Diamondback Energy (NASDAQ:FANG) Price Target Raised to $242.00

Diamondback Energy (NASDAQ:FANG) had its target price lifted by Truist Financial from $238.00 to $242.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a buy rating on the oil and natural gas company’s stock.

A number of other brokerages have also recently commented on FANG. Citigroup upgraded Diamondback Energy from a “reduce” rating to a “buy” rating and boosted their price objective for the stock from $157.00 to $180.00 in a research note on Monday, April 7th. UBS Group upped their price target on Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Scotiabank dropped their price objective on shares of Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating on the stock in a research note on Friday, April 11th. Mizuho raised their price target on shares of Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a report on Tuesday, February 25th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Diamondback Energy in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and a consensus price target of $206.13.

Diamondback Energy Trading Up 5.7 %

Shares of FANG opened at $137.64 on Thursday. Diamondback Energy has a twelve month low of $114.00 and a twelve month high of $214.50. The firm has a market capitalization of $40.48 billion, a P/E ratio of 7.88, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The stock’s fifty day simple moving average is $147.14 and its 200 day simple moving average is $164.81.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.07. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.55 billion. On average, equities research analysts forecast that Diamondback Energy will post 15.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th were given a $1.00 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a yield of 2.91%. Diamondback Energy’s dividend payout ratio (DPR) is currently 25.32%.

Insider Activity

In other Diamondback Energy news, Director Frank D. Tsuru acquired 2,000 shares of Diamondback Energy stock in a transaction dated Friday, February 28th. The stock was acquired at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the transaction, the director now owns 5,730 shares in the company, valued at approximately $896,802.30. This represents a 53.62 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

Several hedge funds have recently added to or reduced their stakes in FANG. Wintrust Investments LLC acquired a new stake in Diamondback Energy in the fourth quarter worth about $28,000. R Squared Ltd bought a new position in shares of Diamondback Energy in the fourth quarter valued at approximately $29,000. UMB Bank n.a. increased its stake in shares of Diamondback Energy by 247.3% during the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 136 shares during the period. Grove Bank & Trust raised its holdings in Diamondback Energy by 65.0% during the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock worth $32,000 after purchasing an additional 80 shares in the last quarter. Finally, Fourth Dimension Wealth LLC bought a new position in Diamondback Energy during the 4th quarter valued at $33,000. Institutional investors own 90.01% of the company’s stock.

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.