Diamondback Energy (NASDAQ:FANG) PT Raised to $155.00 at Citigroup

Diamondback Energy (NASDAQ:FANGGet Rating) had its price target upped by Citigroup from $148.00 to $155.00 in a research report released on Wednesday morning, The Fly reports. Citigroup currently has a buy rating on the oil and natural gas company’s stock.

A number of other research firms also recently weighed in on FANG. Wells Fargo & Company decreased their price target on shares of Diamondback Energy from $200.00 to $192.00 and set an overweight rating for the company in a research report on Monday, July 11th. Truist Financial increased their target price on shares of Diamondback Energy from $185.00 to $203.00 in a report on Tuesday, July 19th. KeyCorp assumed coverage on shares of Diamondback Energy in a report on Monday. They issued an overweight rating and a $163.00 price target for the company. Bank of America dropped their price objective on shares of Diamondback Energy from $170.00 to $143.00 and set a neutral rating on the stock in a research note on Tuesday, July 19th. Finally, Piper Sandler dropped their price objective 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. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy currently has an average rating of Moderate Buy and a consensus price target of $168.89.

Diamondback Energy Stock Down 1.5 %

FANG stock opened at $128.80 on Wednesday. Diamondback Energy has a twelve month low of $81.81 and a twelve month high of $162.24. The company has a current ratio of 0.73, a quick ratio of 0.69 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $22.34 billion, a P/E ratio of 6.02, a PEG ratio of 0.23 and a beta of 2.06. The firm has a 50 day simple moving average of $127.58 and a 200-day simple moving average of $132.12.

Diamondback Energy (NASDAQ:FANGGet Rating) last released 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 $6.66 by $0.41. Diamondback Energy had a net margin of 42.23% and a return on equity of 25.12%. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter last year, the company earned $2.40 earnings per share. The business’s quarterly revenue was up 64.7% compared to the same quarter last year. On average, equities research analysts predict that Diamondback Energy will post 26.3 earnings per share for the current fiscal year.

Diamondback Energy declared that its Board of Directors has initiated a stock repurchase plan 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 plans are often an indication that the company’s board believes its shares are undervalued.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 23rd. Stockholders of record on Tuesday, August 16th were given a dividend of $3.05 per share. The ex-dividend date was Monday, August 15th. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.70. This represents a $12.20 annualized dividend and a dividend yield of 9.47%. Diamondback Energy’s dividend payout ratio (DPR) is 14.03%.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds have recently modified their holdings of FANG. Acadian Asset Management LLC increased its position in shares of Diamondback Energy by 255.6% during the 4th quarter. Acadian Asset Management LLC now owns 1,899 shares of the oil and natural gas company’s stock valued at $202,000 after purchasing an additional 1,365 shares during the period. Private Advisor Group LLC grew its holdings in shares of Diamondback Energy by 87.5% in the 4th quarter. Private Advisor Group LLC now owns 15,238 shares of the oil and natural gas company’s stock worth $1,643,000 after acquiring an additional 7,109 shares during the last quarter. O Shaughnessy Asset Management LLC grew its holdings in shares of Diamondback Energy by 13.0% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 5,284 shares of the oil and natural gas company’s stock worth $570,000 after acquiring an additional 607 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Diamondback Energy by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 3,428,928 shares of the oil and natural gas company’s stock worth $368,917,000 after acquiring an additional 96,622 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in shares of Diamondback Energy in the 4th quarter worth $3,256,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

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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