Diamondback Energy (NASDAQ:FANG) Given New $252.00 Price Target at Piper Sandler

Diamondback Energy (NASDAQ:FANG) had its price objective increased by Piper Sandler from $240.00 to $252.00 in a research note published on Tuesday, Benzinga reports. Piper Sandler currently has an overweight rating on the oil and natural gas company’s stock.

FANG has been the subject of several other research reports. BMO Capital Markets raised shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $205.00 to $215.00 in a research note on Friday, October 4th. Sanford C. Bernstein decreased their price target on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. Royal Bank of Canada reissued an “outperform” rating and issued a $220.00 price objective on shares of Diamondback Energy in a research note on Tuesday, September 17th. Jefferies Financial Group started coverage on shares of Diamondback Energy in a research note on Monday, September 16th. They issued a “hold” rating and a $185.00 price objective for the company. Finally, Susquehanna reduced their price objective on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. One equities research 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 stock. According to data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and an average price target of $210.09.

Diamondback Energy Stock Up 0.0 %

Shares of NASDAQ FANG opened at $183.99 on Tuesday. The firm has a 50-day simple moving average of $186.35 and a two-hundred day simple moving average of $194.81. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. Diamondback Energy has a 1 year low of $145.70 and a 1 year high of $214.50. The company has a market cap of $32.81 billion, a P/E ratio of 10.37, a PEG ratio of 1.22 and a beta of 1.89.

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

Diamondback Energy Increases Dividend

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

Insider Activity

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Hedge funds have recently added to or reduced their stakes in the business. Founders Capital Management boosted its holdings in Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after purchasing an additional 101 shares during the last quarter. First Community Trust NA acquired a new position in shares of Diamondback Energy in the second quarter worth about $26,000. Carolinas Wealth Consulting LLC raised its position 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 acquiring an additional 55 shares during the period. HHM Wealth Advisors LLC acquired a new position in shares of Diamondback Energy in the second quarter worth about $40,000. Finally, CVA Family Office LLC raised its position in shares of Diamondback Energy by 28.1% in the third quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock worth $51,000 after acquiring an additional 65 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.