Diamondback Energy’s (FANG) “Outperform” Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada reaffirmed their outperform rating on shares of Diamondback Energy (NASDAQ:FANG) in a research note released on Wednesday,Benzinga reports. Royal Bank Of Canada currently has a $240.00 price objective on the oil and natural gas company’s stock.

A number of other analysts also recently issued reports on the stock. Morgan Stanley restated an “equal weight” rating and set a $216.00 price objective on shares of Diamondback Energy in a report on Wednesday, August 19th. Stephens reaffirmed an “outperform” rating on shares of Diamondback Energy in a research report on Tuesday. Wall Street Zen upgraded shares of Diamondback Energy from a “hold” rating to a “buy” rating in a research note on Sunday, September 13th. Wells Fargo & Company boosted their target price on shares of Diamondback Energy from $262.00 to $263.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Finally, Truist Financial increased their target price on shares of Diamondback Energy from $220.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $226.71.

Diamondback Energy Stock Up 4.3%

Shares of NASDAQ:FANG opened at $203.95 on Wednesday. Diamondback Energy has a 1 year low of $137.03 and a 1 year high of $216.90. The company has a market capitalization of $57.11 billion, a PE ratio of 12.60 and a beta of 0.55. The business has a fifty day moving average price of $197.24 and a two-hundred day moving average price of $194.22. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.47 and a quick ratio of 0.45.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, topping analysts’ consensus estimates of $6.08 by $0.40. The company had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $4.89 billion. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%. The business’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.38 EPS. Analysts forecast that Diamondback Energy will post 21.07 earnings per share for the current year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy’s dividend payout ratio is currently 85.77%.

Insider Buying and Selling at Diamondback Energy

In other news, Director Charles Meloy sold 33,333 shares of the stock in a transaction on Monday, October 5th. The stock was sold at an average price of $183.74, for a total transaction of $6,124,605.42. Following the completion of the transaction, the director owned 759,864 shares in the company, valued at approximately $139,617,411.36. This represents a 4.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis Stice sold 75,000 shares of Diamondback Energy stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $204.31, for a total value of $15,323,250.00. Following the completion of the sale, the director directly owned 49,727 shares of the company’s stock, valued at approximately $10,159,723.37. This trade represents a 60.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 141,666 shares of company stock valued at $28,061,456 in the last quarter. 0.64% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Diamondback Energy

Several large investors have recently modified their holdings of the business. USA Financial Formulas bought a new position in shares of Diamondback Energy in the third quarter worth $1,141,000. New England Research & Management Inc. bought a new stake in shares of Diamondback Energy during the 3rd quarter valued at $395,000. Vontobel Holding Ltd. raised its stake in shares of Diamondback Energy by 31.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 2,739 shares of the oil and natural gas company’s stock valued at $503,000 after purchasing an additional 650 shares during the period. Wealth Intelligence LLC lifted its holdings in Diamondback Energy by 3.0% during the 3rd quarter. Wealth Intelligence LLC now owns 2,444 shares of the oil and natural gas company’s stock worth $449,000 after purchasing an additional 72 shares in the last quarter. Finally, V Square Quantitative Management LLC lifted its holdings in Diamondback Energy by 11.2% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,651 shares of the oil and natural gas company’s stock worth $487,000 after purchasing an additional 267 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Company Profile

Diamondback Energy, Inc is an independent oil and natural gas company headquartered in Midland, Texas. The company focuses primarily on the acquisition, development, exploration and production of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas and southeastern New Mexico.

Diamondback’s operations are concentrated in the Midland and Delaware sub-basins, where it develops properties using horizontal drilling and hydraulic fracturing. Its production includes crude oil, natural gas and natural gas liquids.