Diamondback Energy (NASDAQ:FANG) Given New $179.00 Price Target at Mizuho

Diamondback Energy (NASDAQ:FANG) had its target price lowered by Mizuho from $186.00 to $179.00 in a report issued on Tuesday morning,Benzinga reports. Mizuho currently has an outperform rating on the oil and natural gas company’s stock.

FANG has been the subject of several other research reports. UBS Group cut their target price on Diamondback Energy from $175.00 to $163.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Piper Sandler cut their target price on Diamondback Energy from $240.00 to $234.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Royal Bank of Canada began coverage on Diamondback Energy in a research note on Friday, May 2nd. They set an “outperform” rating and a $180.00 target price for the company. Bank of America raised Diamondback Energy from a “neutral” rating to a “buy” rating and cut their target price for the stock from $202.00 to $170.00 in a research note on Tuesday, April 29th. Finally, Morgan Stanley reissued an “overweight” rating on shares of Diamondback Energy in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $194.09.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $146.17 on Tuesday. Diamondback Energy has a one year low of $114.00 and a one year high of $214.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The stock has a market cap of $42.71 billion, a PE ratio of 8.37, a P/E/G ratio of 1.24 and a beta of 1.06. The stock has a 50 day moving average price of $141.19 and a 200 day moving average price of $158.71.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, beating the consensus estimate of $3.67 by $0.87. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.58 billion. During the same quarter last year, the firm earned $4.50 earnings per share. The business’s revenue for the quarter was up 81.8% on a year-over-year basis. Equities research analysts expect that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Thursday, May 15th will be issued a $1.00 dividend. The ex-dividend date is Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a yield of 2.74%. Diamondback Energy’s dividend payout ratio (DPR) is presently 24.46%.

Insider Activity at Diamondback Energy

In related news, Director Frank D. Tsuru bought 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the acquisition, the director now owns 5,730 shares in the company, valued at approximately $896,802.30. This trade represents a 53.62% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FANG. Price T Rowe Associates Inc. MD lifted 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 buying an additional 928,429 shares during the last quarter. Boston Partners lifted its holdings in Diamondback Energy by 4.8% during the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company’s stock worth $861,961,000 after buying an additional 249,098 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Diamondback Energy by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,710,165 shares of the oil and natural gas company’s stock worth $769,706,000 after buying an additional 91,605 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Diamondback Energy by 2.3% during the 1st quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company’s stock worth $680,649,000 after buying an additional 94,177 shares during the last quarter. Finally, Demars Financial Group LLC lifted its holdings in Diamondback Energy by 5.3% during the 1st quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company’s stock worth $655,953,000 after buying an additional 208,200 shares during 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.