Brokerages Set Diamondback Energy, Inc. (NASDAQ:FANG) Target Price at $168.89

Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) has been assigned an average recommendation of “Moderate Buy” from the twenty-one brokerages that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $169.42.

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company reduced their price target on shares of Diamondback Energy from $200.00 to $192.00 and set an “overweight” rating on the stock in a research report on Monday, July 11th. Citigroup lifted their price target on shares of Diamondback Energy to $148.00 in a research report on Monday, July 4th. Mizuho reduced their price target on shares of Diamondback Energy from $233.00 to $224.00 and set a “buy” rating on the stock in a research report on Tuesday, July 19th. KeyCorp boosted their price objective on shares of Diamondback Energy from $152.00 to $164.00 and gave the company an “overweight” rating in a research report on Friday, April 8th. Finally, MKM Partners reaffirmed a “buy” rating and issued a $155.00 price objective on shares of Diamondback Energy in a research report on Wednesday, July 20th.

Diamondback Energy Price Performance

Shares of FANG stock opened at $121.37 on Wednesday. The firm’s 50 day moving average price is $128.54 and its two-hundred day moving average price is $131.55. The stock has a market cap of $21.54 billion, a PE ratio of 5.67, a PEG ratio of 0.22 and a beta of 2.12. Diamondback Energy has a 52-week low of $65.93 and a 52-week high of $162.24. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.69 and a current ratio of 0.73.

Diamondback Energy (NASDAQ:FANGGet Rating) last announced its quarterly earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share for the quarter, topping analysts’ consensus estimates of $6.58 by $0.49. The company had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Diamondback Energy had a net margin of 42.23% and a return on equity of 25.12%. The business’s quarterly revenue was up 64.7% compared to the same quarter last year. During the same period last year, the firm posted $2.40 earnings per share. As a group, analysts forecast that Diamondback Energy will post 25.56 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 23rd. Shareholders of record on Tuesday, August 16th will be paid a $3.05 dividend. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.70. This represents a $12.20 annualized dividend and a yield of 10.05%. The ex-dividend date of this dividend is Monday, August 15th. Diamondback Energy’s payout ratio is presently 13.09%.

Diamondback Energy declared that its board has authorized a stock repurchase program on Monday, August 1st that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the oil and natural gas company to purchase up to 17.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Diamondback Energy

In other news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the business’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $150.00, for a total transaction of $900,000.00. Following the transaction, the chief financial officer now directly owns 67,334 shares in the company, valued at approximately $10,100,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the business’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $150.00, for a total transaction of $900,000.00. Following the transaction, the chief financial officer now directly owns 67,334 shares in the company, valued at approximately $10,100,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Teresa L. Dick sold 2,500 shares of Diamondback Energy stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $152.22, for a total transaction of $380,550.00. Following the sale, the chief accounting officer now directly owns 57,308 shares of the company’s stock, valued at approximately $8,723,423.76. The disclosure for this sale can be found here. Insiders have sold 44,500 shares of company stock worth $6,740,850 in the last ninety days. Insiders own 0.42% of the company’s stock.

Institutional Trading of Diamondback Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Carolinas Wealth Consulting LLC boosted its holdings in shares of Diamondback Energy by 366.7% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock worth $31,000 after buying an additional 176 shares during the period. Cambridge Trust Co. boosted its holdings in shares of Diamondback Energy by 1,991.7% during the 1st quarter. Cambridge Trust Co. now owns 251 shares of the oil and natural gas company’s stock worth $34,000 after buying an additional 239 shares during the period. MCF Advisors LLC bought a new stake in shares of Diamondback Energy during the 1st quarter worth about $35,000. Confluence Wealth Services Inc. bought a new stake in shares of Diamondback Energy during the 4th quarter worth about $38,000. Finally, Global Retirement Partners LLC boosted its holdings in Diamondback Energy by 51.8% in the 2nd quarter. Global Retirement Partners LLC now owns 334 shares of the oil and natural gas company’s stock valued at $40,000 after purchasing an additional 114 shares during the period. Institutional investors own 89.97% of the company’s stock.

About Diamondback Energy

(Get Rating)

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.

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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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