Diamondback Energy (NASDAQ:FANG) Hits New 12-Month Low – Here’s Why

Diamondback Energy, Inc. (NASDAQ:FANG) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $150.50 and last traded at $149.38, with a volume of 1738742 shares. The stock had previously closed at $158.96.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. The Goldman Sachs Group started coverage on shares of Diamondback Energy in a report on Monday, December 2nd. They issued a “buy” rating and a $227.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $210.00 price target on shares of Diamondback Energy in a research note on Thursday, January 23rd. Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective for the company in a research note on Friday, January 3rd. Mizuho upped their target price on Diamondback Energy from $201.00 to $204.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 25th. Finally, Morgan Stanley lifted their price target on shares of Diamondback Energy from $220.00 to $227.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and a consensus target price of $216.09.

Diamondback Energy Trading Down 6.9 %

The firm has a fifty day moving average of $165.42 and a two-hundred day moving average of $175.04. The company has a market cap of $42.84 billion, a PE ratio of 8.47, a price-to-earnings-growth ratio of 1.24 and a beta of 1.86. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31.

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

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $4.00 annualized dividend and a dividend yield of 2.70%. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s dividend payout ratio is currently 25.32%.

Hedge Funds Weigh In On Diamondback Energy

Hedge funds have recently made changes to their positions in the stock. Demars Financial Group LLC purchased a new stake in Diamondback Energy during the 4th quarter worth about $638,050,000. Raymond James Financial Inc. purchased a new stake in shares of Diamondback Energy in the fourth quarter worth about $298,327,000. Alyeska Investment Group L.P. bought a new position in shares of Diamondback Energy in the fourth quarter valued at approximately $185,193,000. Assenagon Asset Management S.A. grew its stake in Diamondback Energy by 1,153.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company’s stock valued at $185,606,000 after acquiring an additional 1,042,505 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Diamondback Energy by 11.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock worth $1,496,859,000 after acquiring an additional 928,429 shares during the period. 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.