KeyCorp Research Analysts Raise Earnings Estimates for Diamondback Energy, Inc. (NASDAQ:FANG)

Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) – Analysts at KeyCorp increased their Q4 2023 EPS estimates for shares of Diamondback Energy in a report released on Wednesday, November 16th. KeyCorp analyst T. Rezvan now expects that the oil and natural gas company will post earnings of $7.73 per share for the quarter, up from their prior estimate of $7.36. KeyCorp currently has a “Overweight” rating and a $182.00 price objective on the stock. The consensus estimate for Diamondback Energy’s current full-year earnings is $24.82 per share.

Several other equities analysts have also recently issued reports on the stock. Jefferies Financial Group started coverage on shares of Diamondback Energy in a research note on Wednesday, October 19th. They issued a “hold” rating and a $159.00 price objective on the stock. Susquehanna Bancshares lifted their price objective on shares of Diamondback Energy from $180.00 to $190.00 in a research note on Wednesday, November 9th. Raymond James lifted their price objective on shares of Diamondback Energy from $190.00 to $200.00 and gave the stock a “strong-buy” rating in a research note on Monday, October 24th. Mizuho lifted their target price on shares of Diamondback Energy from $203.00 to $211.00 and gave the stock a “buy” rating in a research report on Monday, October 24th. Finally, Piper Sandler lifted their target price on shares of Diamondback Energy from $209.00 to $214.00 and gave the stock an “overweight” rating in a research report on Thursday. Four investment 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’s stock. Based on data from MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and a consensus price target of $181.10.

Diamondback Energy Stock Performance

Shares of FANG opened at $156.22 on Monday. The firm’s 50 day moving average is $143.91 and its 200-day moving average is $135.23. The stock has a market capitalization of $27.49 billion, a P/E ratio of 6.36, a P/E/G ratio of 0.29 and a beta of 2.06. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.61 and a quick ratio of 0.58. Diamondback Energy has a 12-month low of $95.02 and a 12-month high of $168.95.

Institutional Trading of Diamondback Energy

Institutional investors have recently added to or reduced their stakes in the business. Carolinas Wealth Consulting LLC lifted its stake in Diamondback Energy by 366.7% in the first quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 176 shares during the last quarter. Adirondack Trust Co. lifted its stake in shares of Diamondback Energy by 275.0% in the third quarter. Adirondack Trust Co. now owns 225 shares of the oil and natural gas company’s stock worth $27,000 after buying an additional 165 shares during the last quarter. Private Trust Co. NA acquired a new stake in shares of Diamondback Energy in the second quarter worth $28,000. SOA Wealth Advisors LLC. lifted its stake in shares of Diamondback Energy by 72.1% in the third quarter. SOA Wealth Advisors LLC. now owns 241 shares of the oil and natural gas company’s stock worth $29,000 after buying an additional 101 shares during the last quarter. Finally, Cambridge Trust Co. lifted its stake in shares of Diamondback Energy by 1,991.7% in the first quarter. Cambridge Trust Co. now owns 251 shares of the oil and natural gas company’s stock worth $34,000 after buying an additional 239 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy announced that its Board of Directors has authorized a share buyback program on Monday, August 1st that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the oil and natural gas company to repurchase up to 17.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Diamondback Energy Dividend Announcement

The firm also recently announced a None dividend, which will be paid on Friday, November 25th. Shareholders of record on Thursday, November 17th will be paid a $2.26 dividend. This represents a yield of 4.7%. The ex-dividend date is Wednesday, November 16th. Diamondback Energy’s dividend payout ratio (DPR) is presently 12.22%.

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.

See Also

Earnings History and Estimates for Diamondback Energy (NASDAQ:FANG)

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