Diamondback Energy’s (FANG) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Diamondback Energy (NASDAQ:FANG) in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a $210.00 price target on the oil and natural gas company’s stock.

Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company restated a “sector outperform” rating on shares of Diamondback Energy in a report on Friday, October 18th. Sanford C. Bernstein dropped their price objective on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 17th. BMO Capital Markets raised shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $205.00 to $215.00 in a research report on Friday, October 4th. Truist Financial raised their price target on shares of Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, Johnson Rice lowered shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, seventeen 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 $209.64.

Diamondback Energy Trading Up 0.2 %

Shares of FANG traded up $0.29 on Wednesday, reaching $181.88. 2,579,217 shares of the company’s stock were exchanged, compared to its average volume of 1,845,321. The company has a current ratio of 0.45, a quick ratio of 3.64 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $53.61 billion, a P/E ratio of 10.41, a price-to-earnings-growth ratio of 1.29 and a beta of 1.89. The business has a 50 day moving average price of $181.77 and a two-hundred day moving average price of $192.33. Diamondback Energy has a 12 month low of $145.70 and a 12 month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the firm earned $5.49 earnings per share. Research analysts anticipate that Diamondback Energy will post 17.1 earnings per share for the current year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Thursday, November 14th. Diamondback Energy’s dividend payout ratio is 20.61%.

Insider Transactions at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its stake in Diamondback Energy by 178.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock worth $6,112,000 after acquiring an additional 19,552 shares during the period. Cullen Investment Group LTD. lifted its position in Diamondback Energy by 33.5% during the third quarter. Cullen Investment Group LTD. now owns 11,978 shares of the oil and natural gas company’s stock valued at $2,065,000 after buying an additional 3,008 shares during the period. ORG Partners LLC lifted its position in Diamondback Energy by 2,768.9% during the second quarter. ORG Partners LLC now owns 4,332 shares of the oil and natural gas company’s stock valued at $883,000 after buying an additional 4,181 shares during the period. Homestead Advisers Corp purchased a new position in Diamondback Energy during the first quarter valued at $87,940,000. Finally, Clearbridge Investments LLC purchased a new position in Diamondback Energy during the first quarter valued at $40,533,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

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.