Diamondback Energy (NASDAQ:FANG) PT Raised to $214.00 at Piper Sandler

Diamondback Energy (NASDAQ:FANGGet Rating) had its price objective lifted by Piper Sandler from $209.00 to $214.00 in a research report report published on Thursday, The Fly reports. Piper Sandler currently has an overweight rating on the oil and natural gas company’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Morgan Stanley increased their target price on shares of Diamondback Energy from $170.00 to $175.00 and gave the stock an overweight rating in a research report on Monday, August 29th. Jefferies Financial Group assumed coverage on shares of Diamondback Energy in a research report on Wednesday, October 19th. They issued a hold rating and a $159.00 price objective for the company. Raymond James raised their price objective on shares of Diamondback Energy from $190.00 to $200.00 and gave the company a strong-buy rating in a research report on Monday, October 24th. TD Securities raised their price objective on shares of Diamondback Energy from $170.00 to $185.00 and gave the company a buy rating in a research report on Tuesday, November 8th. Finally, Truist Financial raised their price objective on shares of Diamondback Energy from $183.00 to $203.00 in a research report on Wednesday, November 9th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Diamondback Energy presently has an average rating of Moderate Buy and a consensus target price of $181.10.

Diamondback Energy Trading Down 3.4 %

Shares of Diamondback Energy stock opened at $156.22 on Thursday. The stock has a market capitalization of $27.49 billion, a P/E ratio of 6.36, a price-to-earnings-growth ratio of 0.29 and a beta of 2.06. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 0.37. The company has a 50-day simple moving average of $143.91 and a 200 day simple moving average of $135.23. Diamondback Energy has a 12-month low of $95.02 and a 12-month high of $168.95.

Diamondback Energy declared that its board has authorized a stock repurchase program 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 reacquire up to 17.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Diamondback Energy Dividend Announcement

The company also recently disclosed a None dividend, which will be paid on Friday, November 25th. Investors of record on Thursday, November 17th will be paid a dividend of $2.26 per share. This represents a yield of 4.7%. The ex-dividend date is Wednesday, November 16th. Diamondback Energy’s payout ratio is 12.22%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Savant Capital LLC boosted its stake in Diamondback Energy by 3.6% during the 3rd quarter. Savant Capital LLC now owns 1,952 shares of the oil and natural gas company’s stock worth $235,000 after acquiring an additional 67 shares during the last quarter. Brown Brothers Harriman & Co. boosted its stake in Diamondback Energy by 14.5% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 624 shares of the oil and natural gas company’s stock worth $76,000 after acquiring an additional 79 shares during the last quarter. Hodges Capital Management Inc. boosted its stake in Diamondback Energy by 2.3% during the 2nd quarter. Hodges Capital Management Inc. now owns 3,721 shares of the oil and natural gas company’s stock worth $451,000 after acquiring an additional 82 shares during the last quarter. Biltmore Wealth Management LLC lifted its stake in Diamondback Energy by 1.6% in the first quarter. Biltmore Wealth Management LLC now owns 5,410 shares of the oil and natural gas company’s stock valued at $742,000 after buying an additional 84 shares in the last quarter. Finally, Perigon Wealth Management LLC lifted its stake in Diamondback Energy by 4.3% in the second quarter. Perigon Wealth Management LLC now owns 2,197 shares of the oil and natural gas company’s stock valued at $266,000 after buying an additional 90 shares in the last quarter. Institutional investors own 92.45% 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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