Citigroup Cuts Diamondback Energy (NASDAQ:FANG) Price Target to $157.00

Diamondback Energy (NASDAQ:FANG) had its price target cut by Citigroup from $195.00 to $157.00 in a research report released on Monday,Benzinga reports. They currently have a neutral rating on the oil and natural gas company’s stock.

Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada reissued an “outperform” rating and issued a $210.00 price target on shares of Diamondback Energy in a report on Thursday, January 23rd. Mizuho upped their target price on Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a report on Tuesday, February 25th. The Goldman Sachs Group initiated coverage on Diamondback Energy in a report on Monday, December 2nd. They set a “buy” rating and a $227.00 price target for the company. JPMorgan Chase & Co. decreased their target price on Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, UBS Group increased their price target on Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and an average target price of $209.92.

Diamondback Energy Stock Up 1.7 %

NASDAQ FANG opened at $157.60 on Monday. The stock has a 50 day moving average price of $161.05 and a 200-day moving average price of $170.85. Diamondback Energy has a one year low of $137.09 and a one year high of $214.50. The company has a market capitalization of $45.62 billion, a P/E ratio of 9.02, a P/E/G ratio of 1.24 and a beta of 1.85. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping analysts’ consensus estimates 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. As a group, equities analysts predict that Diamondback Energy will post 15.49 EPS for the current fiscal 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 paid a $1.00 dividend. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend was Thursday, March 6th. Diamondback Energy’s dividend payout ratio (DPR) is 25.32%.

Insider Activity

In other news, Director Frank D. Tsuru acquired 2,000 shares of Diamondback Energy stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the acquisition, the director now owns 5,730 shares in the company, valued at $896,802.30. This trade represents a 53.62 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

A number of institutional investors have recently made changes to their positions in the stock. 111 Capital purchased a new stake in shares of Diamondback Energy in the fourth quarter valued at $248,000. Thoma Capital Management LLC acquired a new stake in Diamondback Energy during the fourth quarter valued at approximately $640,000. Wealth Enhancement Advisory Services LLC raised its stake in Diamondback Energy by 145.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,162 shares of the oil and natural gas company’s stock valued at $6,416,000 after buying an additional 23,191 shares in the last quarter. NorthCrest Asset Manangement LLC raised its stake in Diamondback Energy by 6.5% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 1,758 shares of the oil and natural gas company’s stock valued at $288,000 after buying an additional 108 shares in the last quarter. Finally, PKO Investment Management Joint Stock Co bought a new position in shares of Diamondback Energy during the fourth quarter valued at approximately $901,000. 90.01% of the stock is 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.