Wells Fargo & Company Lowers Diamondback Energy (NASDAQ:FANG) Price Target to $219.00

Diamondback Energy (NASDAQ:FANG) had its price objective reduced by Wells Fargo & Company from $230.00 to $219.00 in a research report report published on Tuesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the oil and natural gas company’s stock.

Other equities analysts also recently issued reports about the stock. Truist Financial reduced their price objective on shares of Diamondback Energy from $255.00 to $220.00 and set a buy rating for the company in a report on Monday, September 30th. Wolfe Research initiated coverage on shares of Diamondback Energy in a research note on Thursday, July 18th. They set a peer perform rating for the company. Susquehanna decreased their price objective on Diamondback Energy from $245.00 to $237.00 and set a positive rating on the stock in a report on Wednesday, September 4th. Piper Sandler dropped their target price on Diamondback Energy from $249.00 to $240.00 and set an overweight rating for the company in a report on Thursday, August 15th. Finally, Morgan Stanley raised their target price on Diamondback Energy from $185.00 to $198.00 and gave the stock an overweight rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $209.50.

Diamondback Energy Price Performance

Shares of FANG stock opened at $194.61 on Tuesday. Diamondback Energy has a 12 month low of $143.08 and a 12 month high of $214.50. The company has a market capitalization of $34.71 billion, a P/E ratio of 10.97, a P/E/G ratio of 1.17 and a beta of 1.89. The stock has a 50 day moving average of $187.40 and a two-hundred day moving average of $195.23. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS 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 business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the company posted $3.68 earnings per share. Diamondback Energy’s revenue was up 29.4% on a year-over-year basis. As a group, equities analysts expect that Diamondback Energy will post 18.97 EPS for the current year.

Diamondback Energy Increases Dividend

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

Insiders Place Their Bets

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction on Monday, September 23rd. The stock was 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 of the company’s stock, valued at approximately $181,732,485.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its holdings in Diamondback Energy by 38.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after buying an additional 2,381,488 shares during the period. Boston Partners raised its position in shares of Diamondback Energy by 235.6% during the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after acquiring an additional 1,916,900 shares during the last quarter. Homestead Advisers Corp bought a new stake in shares of Diamondback Energy during the 1st quarter valued at $87,940,000. Bank of New York Mellon Corp lifted its stake in shares of Diamondback Energy by 16.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after purchasing an additional 415,902 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in shares of Diamondback Energy by 280.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company’s stock worth $109,144,000 after purchasing an additional 402,026 shares during the last quarter. 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.