Piper Sandler Raises Diamondback Energy (NASDAQ:FANG) Price Target to $252.00

Diamondback Energy (NASDAQ:FANG) had its target price increased by Piper Sandler from $240.00 to $252.00 in a report published on Tuesday, Benzinga reports. Piper Sandler currently has an overweight rating on the oil and natural gas company’s stock.

A number of other analysts also recently commented on the stock. KeyCorp began coverage on shares of Diamondback Energy in a report on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price objective for the company. Benchmark lifted their price objective on Diamondback Energy from $154.00 to $195.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Wolfe Research began coverage on Diamondback Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial reduced their price target on Diamondback Energy from $255.00 to $220.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Finally, Jefferies Financial Group began coverage on shares of Diamondback Energy in a report on Monday, September 16th. They issued a “hold” rating and a $185.00 price objective for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Diamondback Energy presently has an average rating of “Moderate Buy” and an average target price of $210.32.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $183.96 on Tuesday. 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 stock’s 50 day simple moving average is $186.67 and its 200-day simple moving average is $194.92. The company has a market cap of $32.81 billion, a PE ratio of 10.37, a price-to-earnings-growth ratio of 1.22 and a beta of 1.89. Diamondback Energy has a 1-year low of $145.70 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating 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 company had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter last year, the firm posted $3.68 EPS. The firm’s revenue for the quarter was up 29.4% on a year-over-year basis. As a group, equities research analysts anticipate that Diamondback Energy will post 19.08 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently announced a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were paid a dividend of $2.34 per share. This is an increase from Diamondback Energy’s previous None dividend of $2.26. This represents a yield of 1.9%. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s dividend payout ratio is presently 20.29%.

Insiders Place Their Bets

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Diamondback Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Founders Capital Management lifted its stake in Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after acquiring an additional 101 shares during the last quarter. First Community Trust NA acquired a new stake in shares of Diamondback Energy in the 2nd quarter valued at $26,000. Carolinas Wealth Consulting LLC lifted its position in shares of 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 worth $27,000 after purchasing an additional 55 shares during the last quarter. HHM Wealth Advisors LLC acquired a new position in shares of Diamondback Energy during the second quarter worth $40,000. Finally, CVA Family Office LLC increased its holdings in 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 valued at $51,000 after buying an additional 65 shares during the last quarter. 90.01% of the stock is 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.