UBS Group Trims Diamondback Energy (NASDAQ:FANG) Target Price to $223.00

Diamondback Energy (NASDAQ:FANG) had its price target lowered by UBS Group from $247.00 to $223.00 in a report issued on Wednesday, Benzinga reports. UBS Group currently has a buy rating on the oil and natural gas company’s stock.

Other analysts also recently issued reports about the company. Barclays raised their target price on Diamondback Energy from $214.00 to $216.00 and gave the stock an equal weight rating in a research report on Wednesday, August 7th. Truist Financial lifted their price target on Diamondback Energy from $249.00 to $255.00 and gave the company a buy rating in a research report on Wednesday, August 7th. Piper Sandler reduced their price target on Diamondback Energy from $249.00 to $240.00 and set an overweight rating for the company in a research report on Thursday, August 15th. Bank of America lifted their price target on Diamondback Energy from $201.00 to $215.00 and gave the company a neutral rating in a research report on Tuesday, July 23rd. Finally, Wolfe Research assumed coverage on Diamondback Energy in a research report on Thursday, July 18th. They issued a peer perform rating for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Diamondback Energy presently has a consensus rating of Moderate Buy and an average target price of $209.71.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $181.00 on Wednesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. The business has a fifty day simple moving average of $192.28 and a two-hundred day simple moving average of $195.57. Diamondback Energy has a 1 year low of $143.08 and a 1 year high of $214.50. The company has a market capitalization of $32.28 billion, a P/E ratio of 10.20, a P/E/G ratio of 1.06 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period last year, the business posted $3.68 earnings per share. The business’s revenue for the quarter was up 29.4% on a year-over-year basis. On average, analysts expect that Diamondback Energy will post 19.08 earnings per share for the current year.

Diamondback Energy Increases Dividend

The company also recently declared a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were paid a dividend of $2.34 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a yield of 1.9%. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s payout ratio is 20.29%.

Institutional Investors Weigh In On Diamondback Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Founders Capital Management lifted its stake in shares of Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after acquiring an additional 101 shares during the last quarter. First Community Trust NA bought a new stake in shares of Diamondback Energy in the 2nd quarter valued at about $26,000. Carolinas Wealth Consulting LLC lifted its stake in shares of Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after acquiring an additional 55 shares during the last quarter. Logan Capital Management Inc. bought a new stake in shares of Diamondback Energy in the 4th quarter valued at about $31,000. Finally, HHM Wealth Advisors LLC bought a new stake in shares of Diamondback Energy in the 2nd quarter valued at about $40,000. Institutional investors own 90.01% of the company’s stock.

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.