Diamondback Energy (NASDAQ:FANG – Free Report) had its target price lifted by Scotiabank from $180.00 to $182.00 in a report published on Thursday morning, MarketBeat.com reports. Scotiabank currently has a sector outperform rating on the oil and natural gas company’s stock.
FANG has been the subject of a number of other research reports. Susquehanna dropped their target price on Diamondback Energy from $192.00 to $188.00 and set a “positive” rating for the company in a research report on Wednesday, July 23rd. KeyCorp dropped their target price on Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating for the company in a research report on Wednesday, September 3rd. Barclays dropped their target price on Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Piper Sandler dropped their target price on Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating for the company in a research report on Thursday, August 14th. Finally, Mizuho dropped their target price on Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $192.32.
Read Our Latest Research Report on Diamondback Energy
Diamondback Energy Stock Performance
Diamondback Energy (NASDAQ:FANG – Get Free Report) last released its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business’s quarterly revenue was up 48.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.52 EPS. As a group, equities analysts forecast that Diamondback Energy will post 15.49 earnings per share for the current fiscal year.
Diamondback Energy Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were given a $1.00 dividend. The ex-dividend date was Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.9%. Diamondback Energy’s payout ratio is presently 28.43%.
Insiders Place Their Bets
In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the sale, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.70% of the company’s stock.
Hedge Funds Weigh In On Diamondback Energy
Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Diamondback Energy by 1.7% during the second quarter. Vanguard Group Inc. now owns 23,325,287 shares of the oil and natural gas company’s stock valued at $3,204,894,000 after buying an additional 388,512 shares during the period. Boston Partners increased its stake in shares of Diamondback Energy by 2.8% during the second quarter. Boston Partners now owns 5,569,990 shares of the oil and natural gas company’s stock valued at $766,914,000 after buying an additional 151,150 shares during the period. Geode Capital Management LLC increased its stake in shares of Diamondback Energy by 2.7% during the second quarter. Geode Capital Management LLC now owns 5,441,649 shares of the oil and natural gas company’s stock valued at $746,526,000 after buying an additional 142,649 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Diamondback Energy by 9.0% during the second quarter. Bank of New York Mellon Corp now owns 4,642,218 shares of the oil and natural gas company’s stock valued at $637,841,000 after buying an additional 384,971 shares during the period. Finally, Demars Financial Group LLC increased its stake in shares of Diamondback Energy by 5.3% during the first quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company’s stock valued at $655,953,000 after buying an additional 208,200 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.
About Diamondback Energy
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.
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