Royal Bank of Canada Cuts Diamondback Energy (NASDAQ:FANG) Price Target to $135.00

Diamondback Energy (NASDAQ:FANG) had its price objective reduced by Royal Bank of Canada from $140.00 to $135.00 in a research report report published on Wednesday, Stock Target Advisor reports. They currently have an outperform rating on the oil and natural gas company’s stock.

A number of other research analysts have also recently weighed in on the stock. ValuEngine upgraded shares of Diamondback Energy from a sell rating to a hold rating in a research note on Wednesday, October 2nd. Morgan Stanley lowered their target price on shares of Diamondback Energy from $131.00 to $129.00 and set an overweight rating on the stock in a research note on Monday, October 14th. Wells Fargo & Co lowered their target price on shares of Diamondback Energy from $171.00 to $168.00 and set an outperform rating on the stock in a research note on Friday, September 20th. Piper Jaffray Companies set a $156.00 target price on shares of Diamondback Energy and gave the company a buy rating in a research note on Friday, August 16th. Finally, TD Securities cut shares of Diamondback Energy from an action list buy rating to a buy rating and set a $155.00 target price on the stock. in a research note on Friday, September 6th. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $141.05.

NASDAQ:FANG opened at $75.43 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 0.29. Diamondback Energy has a 12 month low of $74.25 and a 12 month high of $115.97. The company has a 50 day simple moving average of $86.38 and a two-hundred day simple moving average of $98.30. The company has a market cap of $14.71 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 0.47 and a beta of 0.78.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, November 5th. The oil and natural gas company reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.24). Diamondback Energy had a net margin of 29.59% and a return on equity of 6.09%. The firm had revenue of $975.00 million for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the firm posted $1.67 EPS. The firm’s quarterly revenue was up 81.6% compared to the same quarter last year. Research analysts forecast that Diamondback Energy will post 6.75 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 15th will be issued a $0.1875 dividend. The ex-dividend date is Thursday, November 14th. This represents a $0.75 dividend on an annualized basis and a yield of 0.99%. Diamondback Energy’s dividend payout ratio is currently 12.78%.

In other news, COO Michael L. Hollis sold 2,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $102.25, for a total value of $204,500.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael P. Cross sold 1,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $104.75, for a total transaction of $104,750.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,000 shares of company stock worth $1,621,690. 0.47% of the stock is currently owned by insiders.

Several institutional investors have recently bought and sold shares of FANG. State of Alaska Department of Revenue grew its holdings in Diamondback Energy by 0.4% during the 2nd quarter. State of Alaska Department of Revenue now owns 25,041 shares of the oil and natural gas company’s stock valued at $2,727,000 after purchasing an additional 103 shares during the last quarter. Oakbrook Investments LLC grew its holdings in Diamondback Energy by 1.7% during the 2nd quarter. Oakbrook Investments LLC now owns 7,350 shares of the oil and natural gas company’s stock valued at $801,000 after purchasing an additional 125 shares during the last quarter. Hartford Investment Management Co. grew its holdings in Diamondback Energy by 0.8% during the 2nd quarter. Hartford Investment Management Co. now owns 16,662 shares of the oil and natural gas company’s stock valued at $1,816,000 after purchasing an additional 138 shares during the last quarter. Corient Capital Partners LLC grew its holdings in Diamondback Energy by 6.9% during the 3rd quarter. Corient Capital Partners LLC now owns 2,274 shares of the oil and natural gas company’s stock valued at $204,000 after purchasing an additional 146 shares during the last quarter. Finally, First National Bank of Omaha grew its holdings in Diamondback Energy by 0.5% during the 2nd quarter. First National Bank of Omaha now owns 30,040 shares of the oil and natural gas company’s stock valued at $3,273,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily 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.

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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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