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 released on Tuesday, Benzinga reports. Royal Bank of Canada currently has a $220.00 price target on the oil and natural gas company’s stock.

Several other equities research analysts have also recently issued reports on the stock. Wells Fargo & Company reduced their price objective on shares of Diamondback Energy from $231.00 to $230.00 and set an overweight rating on the stock in a research report on Wednesday, August 14th. Truist Financial lifted their price objective on shares of Diamondback Energy from $249.00 to $255.00 and gave the company a buy rating in a research report on Wednesday, August 7th. KeyCorp initiated coverage on shares of Diamondback Energy in a research report on Thursday, June 27th. They set an overweight rating and a $225.00 price objective on the stock. StockNews.com cut shares of Diamondback Energy from a buy rating to a hold rating in a research report on Saturday, July 6th. Finally, Morgan Stanley lifted their price objective on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an overweight rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $209.71.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $181.63 on Tuesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. Diamondback Energy has a 1-year low of $143.08 and a 1-year high of $214.50. The company has a market capitalization of $32.39 billion, a P/E ratio of 10.24, a P/E/G ratio of 1.06 and a beta of 1.89. The firm’s 50 day simple moving average is $192.75 and its two-hundred day simple moving average is $195.55.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating the consensus estimate of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The business had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the previous year, the firm earned $3.68 earnings per share. The company’s revenue for the quarter was up 29.4% on a year-over-year basis. Research analysts expect that Diamondback Energy will post 19.08 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were paid a $2.34 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a dividend yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio is currently 20.29%.

Institutional Investors Weigh In On Diamondback Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. raised its stake in shares of Diamondback Energy by 31.5% in the second quarter. Newbridge Financial Services Group Inc. now owns 2,062 shares of the oil and natural gas company’s stock valued at $413,000 after acquiring an additional 494 shares during the period. Heritage Wealth Management Inc. purchased a new stake in shares of Diamondback Energy in the second quarter valued at $966,000. Sanctuary Advisors LLC purchased a new stake in shares of Diamondback Energy in the second quarter valued at $10,229,000. Clearbridge Investments LLC raised its stake in shares of Diamondback Energy by 45.1% in the second quarter. Clearbridge Investments LLC now owns 296,752 shares of the oil and natural gas company’s stock valued at $59,407,000 after acquiring an additional 92,213 shares during the period. Finally, New Wave Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy in the second quarter valued at $402,000. 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.