Diamondback Energy (NASDAQ:FANG) Research Coverage Started at KeyCorp

30 Jun 2024, 07:40 by Michael Walen · The Markets Daily

KeyCorp started coverage on shares of Diamondback Energy (NASDAQ:FANG – Free Report) in a research report sent to investors on Thursday morning, Benzinga reports. The firm issued an overweight rating and a $225.00 price objective on the oil and natural gas company’s stock.

A number of other research analysts have also recently weighed in on FANG. Wells Fargo & Company lowered their price objective on Diamondback Energy from $227.00 to $224.00 and set an overweight rating on the stock in a research report on Thursday, May 2nd. Sanford C. Bernstein started coverage on Diamondback Energy in a research report on Thursday, June 6th. They set an outperform rating and a $243.00 price objective on the stock. Mizuho lifted their price objective on Diamondback Energy from $217.00 to $222.00 and gave the company a buy rating in a research report on Monday, May 13th. Benchmark reaffirmed a buy rating and set a $154.00 price objective on shares of Diamondback Energy in a research report on Thursday, June 20th. Finally, Evercore ISI lifted their price objective on Diamondback Energy from $185.00 to $215.00 and gave the company an outperform rating in a research report on Monday, March 25th. One analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy has an average rating of Moderate Buy and an average price target of $209.35.

Read Our Latest Analysis on FANG

Diamondback Energy Price Performance

NASDAQ FANG opened at $200.19 on Thursday. The stock has a market capitalization of $35.70 billion, a price-to-earnings ratio of 11.28, a PEG ratio of 1.08 and a beta of 1.90. Diamondback Energy has a 1-year low of $125.73 and a 1-year high of $211.96. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89. The business’s fifty day moving average price is $196.76 and its 200-day moving average price is $181.50.

Diamondback Energy (NASDAQ:FANG – Get Free Report) last released its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, beating the consensus estimate of $4.29 by $0.21. The company had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. Diamondback Energy’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the previous year, the business earned $4.10 earnings per share. On average, equities analysts predict that Diamondback Energy will post 19.06 earnings per share for the current year.

Diamondback Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th were issued a $0.90 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.80%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

Insider Transactions at Diamondback Energy

In other news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the sale, the chief operating officer now directly owns 69,677 shares in the company, valued at approximately $13,736,123.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the sale, the chief operating officer now directly owns 69,677 shares in the company, valued at approximately $13,736,123.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 446,610 shares in the company, valued at $89,322,000. The disclosure for this sale can be found here. Insiders have sold a total of 36,900 shares of company stock worth $7,362,750 in the last three months. Insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds have recently added to or reduced their stakes in the company. HM Payson & Co. grew its holdings in Diamondback Energy by 3.9% during the 1st quarter. HM Payson & Co. now owns 8,641 shares of the oil and natural gas company’s stock valued at $1,712,000 after purchasing an additional 327 shares during the last quarter. Maxwell Wealth Strategies Inc. bought a new position in Diamondback Energy during the 1st quarter valued at about $1,383,000. Soltis Investment Advisors LLC bought a new position in Diamondback Energy during the 1st quarter valued at about $210,000. Boston Partners grew its holdings in Diamondback Energy by 235.6% during the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after purchasing an additional 1,916,900 shares during the last quarter. Finally, Cetera Advisors LLC grew its holdings in Diamondback Energy by 345.2% during the 1st quarter. Cetera Advisors LLC now owns 13,963 shares of the oil and natural gas company’s stock valued at $2,767,000 after purchasing an additional 10,827 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Company Profile

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