Diamondback Energy (NASDAQ:FANG) Rating Increased to Outperform at Wolfe Research

Wolfe Research upgraded shares of Diamondback Energy (NASDAQ:FANG) from a peer perform rating to an outperform rating in a report issued on Friday, MarketBeat.com reports. Wolfe Research currently has $190.00 price target on the oil and natural gas company’s stock.

FANG has been the subject of several other research reports. BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $205.00 to $215.00 in a report on Friday, October 4th. The Goldman Sachs Group initiated coverage on shares of Diamondback Energy in a report on Monday, December 2nd. They issued a “buy” rating and a $227.00 target price for the company. Wells Fargo & Company increased their price target on shares of Diamondback Energy from $218.00 to $219.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Royal Bank of Canada reissued an “outperform” rating and set a $210.00 price objective on shares of Diamondback Energy in a research note on Wednesday, November 6th. Finally, Barclays raised Diamondback Energy from an “equal weight” rating to an “overweight” rating and cut their target price for the stock from $216.00 to $210.00 in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $209.83.

Diamondback Energy Stock Performance

Shares of FANG opened at $170.96 on Friday. Diamondback Energy has a 1 year low of $147.93 and a 1 year high of $214.50. The company’s 50 day simple moving average is $171.52 and its 200 day simple moving average is $184.77. The company has a market capitalization of $49.92 billion, a price-to-earnings ratio of 9.79, a PEG ratio of 1.21 and a beta of 1.88. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The business had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the prior year, the company earned $5.49 EPS. On average, sell-side analysts predict that Diamondback Energy will post 16.28 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were paid a dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.60 annualized dividend and a dividend yield of 2.11%. Diamondback Energy’s dividend payout ratio is presently 20.61%.

Insider Activity

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of Diamondback Energy stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the transaction, the director now directly owns 4,712 shares in the company, valued at approximately $852,872. This trade represents a 19.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

A number of hedge funds have recently bought and sold shares of FANG. Carolinas Wealth Consulting LLC grew its stake in Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after purchasing an additional 55 shares in the last quarter. HHM Wealth Advisors LLC acquired a new position in Diamondback Energy in the second quarter worth about $40,000. Values First Advisors Inc. acquired a new position in Diamondback Energy in the third quarter worth about $42,000. CVA Family Office LLC grew its stake in Diamondback Energy by 28.1% in the third quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock worth $51,000 after purchasing an additional 65 shares in the last quarter. Finally, Oliver Lagore Vanvalin Investment Group grew its stake in Diamondback Energy by 109.7% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock worth $52,000 after purchasing an additional 136 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Company Profile

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.