Piper Sandler Trims Diamondback Energy (NASDAQ:FANG) Target Price to $240.00

Diamondback Energy (NASDAQ:FANG) had its price objective reduced by Piper Sandler from $249.00 to $240.00 in a research report released on Thursday, Benzinga reports. Piper Sandler currently has an overweight rating on the oil and natural gas company’s stock.

Other equities research analysts have also recently issued research reports about the company. Bank of America boosted their target price on Diamondback Energy from $201.00 to $215.00 and gave the company a neutral rating in a research note on Tuesday, July 23rd. Truist Financial increased their target price on shares of Diamondback Energy from $249.00 to $255.00 and gave the stock a buy rating in a report on Wednesday, August 7th. Wells Fargo & Company lowered their price target on shares of Diamondback Energy from $231.00 to $230.00 and set an overweight rating on the stock in a research note on Wednesday, August 14th. Royal Bank of Canada restated an outperform rating and set a $220.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 13th. Finally, Sanford C. Bernstein decreased their price objective on Diamondback Energy from $243.00 to $236.00 and set an outperform rating for the company in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $211.75.

Diamondback Energy Trading Down 0.9 %

Shares of NASDAQ FANG opened at $194.82 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. Diamondback Energy has a twelve month low of $143.08 and a twelve month high of $214.50. The company’s fifty day moving average is $198.56 and its 200-day moving average is $193.12. The stock has a market cap of $34.74 billion, a price-to-earnings ratio of 10.98, a P/E/G ratio of 1.06 and a beta of 1.90.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The firm had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the firm earned $3.68 earnings per share. The company’s revenue was up 29.4% on a year-over-year basis. Equities research analysts predict that Diamondback Energy will post 18.63 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, August 15th will be paid a $2.34 dividend. The ex-dividend date is Thursday, August 15th. This represents a yield of 1.9%. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio is 20.29%.

Insider Transactions at Diamondback Energy

In other news, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the transaction, the chief operating officer now owns 69,677 shares in the company, valued at $13,736,123.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

A number of hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its position in Diamondback Energy by 38.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after buying an additional 2,381,488 shares in the last quarter. Boston Partners lifted its position 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 valued at $541,844,000 after acquiring an additional 1,916,900 shares during the period. Homestead Advisers Corp acquired a new stake in shares of Diamondback Energy during the 1st quarter worth $87,940,000. Bank of New York Mellon Corp increased its position in shares of Diamondback Energy by 16.0% in the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after purchasing an additional 415,902 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake in Diamondback Energy by 280.8% in the second quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company’s stock valued at $109,144,000 after purchasing an additional 402,026 shares in the last quarter. 90.01% of the stock is owned by 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.