Diamondback Energy (NASDAQ:FANG) Stock Rating Lowered by StockNews.com

StockNews.com downgraded shares of Diamondback Energy (NASDAQ:FANG – Get Rating) from a buy rating to a hold rating in a report released on Tuesday.

Other analysts have also issued research reports about the stock. Morgan Stanley dropped their price objective on shares of Diamondback Energy from $178.00 to $170.00 and set an overweight rating on the stock in a research note on Tuesday, July 19th. KeyCorp lifted their price objective on shares of Diamondback Energy from $152.00 to $164.00 and gave the company an overweight rating in a research note on Friday, April 8th. Raymond James lifted their price objective on shares of Diamondback Energy from $195.00 to $200.00 and gave the company a strong-buy rating in a research note on Monday, April 25th. Piper Sandler dropped their price objective on shares of Diamondback Energy from $196.00 to $191.00 and set an overweight rating on the stock in a research note on Friday, July 22nd. Finally, Citigroup raised their price target on shares of Diamondback Energy to $148.00 in a research report on Monday, July 4th. Three analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy presently has an average rating of Moderate Buy and an average price target of $169.42.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $121.37 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.69 and a current ratio of 0.73. The stock has a fifty day moving average of $128.54 and a two-hundred day moving average of $131.55. The company has a market capitalization of $21.54 billion, a price-to-earnings ratio of 5.67, a PEG ratio of 0.22 and a beta of 2.12. Diamondback Energy has a fifty-two week low of $65.93 and a fifty-two week high of $162.24.

Diamondback Energy (NASDAQ:FANG – Get Rating) last announced its quarterly earnings data on Monday, August 1st. The oil and natural gas company reported $7.07 EPS for the quarter, beating analysts’ consensus estimates of $6.58 by $0.49. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the previous year, the business earned $2.40 earnings per share. The business’s revenue for the quarter was up 64.7% on a year-over-year basis. On average, analysts anticipate that Diamondback Energy will post 25.56 EPS for the current fiscal year.

Diamondback Energy declared that its Board of Directors has initiated a stock repurchase plan on Monday, August 1st that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the oil and natural gas company to buy up to 17.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 23rd. Stockholders of record on Tuesday, August 16th will be issued a dividend of $3.05 per share. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, August 15th. This represents a $12.20 annualized dividend and a dividend yield of 10.05%. Diamondback Energy’s payout ratio is 13.09%.

Insider Activity

In other news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the business’s stock in a transaction on Friday, May 27th. The shares were sold at an average price of $150.00, for a total transaction of $900,000.00. Following the completion of the transaction, the chief financial officer now owns 67,334 shares of the company’s stock, valued at $10,100,100. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of Diamondback Energy stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $150.00, for a total transaction of $900,000.00. Following the sale, the chief financial officer now directly owns 67,334 shares in the company, valued at $10,100,100. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Teresa L. Dick sold 2,500 shares of Diamondback Energy stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $152.22, for a total transaction of $380,550.00. Following the sale, the chief accounting officer now owns 57,308 shares in the company, valued at $8,723,423.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,500 shares of company stock valued at $6,740,850. 0.42% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Diamondback Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Carolinas Wealth Consulting LLC grew its position in Diamondback Energy by 366.7% in the first quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock worth $31,000 after buying an additional 176 shares during the last quarter. Cambridge Trust Co. grew its position in Diamondback Energy by 1,991.7% in the first quarter. Cambridge Trust Co. now owns 251 shares of the oil and natural gas company’s stock worth $34,000 after buying an additional 239 shares during the last quarter. MCF Advisors LLC acquired a new position in Diamondback Energy in the first quarter worth approximately $35,000. Mark Sheptoff Financial Planning LLC acquired a new position in Diamondback Energy in the first quarter worth approximately $41,000. Finally, Global Retirement Partners LLC grew its position in Diamondback Energy by 51.8% in the second quarter. Global Retirement Partners LLC now owns 334 shares of the oil and natural gas company’s stock worth $40,000 after buying an additional 114 shares during the last quarter. 89.97% of the stock is currently owned by institutional investors.

Diamondback Energy Company Profile

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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 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.