Diamondback Energy (NASDAQ:FANG) Given New $247.00 Price Target at Piper Sandler

Diamondback Energy (NASDAQ:FANG) had its price target hoisted by Piper Sandler from $227.00 to $247.00 in a research note issued to investors on Friday, Benzinga reports. Piper Sandler currently has an overweight rating on the oil and natural gas company’s stock.

FANG has been the topic of several other research reports. Scotiabank raised their price target on Diamondback Energy from $210.00 to $255.00 and gave the stock a sector outperform rating in a report on Thursday, April 11th. Royal Bank of Canada reaffirmed an outperform rating and set a $195.00 target price on shares of Diamondback Energy in a research note on Monday, March 4th. Raymond James cut their target price on Diamondback Energy from $190.00 to $185.00 and set a strong-buy rating on the stock in a research note on Wednesday, January 24th. UBS Group lifted their target price on Diamondback Energy from $183.00 to $200.00 and gave the company a buy rating in a research note on Wednesday, February 14th. Finally, Bank of America raised Diamondback Energy from an underperform rating to a neutral rating and lifted their target price for the company from $129.00 to $170.00 in a research note on Monday, February 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $196.95.

Diamondback Energy Trading Up 0.6 %

NASDAQ:FANG opened at $200.74 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 0.38. The business’s 50 day moving average is $189.90 and its two-hundred day moving average is $167.56. Diamondback Energy has a 52 week low of $123.41 and a 52 week high of $211.96. The company has a market cap of $35.80 billion, a PE ratio of 11.58 and a beta of 1.93.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.61 by $0.13. The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.16 billion. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The business’s revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the business posted $5.29 EPS. On average, analysts predict that Diamondback Energy will post 18.53 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Tuesday, March 5th were given a dividend of $3.08 per share. The ex-dividend date of this dividend was Monday, March 4th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.84. This represents a $12.32 dividend on an annualized basis and a dividend yield of 6.14%. Diamondback Energy’s payout ratio is 20.76%.

Insider Transactions at Diamondback Energy

In other news, CAO Teresa L. Dick sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total transaction of $384,000.00. Following the sale, the chief accounting officer now directly owns 96,523 shares of the company’s stock, valued at $18,532,416. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Teresa L. Dick sold 2,000 shares of Diamondback Energy stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total transaction of $384,000.00. Following the transaction, the chief accounting officer now owns 96,523 shares in the company, valued at $18,532,416. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the transaction, the chief executive officer now owns 446,610 shares in the company, valued at approximately $89,322,000. The disclosure for this sale can be found here. Insiders have sold 57,675 shares of company stock valued at $11,311,096 over the last three months. Company insiders own 0.43% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of FANG. Patriot Financial Group Insurance Agency LLC grew its stake in Diamondback Energy by 3.7% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,797 shares of the oil and natural gas company’s stock valued at $278,000 after purchasing an additional 64 shares in the last quarter. Coldstream Capital Management Inc. grew its stake in Diamondback Energy by 1.8% in the third quarter. Coldstream Capital Management Inc. now owns 3,655 shares of the oil and natural gas company’s stock valued at $566,000 after purchasing an additional 64 shares in the last quarter. MCF Advisors LLC grew its stake in Diamondback Energy by 8.6% in the fourth quarter. MCF Advisors LLC now owns 846 shares of the oil and natural gas company’s stock valued at $131,000 after purchasing an additional 67 shares in the last quarter. Veracity Capital LLC grew its stake in Diamondback Energy by 3.5% in the third quarter. Veracity Capital LLC now owns 2,061 shares of the oil and natural gas company’s stock valued at $319,000 after purchasing an additional 70 shares in the last quarter. Finally, Bleakley Financial Group LLC grew its stake in Diamondback Energy by 2.5% in the fourth quarter. Bleakley Financial Group LLC now owns 3,115 shares of the oil and natural gas company’s stock valued at $483,000 after purchasing an additional 75 shares in the last quarter. Hedge funds and other 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.