Diamondback Energy (NASDAQ:FANG) Price Target Cut to $237.00 by Analysts at Susquehanna

Diamondback Energy (NASDAQ:FANG) had its price target reduced by Susquehanna from $245.00 to $237.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a positive rating on the oil and natural gas company’s stock.

FANG has been the subject of a number of other research reports. Wolfe Research assumed coverage on Diamondback Energy in a research report on Thursday, July 18th. They set a peer perform rating for the company. KeyCorp initiated coverage on Diamondback Energy in a research note on Thursday, June 27th. They issued an overweight rating and a $225.00 price target for the company. StockNews.com lowered shares of Diamondback Energy from a buy rating to a hold rating in a research report on Saturday, July 6th. Bank of America lifted their target price on shares of Diamondback Energy from $201.00 to $215.00 and gave the company a neutral rating in a research note on Tuesday, July 23rd. Finally, Barclays increased their price target on shares of Diamondback Energy from $214.00 to $216.00 and gave the stock an equal weight rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $211.45.

Diamondback Energy Stock Performance

FANG stock opened at $179.73 on Wednesday. The firm has a 50 day simple moving average of $198.04 and a 200 day simple moving average of $195.81. Diamondback Energy has a 52 week low of $143.08 and a 52 week high of $214.50. The stock has a market cap of $32.05 billion, a P/E ratio of 10.13, a P/E/G ratio of 1.23 and a beta of 1.90. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the firm earned $3.68 EPS. The company’s revenue was up 29.4% compared to the same quarter last year. Research analysts anticipate that Diamondback Energy will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were issued a $2.34 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This is an increase from Diamondback Energy’s previous None dividend of $2.26. This represents a yield of 1.9%. Diamondback Energy’s dividend payout ratio is 20.29%.

Institutional Trading of Diamondback Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Diamondback Energy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock worth $3,391,567,000 after buying an additional 176,208 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Diamondback Energy by 38.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after buying an additional 2,381,488 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Diamondback Energy by 16.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after buying an additional 415,902 shares in the last quarter. Boston Partners lifted its holdings in shares of Diamondback Energy by 235.6% during the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after acquiring an additional 1,916,900 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Diamondback Energy by 10.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock worth $538,547,000 after acquiring an additional 247,065 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.