Diamondback Energy (NASDAQ:FANG – Free Report) had its target price cut by Piper Sandler from $252.00 to $232.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the oil and natural gas company’s stock.
A number of other research firms also recently weighed in on FANG. UBS Group reduced their target price on Diamondback Energy from $235.00 to $212.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Morgan Stanley upped their price target on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Raymond James raised their price objective on Diamondback Energy from $232.00 to $237.00 and gave the company a “strong-buy” rating in a research report on Tuesday, November 19th. Evercore ISI reduced their target price on shares of Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Finally, Susquehanna lowered their price target on shares of Diamondback Energy from $237.00 to $233.00 and set a “positive” rating for the company in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $210.70.
Read Our Latest Analysis on FANG
Diamondback Energy Stock Performance
Diamondback Energy (NASDAQ:FANG – Get Free Report) last announced its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the firm posted $5.49 EPS. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. As a group, research analysts predict that Diamondback Energy will post 16.28 EPS for the current year.
Diamondback Energy Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend was Thursday, November 14th. Diamondback Energy’s dividend payout ratio is 20.61%.
Insiders Place Their Bets
In related news, Director Mark Lawrence Plaumann sold 1,150 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the transaction, the director now directly owns 4,712 shares of the company’s stock, valued at approximately $852,872. This trade represents a 19.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. This trade represents a 92.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. Carolinas Wealth Consulting LLC increased its holdings in Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares in the last quarter. HHM Wealth Advisors LLC bought a new position in shares of Diamondback Energy in the second quarter worth approximately $40,000. Values First Advisors Inc. purchased a new stake in shares of Diamondback Energy in the third quarter worth $42,000. Oliver Lagore Vanvalin Investment Group raised its position in shares of Diamondback Energy by 109.7% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock valued at $52,000 after purchasing an additional 136 shares during the period. Finally, CVA Family Office LLC lifted its stake in shares of Diamondback Energy by 28.1% during the 3rd quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock valued at $51,000 after buying an additional 65 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.
About Diamondback Energy
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.
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