Diamondback Energy (NASDAQ:FANG) Stock Price Down 1.3% on Analyst Downgrade

Diamondback Energy, Inc. (NASDAQ:FANG) was down 1.3% during mid-day trading on Thursday after Raymond James lowered their price target on the stock from $245.00 to $214.00. Raymond James currently has a strong-buy rating on the stock. Diamondback Energy traded as low as $143.82 and last traded at $144.66. Approximately 366,125 shares changed hands during trading, a decline of 85% from the average daily volume of 2,422,690 shares. The stock had previously closed at $146.55.

FANG has been the subject of several other research reports. Citigroup lowered Diamondback Energy from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. JPMorgan Chase & Co. raised their target price on shares of Diamondback Energy from $191.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Wolfe Research upgraded shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 target price for the company in a report on Friday, January 3rd. StockNews.com upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company lowered their price objective on Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $213.08.

Insiders Place Their Bets

In related news, Director Frank D. Tsuru acquired 2,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the purchase, the director now owns 5,730 shares in the company, valued at $896,802.30. The trade was a 53.62 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Large investors have recently added to or reduced their stakes in the company. Wintrust Investments LLC bought a new stake in shares of Diamondback Energy during the 4th quarter valued at $28,000. R Squared Ltd purchased a new stake in Diamondback Energy in the 4th quarter worth $29,000. UMB Bank n.a. raised its holdings in Diamondback Energy by 247.3% during the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 136 shares during the period. Fourth Dimension Wealth LLC purchased a new position in shares of Diamondback Energy in the fourth quarter valued at about $33,000. Finally, Key Financial Inc boosted its stake in shares of Diamondback Energy by 940.0% in the fourth quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company’s stock worth $34,000 after acquiring an additional 188 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Price Performance

The firm has a 50-day moving average of $162.83 and a 200-day moving average of $172.36. The stock has a market cap of $41.87 billion, a PE ratio of 8.28, a PEG ratio of 1.24 and a beta of 1.84. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42.

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

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Investors 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. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Thursday, March 6th. Diamondback Energy’s payout ratio is currently 25.32%.

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.