Diamondback Energy (NASDAQ:FANG) Trading 2.1% Higher – Here’s Why

Diamondback Energy, Inc. (NASDAQ:FANG)’s stock price was up 2.1% during mid-day trading on Tuesday . The company traded as high as $146.00 and last traded at $143.55. Approximately 410,402 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 2,425,741 shares. The stock had previously closed at $140.58.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group initiated coverage on Diamondback Energy in a report on Monday, December 2nd. They set a “buy” rating and a $227.00 price target for the company. Raymond James boosted their price target on shares of Diamondback Energy from $237.00 to $256.00 and gave the stock a “strong-buy” rating in a research note on Thursday, January 23rd. Morgan Stanley boosted their target price on Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. StockNews.com upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a report on Wednesday, November 13th. Finally, Piper Sandler decreased their target price on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus target price of $215.00.

Diamondback Energy Stock Performance

The stock’s 50-day moving average is $163.56 and its 200-day moving average is $172.90. The stock has a market cap of $41.87 billion, a price-to-earnings ratio of 8.28, a P/E/G ratio of 1.24 and a beta of 1.85. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.55 billion. On average, analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be given a $1.00 dividend. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, March 6th. This represents a $4.00 annualized dividend and a yield of 2.77%. Diamondback Energy’s dividend payout ratio (DPR) is 25.32%.

Insider Transactions at Diamondback Energy

In other news, Director Frank D. Tsuru purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average price of $156.51 per share, with a total value of $313,020.00. Following the purchase, the director now directly owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. This represents a 53.62 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

Several large investors have recently modified their holdings of FANG. QRG Capital Management Inc. grew its stake in Diamondback Energy by 38.4% during the 4th quarter. QRG Capital Management Inc. now owns 11,675 shares of the oil and natural gas company’s stock valued at $1,913,000 after purchasing an additional 3,238 shares in the last quarter. Swedbank AB grew its position in shares of Diamondback Energy by 28.0% during the fourth quarter. Swedbank AB now owns 198,283 shares of the oil and natural gas company’s stock worth $32,485,000 after buying an additional 43,361 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its position in shares of Diamondback Energy by 631.1% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,148 shares of the oil and natural gas company’s stock worth $7,069,000 after buying an additional 37,246 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Diamondback Energy by 48.5% in the third quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock worth $28,008,000 after buying an additional 47,951 shares during the last quarter. Finally, Tectonic Advisors LLC raised its holdings in Diamondback Energy by 38.2% in the fourth quarter. Tectonic Advisors LLC now owns 31,467 shares of the oil and natural gas company’s stock valued at $5,155,000 after acquiring an additional 8,704 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

About Diamondback Energy

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.