Diamondback Energy (NASDAQ:FANG) Stock Rating Lowered by Oppenheimer

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Oppenheimer cut shares of Diamondback Energy (NASDAQ:FANG) from an outperform rating to a market perform rating in a research report report published on Thursday, The Fly reports. Oppenheimer currently has $138.00 price target on the oil and natural gas company’s stock. Oppenheimer also issued estimates for Diamondback Energy’s Q1 2020 earnings at $2.15 EPS, Q2 2020 earnings at $2.29 EPS, Q3 2020 earnings at $2.37 EPS, Q4 2020 earnings at $2.43 EPS and FY2020 earnings at $9.23 EPS.

A number of other equities analysts have also recently weighed in on FANG. Susquehanna Bancshares dropped their price target on Diamondback Energy from $125.00 to $130.00 in a research note on Tuesday, October 1st. Bank of America dropped their price target on Diamondback Energy from $165.00 to $151.00 and set a buy rating on the stock in a research note on Wednesday. Northland Securities reissued a buy rating and issued a $130.00 price target on shares of Diamondback Energy in a research note on Wednesday. KeyCorp dropped their price target on Diamondback Energy from $133.00 to $125.00 and set an overweight rating on the stock in a research note on Tuesday, October 15th. Finally, TheStreet cut Diamondback Energy from a b- rating to a c+ rating in a research note on Tuesday, October 8th. Four equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $141.05.

Shares of NASDAQ FANG traded down $0.13 during midday trading on Thursday, reaching $75.43. 2,379,700 shares of the company traded hands, compared to its average volume of 1,849,165. The stock has a 50-day moving average price of $86.38 and a 200 day moving average price of $98.30. The company has a market cap of $14.71 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 0.47 and a beta of 0.78. Diamondback Energy has a 52 week low of $74.25 and a 52 week high of $115.97. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.82 and a quick ratio of 0.79.

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

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 15th will be paid a dividend of $0.1875 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.75 annualized dividend and a yield of 0.99%. Diamondback Energy’s dividend payout ratio (DPR) is presently 12.78%.

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

A number of large investors have recently added to or reduced their stakes in FANG. DNB Asset Management AS lifted its holdings in shares of Diamondback Energy by 1,346.3% during the 2nd quarter. DNB Asset Management AS now owns 251,313 shares of the oil and natural gas company’s stock valued at $27,386,000 after buying an additional 233,937 shares during the last quarter. WINTON GROUP Ltd lifted its holdings in shares of Diamondback Energy by 4,282.7% during the 2nd quarter. WINTON GROUP Ltd now owns 195,952 shares of the oil and natural gas company’s stock valued at $21,353,000 after buying an additional 191,481 shares during the last quarter. Oliver Luxxe Assets LLC lifted its holdings in shares of Diamondback Energy by 3.8% during the 2nd quarter. Oliver Luxxe Assets LLC now owns 8,725 shares of the oil and natural gas company’s stock valued at $933,000 after buying an additional 316 shares during the last quarter. Scout Investments Inc. lifted its holdings in shares of Diamondback Energy by 7.6% during the 2nd quarter. Scout Investments Inc. now owns 208,270 shares of the oil and natural gas company’s stock valued at $22,695,000 after buying an additional 14,703 shares during the last quarter. Finally, Triangle Securities Wealth Management lifted its holdings in shares of Diamondback Energy by 5.6% during the 2nd quarter. Triangle Securities Wealth Management now owns 8,790 shares of the oil and natural gas company’s stock valued at $940,000 after buying an additional 465 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors.

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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The Fly

Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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