Diamondback Energy (NASDAQ:FANG) Price Target Raised to $230.00 at Truist Financial

Diamondback Energy (NASDAQ:FANG) had its price target raised by Truist Financial from $220.00 to $230.00 in a research report released on Wednesday, Benzinga reports. They currently have a buy rating on the oil and natural gas company’s stock.

Several other research firms have also recently weighed in on FANG. Sanford C. Bernstein decreased their price objective on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. JPMorgan Chase & Co. assumed coverage on shares of Diamondback Energy in a research note on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 target price for the company. Jefferies Financial Group started coverage on Diamondback Energy in a research note on Monday, September 16th. They issued a “hold” rating and a $185.00 price target on the stock. Johnson Rice lowered Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, September 24th. Finally, Wells Fargo & Company lowered their target price on Diamondback Energy from $230.00 to $219.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $210.32.

Diamondback Energy Stock Up 1.5 %

Diamondback Energy stock opened at $182.46 on Wednesday. Diamondback Energy has a 12 month low of $145.70 and a 12 month high of $214.50. The stock has a fifty day simple moving average of $186.94 and a two-hundred day simple moving average of $194.99. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. The firm has a market cap of $32.54 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 1.22 and a beta of 1.89.

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

Diamondback Energy Increases Dividend

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

Insider Buying and Selling

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction 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 sale, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.48% of the stock is owned by company insiders.

Institutional Trading of Diamondback Energy

A number of large investors have recently added to or reduced their stakes in FANG. First Community Trust NA purchased a new position in shares of Diamondback Energy in the second quarter valued at $26,000. Carolinas Wealth Consulting LLC grew its stake in shares of Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after buying an additional 55 shares in the last quarter. HHM Wealth Advisors LLC bought a new stake in shares of Diamondback Energy in the 2nd quarter worth about $40,000. Founders Capital Management increased its holdings in shares of Diamondback Energy by 99.2% in the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after buying an additional 125 shares during the last quarter. Finally, CVA Family Office LLC lifted its holdings in shares of Diamondback Energy by 28.1% in the 3rd quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock valued at $51,000 after acquiring an additional 65 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

About Diamondback Energy

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.