Diamondback Energy (NASDAQ:FANG) to Repurchase $4.00 billion in Outstanding Shares

Diamondback Energy (NASDAQ:FANGGet Rating) declared that its Board of Directors has authorized a share buyback plan on Monday, August 1st, RTT News reports. The company plans to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the oil and natural gas company to repurchase up to 17.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Diamondback Energy Stock Down 1.6 %

Diamondback Energy stock opened at $125.92 on Tuesday. Diamondback Energy has a fifty-two week low of $65.93 and a fifty-two week high of $162.24. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.69 and a current ratio of 0.72. The firm has a 50 day moving average price of $130.34 and a 200 day moving average price of $131.77. The company has a market capitalization of $22.35 billion, a PE ratio of 8.30, a price-to-earnings-growth ratio of 0.23 and a beta of 2.12.

Diamondback Energy (NASDAQ:FANGGet Rating) last released its quarterly earnings data on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.63 by $0.44. Diamondback Energy had a net margin of 34.17% and a return on equity of 19.91%. The business had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the previous year, the company earned $2.40 EPS. The company’s revenue for the quarter was up 64.7% on a year-over-year basis. Research analysts expect that Diamondback Energy will post 25.66 earnings per share for the current year.

Analyst Ratings Changes

FANG has been the topic of a number of research reports. Citigroup raised their price target on shares of Diamondback Energy to $148.00 in a research note on Monday, July 4th. Raymond James decreased their target price on shares of Diamondback Energy from $215.00 to $190.00 and set a “maintains” rating on the stock in a research note on Tuesday, July 26th. Piper Sandler decreased their target price on shares of Diamondback Energy from $196.00 to $191.00 and set an “overweight” rating on the stock in a research note on Friday, July 22nd. KeyCorp raised their target price on shares of Diamondback Energy from $152.00 to $164.00 and gave the stock an “overweight” rating in a research note on Friday, April 8th. Finally, Mizuho decreased their target price on shares of Diamondback Energy from $233.00 to $224.00 and set a “buy” rating on the stock in a research note on Tuesday, July 19th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $168.89.

Insider Activity

In other news, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $150.01, for a total transaction of $4,500,300.00. Following the transaction, the chief executive officer now directly owns 428,497 shares in the company, valued at $64,278,834.97. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $150.01, for a total transaction of $4,500,300.00. Following the transaction, the chief executive officer now directly owns 428,497 shares in the company, valued at $64,278,834.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the company’s stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $160.00, for a total transaction of $960,000.00. Following the transaction, the chief financial officer now owns 61,334 shares in the company, valued at $9,813,440. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,500 shares of company stock valued at $6,740,850. Insiders own 0.42% of the company’s stock.

About Diamondback Energy

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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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