Diamondback Energy (NASDAQ:FANG) Price Target Raised to $250.00 at Truist Financial

Diamondback Energy (NASDAQ:FANG) had its target price raised by Truist Financial from $248.00 to $250.00 in a report published on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the oil and natural gas company’s stock.

Several other research analysts also recently commented on FANG. Stifel Nicolaus raised their price objective on Diamondback Energy from $192.00 to $224.00 and gave the stock a buy rating in a research note on Friday, March 22nd. Bank of America raised Diamondback Energy from an underperform rating to a neutral rating and lifted their target price for the company from $129.00 to $170.00 in a research note on Monday, February 12th. Royal Bank of Canada reaffirmed an outperform rating and issued a $195.00 price objective on shares of Diamondback Energy in a research note on Monday, March 4th. Susquehanna lifted their price objective on Diamondback Energy from $212.00 to $245.00 and gave the stock a positive rating in a research note on Monday. Finally, Scotiabank lifted their target price on Diamondback Energy from $210.00 to $255.00 and gave the stock a sector outperform rating in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $202.26.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $202.58 on Monday. Diamondback Energy has a 1-year low of $123.41 and a 1-year high of $211.96. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.77 and a quick ratio of 0.74. The business has a fifty day moving average price of $190.63 and a 200-day moving average price of $168.24. The company has a market capitalization of $36.13 billion, a PE ratio of 11.68 and a beta of 1.93.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share for the quarter, beating the consensus estimate of $4.61 by $0.13. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same period last year, the company earned $5.29 earnings per share. The company’s revenue was up 9.8% on a year-over-year basis. As a group, equities analysts expect that Diamondback Energy will post 18.53 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Tuesday, March 5th were paid a dividend of $3.08 per share. The ex-dividend date of this dividend was Monday, March 4th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.84. This represents a $12.32 annualized dividend and a dividend yield of 6.08%. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.76%.

Insider Buying and Selling

In other news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the sale, the chief executive officer now owns 446,610 shares of the company’s stock, valued at $89,322,000. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Diamondback Energy news, EVP Matt Zmigrosky sold 5,000 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $193.94, for a total transaction of $969,700.00. Following the completion of the transaction, the executive vice president now owns 44,445 shares of the company’s stock, valued at approximately $8,619,663.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the transaction, the chief executive officer now directly owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The disclosure for this sale can be found here. Over the last three months, insiders sold 57,675 shares of company stock worth $11,311,096. Corporate insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

A number of large investors have recently modified their holdings of FANG. Raymond James Trust N.A. raised its holdings in Diamondback Energy by 145.2% in the fourth quarter. Raymond James Trust N.A. now owns 11,993 shares of the oil and natural gas company’s stock worth $1,860,000 after purchasing an additional 7,102 shares during the period. Larson Financial Group LLC lifted its stake in shares of Diamondback Energy by 748.0% during the 4th quarter. Larson Financial Group LLC now owns 15,221 shares of the oil and natural gas company’s stock worth $2,361,000 after buying an additional 13,426 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of Diamondback Energy by 613.7% during the 4th quarter. Sequoia Financial Advisors LLC now owns 15,401 shares of the oil and natural gas company’s stock worth $2,388,000 after buying an additional 13,243 shares during the last quarter. Raymond James & Associates raised its stake in Diamondback Energy by 143.0% in the 4th quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock worth $152,177,000 after purchasing an additional 577,514 shares in the last quarter. Finally, Morgan Stanley increased its holdings in Diamondback Energy by 2.6% in the 3rd quarter. Morgan Stanley now owns 3,494,159 shares of the oil and natural gas company’s stock valued at $541,175,000 after buying an additional 89,663 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, 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.