Diamondback Energy, Inc. (NASDAQ:FANG) Receives $216.09 Consensus Price Target from Brokerages

Shares of Diamondback Energy, Inc. (NASDAQ:FANG) have earned an average recommendation of “Moderate Buy” from the twenty-three ratings firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, eighteen have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $211.92.

A number of equities research analysts have commented on the stock. Piper Sandler cut their target price on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Truist Financial lifted their target price on shares of Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $210.00 target price on shares of Diamondback Energy in a research report on Thursday, January 23rd. JPMorgan Chase & Co. cut their target price on shares of Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Morgan Stanley lifted their target price on shares of Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th.

Diamondback Energy Price Performance

Shares of FANG opened at $150.20 on Monday. The company has a market capitalization of $43.47 billion, a P/E ratio of 8.60, a price-to-earnings-growth ratio of 1.24 and a beta of 1.84. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average of $162.00 and a 200 day moving average of $171.85. Diamondback Energy has a twelve month low of $137.09 and a twelve month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.07. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. As a group, equities research analysts anticipate that Diamondback Energy will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were paid a dividend of $1.00 per share. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.66%. Diamondback Energy’s payout ratio is 25.32%.

Insiders Place Their Bets

In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the transaction, the director now owns 5,730 shares of the company’s stock, valued at $896,802.30. This represents a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

Several hedge funds have recently made changes to their positions in FANG. Confluence Investment Management LLC grew its holdings in Diamondback Energy by 5.5% during the 3rd quarter. Confluence Investment Management LLC now owns 3,867 shares of the oil and natural gas company’s stock valued at $667,000 after purchasing an additional 200 shares during the last quarter. Summit Global Investments bought a new position in Diamondback Energy during the 3rd quarter valued at about $202,000. SpiderRock Advisors LLC grew its holdings in Diamondback Energy by 74.2% during the 3rd quarter. SpiderRock Advisors LLC now owns 4,297 shares of the oil and natural gas company’s stock valued at $741,000 after purchasing an additional 1,830 shares during the last quarter. Assetmark Inc. grew its stake in Diamondback Energy by 3.7% in the 3rd quarter. Assetmark Inc. now owns 198,828 shares of the oil and natural gas company’s stock worth $34,278,000 after acquiring an additional 7,176 shares in the last quarter. Finally, Lindbrook Capital LLC grew its stake in Diamondback Energy by 91.1% in the 3rd quarter. Lindbrook Capital LLC now owns 1,223 shares of the oil and natural gas company’s stock worth $211,000 after acquiring an additional 583 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Company Profile

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.