Shares of Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) have earned an average recommendation of “Moderate Buy” from the twenty-one brokerages that are presently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $168.89.
Several equities analysts have recently issued reports on the company. KeyCorp assumed coverage on Diamondback Energy in a research report on Monday. They set an “overweight” rating and a $163.00 price objective for the company. The Goldman Sachs Group reduced their target price on Diamondback Energy from $180.00 to $160.00 and set a “buy” rating for the company in a report on Tuesday, July 5th. Morgan Stanley increased their target price on Diamondback Energy from $170.00 to $175.00 and gave the company an “overweight” rating in a report on Monday, August 29th. Citigroup increased their target price on Diamondback Energy from $148.00 to $155.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Barclays boosted their target price on Diamondback Energy from $160.00 to $180.00 and gave the company an “overweight” rating in a research note on Tuesday, June 14th.
Diamondback Energy Stock Down 1.5 %
Shares of Diamondback Energy stock opened at $128.80 on Thursday. The company has a quick ratio of 0.69, a current ratio of 0.73 and a debt-to-equity ratio of 0.38. The business has a 50-day moving average price of $127.58 and a 200 day moving average price of $132.12. Diamondback Energy has a fifty-two week low of $81.81 and a fifty-two week high of $162.24. The firm has a market cap of $22.34 billion, a P/E ratio of 6.02, a P/E/G ratio of 0.23 and a beta of 2.06.
Diamondback Energy declared that its board has initiated a stock buyback program on Monday, August 1st that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the oil and natural gas company to buy up to 17.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
Diamondback Energy Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th were given a $3.05 dividend. This represents a $12.20 annualized dividend and a yield of 9.47%. The ex-dividend date of this dividend was Monday, August 15th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.70. Diamondback Energy’s dividend payout ratio is 14.03%.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the business. GSA Capital Partners LLP acquired a new position in Diamondback Energy in the first quarter worth about $790,000. Steward Partners Investment Advisory LLC increased its holdings in shares of Diamondback Energy by 14.2% during the first quarter. Steward Partners Investment Advisory LLC now owns 29,882 shares of the oil and natural gas company’s stock worth $4,096,000 after buying an additional 3,723 shares in the last quarter. Scotia Capital Inc. increased its holdings in shares of Diamondback Energy by 46.2% during the first quarter. Scotia Capital Inc. now owns 3,166 shares of the oil and natural gas company’s stock worth $434,000 after buying an additional 1,001 shares in the last quarter. Pendal Group Ltd acquired a new stake in shares of Diamondback Energy during the first quarter worth approximately $241,000. Finally, Westwood Holdings Group Inc. increased its holdings in shares of Diamondback Energy by 23.0% during the fourth quarter. Westwood Holdings Group Inc. now owns 104,408 shares of the oil and natural gas company’s stock worth $11,260,000 after buying an additional 19,526 shares in the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.
About Diamondback Energy
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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