Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) – Capital One Financial increased their FY2022 earnings estimates for shares of Diamondback Energy in a research report issued on Tuesday, November 8th. Capital One Financial analyst B. Velie now expects that the oil and natural gas company will earn $23.96 per share for the year, up from their prior forecast of $23.71. The consensus estimate for Diamondback Energy’s current full-year earnings is $24.91 per share.
A number of other equities analysts have also recently issued reports on FANG. Credit Suisse Group upped their price objective on shares of Diamondback Energy from $180.00 to $190.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 8th. Jefferies Financial Group started coverage on shares of Diamondback Energy in a research report on Wednesday, October 19th. They set a “hold” rating and a $159.00 price objective for the company. MKM Partners upped their price target on shares of Diamondback Energy from $148.00 to $151.00 in a research report on Wednesday, October 12th. StockNews.com started coverage on shares of Diamondback Energy in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Susquehanna Bancshares upped their price target on shares of Diamondback Energy from $180.00 to $190.00 in a research report on Wednesday. Four 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. Based on data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and an average target price of $179.35.
Diamondback Energy Price Performance
Diamondback Energy declared that its board has authorized a share repurchase plan on Monday, August 1st that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the oil and natural gas company to repurchase up to 17.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
Diamondback Energy Dividend Announcement
The business also recently announced a None dividend, which will be paid on Friday, November 25th. Investors of record on Thursday, November 17th will be paid a dividend of $2.26 per share. This represents a yield of 4.7%. The ex-dividend date is Wednesday, November 16th. Diamondback Energy’s dividend payout ratio is presently 12.22%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the stock. GSA Capital Partners LLP bought a new position in Diamondback Energy during the first quarter worth $790,000. Steward Partners Investment Advisory LLC lifted its stake in shares of Diamondback Energy by 14.2% in the first quarter. Steward Partners Investment Advisory LLC now owns 29,882 shares of the oil and natural gas company’s stock valued at $4,096,000 after buying an additional 3,723 shares in the last quarter. Scotia Capital Inc. lifted its stake in shares of Diamondback Energy by 46.2% in the first quarter. Scotia Capital Inc. now owns 3,166 shares of the oil and natural gas company’s stock valued at $434,000 after buying an additional 1,001 shares in the last quarter. MAI Capital Management lifted its stake in shares of Diamondback Energy by 13.2% in the second quarter. MAI Capital Management now owns 5,452 shares of the oil and natural gas company’s stock valued at $661,000 after buying an additional 635 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Diamondback Energy by 22.7% in the second quarter. Envestnet Asset Management Inc. now owns 210,746 shares of the oil and natural gas company’s stock valued at $25,532,000 after buying an additional 38,973 shares in the last quarter. 92.45% of the stock is owned by institutional investors.
About Diamondback Energy
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.
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