Diamondback Energy (NASDAQ:FANG) Stock Price Down 4.8%

Diamondback Energy, Inc. (NASDAQ:FANGGet Rating)’s stock price dropped 4.8% on Friday . The stock traded as low as $152.45 and last traded at $154.00. Approximately 26,883 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 2,367,480 shares. The stock had previously closed at $161.78.

Analysts Set New Price Targets

A number of research firms have commented on FANG. Mizuho raised their target price on shares of Diamondback Energy from $203.00 to $211.00 and gave the stock a “buy” rating in a research note on Monday, October 24th. Roth Capital lifted their price objective on shares of Diamondback Energy from $150.00 to $182.00 in a research report on Tuesday, November 1st. MKM Partners lifted their price objective on shares of Diamondback Energy to $170.00 in a research report on Tuesday, November 15th. Jefferies Financial Group began 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 on the stock. Finally, Credit Suisse Group raised their target price on shares of Diamondback Energy from $190.00 to $195.00 and gave the company an “outperform” rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average target price of $181.10.

Diamondback Energy Stock Down 3.4 %

The stock has a market capitalization of $27.49 billion, a PE ratio of 6.36, a price-to-earnings-growth ratio of 0.30 and a beta of 2.06. The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average is $143.91 and its 200 day moving average is $135.28.

Diamondback Energy Dividend Announcement

The business also recently disclosed a None dividend, which will be paid on Friday, November 25th. Investors of record on Thursday, November 17th will be given a $2.26 dividend. This represents a dividend yield of 4.7%. The ex-dividend date is Wednesday, November 16th. Diamondback Energy’s payout ratio is currently 12.22%.

Diamondback Energy declared that its Board of Directors has authorized a stock buyback program 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 buy up to 17.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds and other institutional investors have recently bought and sold shares of FANG. Vanguard Group Inc. grew its stake in shares of Diamondback Energy by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 21,771,852 shares of the oil and natural gas company’s stock worth $2,622,637,000 after purchasing an additional 584,025 shares during the period. State Street Corp lifted its position in shares of Diamondback Energy by 7.0% during the 3rd quarter. State Street Corp now owns 11,524,297 shares of the oil and natural gas company’s stock valued at $1,388,217,000 after buying an additional 755,625 shares in the last quarter. FMR LLC lifted its position in shares of Diamondback Energy by 9.8% during the 2nd quarter. FMR LLC now owns 8,686,863 shares of the oil and natural gas company’s stock valued at $1,052,413,000 after buying an additional 775,843 shares in the last quarter. Boston Partners lifted its position in shares of Diamondback Energy by 1.4% during the 3rd quarter. Boston Partners now owns 3,383,551 shares of the oil and natural gas company’s stock valued at $408,686,000 after buying an additional 46,024 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Diamondback Energy by 18.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,685,441 shares of the oil and natural gas company’s stock valued at $323,487,000 after buying an additional 412,521 shares in the last quarter. Institutional investors and hedge funds 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.

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