Diamondback Energy (NASDAQ:FANG) Coverage Initiated by Analysts at KeyCorp

KeyCorp began coverage on shares of Diamondback Energy (NASDAQ:FANGGet Rating) in a report published on Monday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $163.00 price target on the oil and natural gas company’s stock. KeyCorp also issued estimates for Diamondback Energy’s Q3 2022 earnings at $7.13 EPS, Q4 2022 earnings at $6.66 EPS, FY2022 earnings at $26.12 EPS, Q1 2023 earnings at $6.88 EPS, Q2 2023 earnings at $6.44 EPS, Q3 2023 earnings at $6.36 EPS, Q4 2023 earnings at $6.38 EPS and FY2023 earnings at $26.08 EPS.

Several other brokerages have also weighed in on FANG. The Goldman Sachs Group decreased their price objective on Diamondback Energy from $180.00 to $160.00 and set a buy rating on the stock in a report on Tuesday, July 5th. MKM Partners reissued a buy rating and set a $155.00 price objective on shares of Diamondback Energy in a report on Wednesday, July 20th. StockNews.com lowered Diamondback Energy from a buy rating to a hold rating in a report on Friday, August 12th. Barclays lifted their price objective on Diamondback Energy from $160.00 to $180.00 and gave the stock an overweight rating in a report on Tuesday, June 14th. Finally, Truist Financial lifted their price objective on Diamondback Energy from $185.00 to $203.00 in a report on Tuesday, July 19th. Three investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Diamondback Energy has an average rating of Moderate Buy and an average price target of $168.89.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $126.54 on Monday. The company has a quick ratio of 0.69, a current ratio of 0.73 and a debt-to-equity ratio of 0.38. The business’s 50 day moving average is $127.98 and its two-hundred day moving average is $132.06. The company has a market cap of $21.95 billion, a P/E ratio of 5.92, a P/E/G ratio of 0.23 and a beta of 2.06. Diamondback Energy has a 12 month low of $84.47 and a 12 month high of $162.24.

Diamondback Energy (NASDAQ:FANGGet Rating) last issued its quarterly earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 EPS for the quarter, topping the consensus estimate of $6.66 by $0.41. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.44 billion. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. The company’s revenue for the quarter was up 64.7% on a year-over-year basis. During the same period in the previous year, the business posted $2.40 EPS. On average, equities analysts expect that Diamondback Energy will post 26.1 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 23rd. Shareholders of record on Tuesday, August 16th were paid a $3.05 dividend. The ex-dividend date was Monday, August 15th. This represents a $12.20 dividend on an annualized basis and a yield of 9.64%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.70. Diamondback Energy’s payout ratio is currently 14.03%.

Diamondback Energy declared that its board has approved a share repurchase program on Monday, August 1st that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the oil and natural gas company to buy up to 17.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Carolinas Wealth Consulting LLC raised its position in shares of Diamondback Energy by 366.7% during the first quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock worth $31,000 after acquiring an additional 176 shares during the last quarter. Private Trust Co. NA bought a new stake in shares of Diamondback Energy during the second quarter worth $28,000. Cambridge Trust Co. raised its position in shares of Diamondback Energy by 1,991.7% during the first quarter. Cambridge Trust Co. now owns 251 shares of the oil and natural gas company’s stock worth $34,000 after acquiring an additional 239 shares during the last quarter. MCF Advisors LLC bought a new stake in shares of Diamondback Energy during the first quarter worth $35,000. Finally, Mark Sheptoff Financial Planning LLC bought a new stake in shares of Diamondback Energy during the first quarter worth $41,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Diamondback Energy Company Profile

(Get Rating)

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.

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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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