Diamondback Energy, Inc. (NASDAQ:FANG – Get Free Report) shares fell 2.5% during mid-day trading on Tuesday after UBS Group lowered their price target on the stock from $257.00 to $245.00. UBS Group currently has a buy rating on the stock. Diamondback Energy traded as low as $195.80 and last traded at $196.20. 114,057 shares were traded during mid-day trading, a decline of 93% from the average session volume of 1,560,119 shares. The stock had previously closed at $201.29.
Several other brokerages have also issued reports on FANG. Bank of America increased their price objective on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Truist Financial increased their target price on shares of Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Wells Fargo & Company increased their target price on shares of Diamondback Energy from $224.00 to $231.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Wolfe Research assumed coverage on shares of Diamondback Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Susquehanna increased their target price on shares of Diamondback Energy from $212.00 to $245.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $212.25.
Insider Buying and Selling
In other news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total value of $1,182,840.00. Following the sale, the chief operating officer now directly owns 69,677 shares in the company, valued at approximately $13,736,123.78. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.48% of the stock is owned by company insiders.
Institutional Trading of Diamondback Energy
Hedge funds and other institutional investors have recently modified their holdings of the stock. Founders Capital Management boosted its position in Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after buying an additional 101 shares during the last quarter. First Community Trust NA bought a new position in Diamondback Energy in the second quarter valued at about $26,000. Carolinas Wealth Consulting LLC increased its position in Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after purchasing an additional 55 shares during the period. Logan Capital Management Inc. acquired a new stake in Diamondback Energy in the fourth quarter worth about $31,000. Finally, HHM Wealth Advisors LLC bought a new stake in Diamondback Energy during the 2nd quarter worth about $40,000. Institutional investors and hedge funds own 90.01% of the company’s stock.
Diamondback Energy Trading Down 2.6 %
The company has a market capitalization of $34.98 billion, a price-to-earnings ratio of 11.06, a P/E/G ratio of 1.06 and a beta of 1.90. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The business’s 50-day simple moving average is $198.21 and its 200-day simple moving average is $192.26.
Diamondback Energy (NASDAQ:FANG – Get Free Report) last announced its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating the consensus estimate of $4.51 by $0.01. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the business posted $3.68 earnings per share. Diamondback Energy’s revenue was up 29.4% compared to the same quarter last year. On average, research analysts expect that Diamondback Energy, Inc. will post 18.63 earnings per share for the current fiscal year.
Diamondback Energy Increases Dividend
The firm also recently disclosed a None dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th will be paid a $2.34 dividend. The ex-dividend date is Thursday, August 15th. This is a boost from Diamondback Energy’s previous None dividend of $2.26. This represents a yield of 1.9%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.
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.