Diamondback Energy (NASDAQ:FANG) Price Target Raised to $174.00

Diamondback Energy (NASDAQ:FANG) had its price target hoisted by UBS Group from $171.00 to $174.00 in a research report released on Tuesday,Benzinga reports. UBS Group currently has a buy rating on the oil and natural gas company’s stock.

Other analysts have also issued research reports about the company. Melius Research initiated coverage on Diamondback Energy in a research note on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price target on the stock. Melius assumed coverage on Diamondback Energy in a research note on Wednesday, August 20th. They set a “buy” rating and a $213.00 price objective for the company. KeyCorp reduced their target price on shares of Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 3rd. Morgan Stanley lowered their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a report on Tuesday, October 14th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $173.00 target price on shares of Diamondback Energy in a research report on Friday, October 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $188.55.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $144.38 on Tuesday. Diamondback Energy has a twelve month low of $114.00 and a twelve month high of $186.07. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.35. The stock has a market cap of $41.37 billion, a P/E ratio of 10.03 and a beta of 0.99. The company’s 50-day simple moving average is $142.31 and its 200 day simple moving average is $141.97.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, topping analysts’ consensus estimates of $2.94 by $0.14. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.48 billion. During the same quarter last year, the company earned $3.19 earnings per share. The company’s revenue for the quarter was up 48.4% compared to the same quarter last year. As a group, research analysts forecast that Diamondback Energy will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th will be paid a $1.00 dividend. The ex-dividend date is Thursday, November 13th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. Diamondback Energy’s dividend payout ratio (DPR) is 27.80%.

Hedge Funds Weigh In On Diamondback Energy

A number of large investors have recently modified their holdings of FANG. Creekmur Asset Management LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at approximately $28,000. E Fund Management Hong Kong Co. Ltd. boosted its position in Diamondback Energy by 106.3% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the oil and natural gas company’s stock valued at $28,000 after buying an additional 102 shares during the last quarter. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the 2nd quarter valued at $29,000. SouthState Corp increased its stake in shares of Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after buying an additional 167 shares during the period. Finally, Salomon & Ludwin LLC bought a new stake in shares of Diamondback Energy during the third quarter worth $31,000. 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.