Diamondback Energy (NASDAQ:FANG) Price Target Raised to $198.00

Diamondback Energy (NASDAQ:FANG) had its price objective hoisted by Morgan Stanley from $185.00 to $198.00 in a report issued on Monday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the oil and natural gas company’s stock.

Other equities research analysts also recently issued research reports about the company. Benchmark reissued a buy rating and issued a $154.00 price target on shares of Diamondback Energy in a report on Tuesday, August 6th. Susquehanna lowered their target price on shares of Diamondback Energy from $245.00 to $237.00 and set a positive rating for the company in a research note on Wednesday, September 4th. Wolfe Research assumed coverage on shares of Diamondback Energy in a research note on Thursday, July 18th. They set a peer perform rating on the stock. Bank of America raised their price target on shares of Diamondback Energy from $201.00 to $215.00 and gave the stock a neutral rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada reissued an outperform rating and set a $220.00 price objective on shares of Diamondback Energy in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Diamondback Energy currently has an average rating of Moderate Buy and a consensus price target of $209.71.

Diamondback Energy Trading Down 0.9 %

NASDAQ:FANG opened at $178.12 on Monday. The stock has a market capitalization of $31.77 billion, a price-to-earnings ratio of 10.04, a PEG ratio of 1.06 and a beta of 1.89. Diamondback Energy has a 52 week low of $143.08 and a 52 week high of $214.50. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The firm has a 50 day moving average of $193.26 and a 200 day moving average of $195.65.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. The business had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business’s quarterly revenue was up 29.4% on a year-over-year basis. During the same period in the prior year, the firm posted $3.68 earnings per share. As a group, sell-side analysts anticipate that Diamondback Energy will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were paid a $2.34 dividend. This is a boost from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. Diamondback Energy’s payout ratio is currently 20.29%.

Institutional Investors Weigh In On Diamondback Energy

Several hedge funds have recently modified their holdings of FANG. Newbridge Financial Services Group Inc. increased its stake in shares of Diamondback Energy by 31.5% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 2,062 shares of the oil and natural gas company’s stock valued at $413,000 after purchasing an additional 494 shares in the last quarter. Heritage Wealth Management Inc. acquired a new stake in Diamondback Energy in the second quarter valued at approximately $966,000. Sanctuary Advisors LLC purchased a new stake in shares of Diamondback Energy in the second quarter valued at approximately $10,229,000. Clearbridge Investments LLC increased its position in shares of Diamondback Energy by 45.1% in the second quarter. Clearbridge Investments LLC now owns 296,752 shares of the oil and natural gas company’s stock valued at $59,407,000 after buying an additional 92,213 shares in the last quarter. Finally, New Wave Wealth Advisors LLC acquired a new position in shares of Diamondback Energy during the 2nd quarter worth approximately $402,000. 90.01% of the stock is 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.