% on a year-over-year basis. During the same period last year, the firm posted $2.38 earnings per share. Analysts anticipate that Diamondback Energy will post 20.13 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy’s payout ratio is currently 85.77%.

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.