Diamondback Energy (NASDAQ:FANG) Receives “Outperform” Rating from Royal Bank of Canada

by · The Cerbat Gem

Royal Bank of Canada restated their outperform rating on shares of Diamondback Energy (NASDAQ:FANG – Free Report) in a research note released on Wednesday morning, Benzinga reports. The firm currently has a $210.00 price objective on the oil and natural gas company’s stock.

A number of other research analysts have also weighed in on FANG. BMO Capital Markets raised Diamondback Energy from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $205.00 to $215.00 in a report on Friday, October 4th. Truist Financial increased their price target on shares of Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Sanford C. Bernstein lowered their target price on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 17th. Citigroup started coverage on shares of Diamondback Energy in a research report on Monday, October 14th. They set a “neutral” rating and a $195.00 price target for the company. Finally, KeyCorp lowered their price target on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $209.64.

Get Our Latest Analysis on FANG

Diamondback Energy Stock Down 0.2 %

Shares of Diamondback Energy stock opened at $183.29 on Wednesday. The company has a market cap of $54.02 billion, a P/E ratio of 10.51, a PEG ratio of 1.26 and a beta of 1.89. The firm has a fifty day moving average of $182.34 and a two-hundred day moving average of $192.55. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66. Diamondback Energy has a one year low of $145.70 and a one year high of $214.50.

Diamondback Energy (NASDAQ:FANG – Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 EPS 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 17.64%. The firm had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the business earned $5.49 EPS. Diamondback Energy’s revenue for the quarter was up 13.0% on a year-over-year basis. On average, analysts forecast that Diamondback Energy will post 17.1 earnings per share for the current year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Thursday, November 14th. Diamondback Energy’s dividend payout ratio is currently 20.61%.

Insider Buying and Selling

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.48% of the stock is currently owned by company insiders.

Institutional Trading of Diamondback Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its stake in Diamondback Energy by 178.1% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock worth $6,112,000 after acquiring an additional 19,552 shares during the last quarter. Cullen Investment Group LTD. grew its holdings in shares of Diamondback Energy by 33.5% during the 3rd quarter. Cullen Investment Group LTD. now owns 11,978 shares of the oil and natural gas company’s stock worth $2,065,000 after purchasing an additional 3,008 shares during the period. ORG Partners LLC increased its position in Diamondback Energy by 2,768.9% during the 2nd quarter. ORG Partners LLC now owns 4,332 shares of the oil and natural gas company’s stock worth $883,000 after purchasing an additional 4,181 shares in the last quarter. Homestead Advisers Corp purchased a new position in Diamondback Energy in the first quarter valued at approximately $87,940,000. Finally, Clearbridge Investments LLC acquired a new position in Diamondback Energy during the first quarter valued at approximately $40,533,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

About Diamondback Energy

(Get Free Report)

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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