Diamondback Energy (NASDAQ:FANG) Price Target Cut to $216.00 by Analysts at KeyCorp

Diamondback Energy (NASDAQ:FANG) had its price objective lowered by KeyCorp from $225.00 to $216.00 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the oil and natural gas company’s stock.

Other analysts also recently issued reports about the company. Johnson Rice downgraded Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. Royal Bank of Canada reiterated an “outperform” rating and set a $220.00 price objective on shares of Diamondback Energy in a report on Tuesday, September 17th. Wells Fargo & Company dropped their target price on shares of Diamondback Energy from $230.00 to $219.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Scotiabank decreased their price target on shares of Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, StockNews.com lowered Diamondback Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $210.32.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG opened at $182.46 on Wednesday. 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 has a 12 month low of $145.70 and a 12 month high of $214.50. The company has a market capitalization of $32.54 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 1.22 and a beta of 1.89. The firm’s 50-day moving average is $186.94 and its 200 day moving average is $194.99.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter in the previous year, the business earned $3.68 earnings per share. The company’s revenue for the quarter was up 29.4% compared to the same quarter last year. Research analysts predict that Diamondback Energy will post 19.08 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently announced a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were given a dividend of $2.34 per share. 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 yield of 1.9%. Diamondback Energy’s dividend payout ratio is presently 20.29%.

Insider Buying and Selling at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the sale, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds have recently modified their holdings of the stock. First Community Trust NA acquired a new stake in Diamondback Energy in the 2nd quarter worth approximately $26,000. Carolinas Wealth Consulting LLC raised its holdings in shares of Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after buying an additional 55 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy during the second quarter worth $40,000. Founders Capital Management grew its holdings in shares of Diamondback Energy by 99.2% during the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after buying an additional 125 shares during the last quarter. Finally, CVA Family Office LLC increased its position in shares of Diamondback Energy by 28.1% in the 3rd quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock valued at $51,000 after acquiring an additional 65 shares during the period. Institutional investors and hedge funds 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.