Scotiabank Trims Diamondback Energy (NASDAQ:FANG) Target Price to $225.00

Diamondback Energy (NASDAQ:FANG) had its price objective reduced by Scotiabank from $245.00 to $225.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have 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. Truist Financial dropped their target price on Diamondback Energy from $255.00 to $220.00 and set a buy rating for the company in a research report on Monday, September 30th. Susquehanna lowered their price target on shares of Diamondback Energy from $245.00 to $237.00 and set a positive rating for the company in a research report on Wednesday, September 4th. BMO Capital Markets upgraded shares of Diamondback Energy from a market perform rating to an outperform rating and increased their price objective for the company from $205.00 to $215.00 in a report on Friday, October 4th. JPMorgan Chase & Co. assumed coverage on shares of Diamondback Energy in a report on Wednesday, October 2nd. They set an overweight rating and a $182.00 target price for the company. Finally, UBS Group cut their price target on Diamondback Energy from $247.00 to $223.00 and set a buy rating on the stock in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $208.59.

Diamondback Energy Stock Up 0.5 %

Shares of NASDAQ FANG opened at $194.96 on Thursday. Diamondback Energy has a 52-week low of $145.70 and a 52-week high of $214.50. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66. The business has a fifty day moving average of $187.20 and a two-hundred day moving average of $195.26. The stock has a market cap of $34.77 billion, a PE ratio of 10.99, a PEG ratio of 1.22 and a beta of 1.89.

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

Diamondback Energy Increases Dividend

The firm also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were paid a $2.34 dividend. This is a boost from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date of this dividend was Thursday, August 15th. This represents a dividend yield of 1.9%. Diamondback Energy’s dividend payout ratio is 20.29%.

Insider Activity

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares in the company, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Diamondback Energy

Hedge funds have recently modified their holdings of the business. Founders Capital Management lifted its position in Diamondback Energy by 404.0% during 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 period. First Community Trust NA purchased a new stake in shares of Diamondback Energy in the 2nd quarter worth approximately $26,000. Carolinas Wealth Consulting LLC increased its position in Diamondback Energy by 67.1% during 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 buying an additional 55 shares in the last quarter. HHM Wealth Advisors LLC purchased a new position in Diamondback Energy during the second quarter valued at $40,000. Finally, CVA Family Office LLC grew its stake in shares of 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 acquiring an additional 65 shares during the last quarter. 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.