Diamondback Energy (NASDAQ:FANG) Shares Gap Down to $132.62

Shares of Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) gapped down prior to trading on Monday . The stock had previously closed at $132.62, but opened at $126.64. Diamondback Energy shares last traded at $130.80, with a volume of 12,735 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Mizuho reduced their price objective on Diamondback Energy from $224.00 to $203.00 and set a “buy” rating for the company in a research report on Thursday, August 18th. MKM Partners reissued a “buy” rating and set a $155.00 target price on shares of Diamondback Energy in a research note on Wednesday, July 20th. Piper Sandler lowered their price target on shares of Diamondback Energy from $196.00 to $191.00 and set an “overweight” rating on the stock in a report on Friday, July 22nd. Truist Financial boosted their price target on shares of Diamondback Energy from $185.00 to $203.00 in a report on Tuesday, July 19th. Finally, Wells Fargo & Company decreased their price target on shares of Diamondback Energy from $200.00 to $192.00 and set an “overweight” rating for the company in a report on Monday, July 11th. Three investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $168.53.

Diamondback Energy Stock Performance

The firm has a market capitalization of $22.68 billion, a P/E ratio of 6.11, a price-to-earnings-growth ratio of 0.23 and a beta of 2.06. The company’s 50 day moving average is $126.81 and its 200-day moving average is $132.15. The company has a quick ratio of 0.69, a current ratio of 0.73 and a debt-to-equity ratio of 0.38.

Diamondback Energy (NASDAQ:FANGGet Rating) last released its quarterly earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share for the quarter, beating analysts’ consensus estimates of $6.66 by $0.41. Diamondback Energy had a net margin of 42.23% and a return on equity of 25.12%. The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same period last year, the firm earned $2.40 earnings per share. The firm’s revenue was up 64.7% on a year-over-year basis. As a group, equities analysts anticipate that Diamondback Energy, Inc. will post 26.3 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th were given a dividend of $3.05 per share. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.70. This represents a $12.20 dividend on an annualized basis and a dividend yield of 9.33%. The ex-dividend date of this dividend was Monday, August 15th. Diamondback Energy’s dividend payout ratio (DPR) is presently 14.03%.

Diamondback Energy announced that its Board of Directors has approved a stock repurchase program on Monday, August 1st that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the oil and natural gas company to reacquire up to 17.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Diamondback Energy

Several large investors have recently modified their holdings of the business. Wetherby Asset Management Inc. increased its stake in shares of Diamondback Energy by 1.4% in the fourth quarter. Wetherby Asset Management Inc. now owns 5,774 shares of the oil and natural gas company’s stock worth $622,000 after purchasing an additional 77 shares in the last quarter. Brown Brothers Harriman & Co. raised its holdings in Diamondback Energy by 14.5% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 624 shares of the oil and natural gas company’s stock valued at $76,000 after buying an additional 79 shares during the last quarter. Hodges Capital Management Inc. increased its position in Diamondback Energy by 2.3% during the 2nd quarter. Hodges Capital Management Inc. now owns 3,721 shares of the oil and natural gas company’s stock valued at $451,000 after purchasing an additional 82 shares during the period. Wealthcare Advisory Partners LLC grew its position in shares of Diamondback Energy by 2.3% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,697 shares of the oil and natural gas company’s stock worth $507,000 after buying an additional 83 shares during the period. Finally, Biltmore Wealth Management LLC grew its position in shares of Diamondback Energy by 1.6% in the 1st quarter. Biltmore Wealth Management LLC now owns 5,410 shares of the oil and natural gas company’s stock worth $742,000 after buying an additional 84 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Diamondback Energy Company Profile

(Get Rating)

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.

Read More

Receive News & Ratings for Diamondback Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Diamondback Energy and related companies with MarketBeat.com's FREE daily email newsletter.