Diamondback Energy (NASDAQ:FANG) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Diamondback Energy (NASDAQ:FANG) in a research note published on Wednesday,Benzinga reports. Royal Bank of Canada currently has a $210.00 price target on the oil and natural gas company’s stock.

FANG has been the topic of a number of other reports. KeyCorp lowered their price target on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Morgan Stanley upped their price objective on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Johnson Rice cut Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, September 24th. Truist Financial upped their price objective on Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, Evercore ISI decreased their price objective on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $209.64.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock traded up $0.29 during trading hours on Wednesday, reaching $181.88. 2,579,217 shares of the stock traded hands, compared to its average volume of 1,845,321. The company has a 50 day moving average price of $181.77 and a 200 day moving average price of $192.33. The firm has a market capitalization of $53.61 billion, a price-to-earnings ratio of 10.41, a P/E/G ratio of 1.29 and a beta of 1.89. Diamondback Energy has a one year low of $145.70 and a one year high of $214.50. The company has a quick ratio of 3.64, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the previous year, the firm earned $5.49 earnings per share. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. On average, equities research analysts expect that Diamondback Energy will post 17.1 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Thursday, November 14th. Diamondback Energy’s dividend payout ratio is presently 20.61%.

Insider Activity

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

Institutional investors have recently bought and sold shares of the business. First Community Trust NA purchased a new position in shares of Diamondback Energy in the second quarter valued at approximately $26,000. Carolinas Wealth Consulting LLC lifted its position in shares of 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 valued at $27,000 after acquiring an additional 55 shares in the last quarter. HHM Wealth Advisors LLC purchased a new position in shares of Diamondback Energy in the second quarter valued at approximately $40,000. Values First Advisors Inc. purchased a new position in shares of Diamondback Energy in the third quarter valued at approximately $42,000. Finally, Founders Capital Management lifted its position in shares of Diamondback Energy by 99.2% in the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after acquiring an additional 125 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

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.