Diamondback Energy (NASDAQ:FANG) Price Target Cut to $219.00 by Analysts at Piper Sandler

Diamondback Energy (NASDAQ:FANG) had its price objective reduced by Piper Sandler from $222.00 to $219.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an overweight rating on the oil and natural gas company’s stock.

Several other equities analysts have also commented on the stock. William Blair initiated coverage on shares of Diamondback Energy in a research report on Monday, August 25th. They issued an “outperform” rating for the company. KeyCorp cut their price target 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. Mizuho lowered their price objective on shares of Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. UBS Group boosted their price objective on shares of Diamondback Energy from $171.00 to $174.00 and gave the company a “buy” rating in a report on Tuesday, November 11th. Finally, Wall Street Zen upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $188.82.

Diamondback Energy Stock Up 2.2%

Diamondback Energy stock opened at $149.58 on Tuesday. Diamondback Energy has a 1-year low of $114.00 and a 1-year high of $186.07. The business has a fifty day moving average price of $142.96 and a 200-day moving average price of $142.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60. The stock has a market capitalization of $42.86 billion, a price-to-earnings ratio of 10.39 and a beta of 0.99.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.94 by $0.14. Diamondback Energy had a return on equity of 9.57% and a net margin of 27.32%.The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.48 billion. During the same period in the prior year, the company posted $3.19 EPS. The firm’s quarterly revenue was up 48.4% compared to the same quarter last year. Equities research analysts forecast that Diamondback Energy will post 15.49 EPS 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. Investors of record on Thursday, November 13th will be given a dividend of $1.00 per share. The ex-dividend date is Thursday, November 13th. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. Diamondback Energy’s payout ratio is currently 27.80%.

Hedge Funds Weigh In On Diamondback Energy

A number of institutional investors have recently modified their holdings of FANG. Uhlmann Price Securities LLC grew its stake in shares of Diamondback Energy by 1.3% during the 2nd quarter. Uhlmann Price Securities LLC now owns 5,090 shares of the oil and natural gas company’s stock valued at $699,000 after buying an additional 67 shares during the period. Scotia Capital Inc. raised its position in shares of Diamondback Energy by 0.3% in the 3rd quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock worth $2,822,000 after buying an additional 68 shares during the period. Equitable Trust Co. boosted its holdings in Diamondback Energy by 0.7% in the third quarter. Equitable Trust Co. now owns 10,030 shares of the oil and natural gas company’s stock valued at $1,435,000 after acquiring an additional 73 shares during the last quarter. Valeo Financial Advisors LLC grew its position in Diamondback Energy by 3.0% during the third quarter. Valeo Financial Advisors LLC now owns 2,568 shares of the oil and natural gas company’s stock valued at $367,000 after acquiring an additional 74 shares during the period. Finally, Mesirow Financial Investment Management Inc. grew its position in Diamondback Energy by 5.6% during the first quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company’s stock valued at $226,000 after acquiring an additional 75 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.