KeyCorp Begins Coverage on Diamondback Energy (NASDAQ:FANG)

KeyCorp initiated coverage on shares of Diamondback Energy (NASDAQ:FANG) in a research note released on Thursday, Benzinga reports. The brokerage issued an overweight rating and a $225.00 price target on the oil and natural gas company’s stock.

Other research analysts have also recently issued research reports about the stock. Mizuho boosted their price target on shares of Diamondback Energy from $217.00 to $222.00 and gave the company a buy rating in a research report on Monday, May 13th. StockNews.com raised shares of Diamondback Energy from a hold rating to a buy rating in a research report on Thursday. Evercore ISI boosted their price target on shares of Diamondback Energy from $185.00 to $215.00 and gave the company an outperform rating in a research report on Monday, March 25th. Benchmark reissued a buy rating and set a $154.00 price target on shares of Diamondback Energy in a research report on Thursday, June 20th. Finally, Barclays initiated coverage on shares of Diamondback Energy in a report on Wednesday, April 10th. They issued an equal weight rating and a $214.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $209.35.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $200.19 on Thursday. The firm has a market cap of $35.70 billion, a PE ratio of 11.28, a PEG ratio of 1.08 and a beta of 1.90. The firm has a fifty day moving average of $196.76 and a 200 day moving average of $181.50. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. Diamondback Energy has a one year low of $125.73 and a one year high of $211.96.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.29 by $0.21. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same quarter in the previous year, the company posted $4.10 EPS. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. As a group, research analysts predict that Diamondback Energy will post 19.06 EPS for the current fiscal year.

Diamondback Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th were paid a dividend of $0.90 per share. The ex-dividend date was Tuesday, May 14th. This represents a $3.60 dividend on an annualized basis and a yield of 1.80%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

Insider Buying and Selling

In related news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the sale, the chief operating officer now directly owns 69,677 shares in the company, valued at $13,736,123.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Travis D. Stice sold 30,000 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief executive officer now directly owns 446,610 shares of the company’s stock, valued at $89,322,000. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total value of $1,182,840.00. Following the sale, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,900 shares of company stock worth $7,362,750. Company insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Founders Capital Management raised its position 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 worth $25,000 after acquiring an additional 101 shares in the last quarter. BKM Wealth Management LLC acquired a new position in Diamondback Energy in the 4th quarter valued at about $27,000. Logan Capital Management Inc. purchased a new stake in Diamondback Energy in the 4th quarter valued at about $31,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Diamondback Energy in the 4th quarter valued at about $34,000. Finally, CVA Family Office LLC purchased a new stake in Diamondback Energy in the 4th quarter valued at about $35,000. 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.