Diamondback Energy (NASDAQ:FANG) Price Target Increased to $231.00 by Analysts at Wells Fargo & Company

Diamondback Energy (NASDAQ:FANG) had its price target boosted by Wells Fargo & Company from $224.00 to $231.00 in a research note released on Thursday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the oil and natural gas company’s stock.

FANG has been the topic of a number of other reports. Susquehanna boosted their price target on shares of Diamondback Energy from $212.00 to $245.00 and gave the stock a positive rating in a report on Monday, April 22nd. Evercore ISI increased their target price 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. Bank of America reaffirmed a neutral rating and issued a $201.00 price target on shares of Diamondback Energy in a report on Friday, June 14th. Wolfe Research initiated coverage on Diamondback Energy in a report on Thursday. They set a peer perform rating for the company. Finally, Mizuho boosted their target price on Diamondback Energy from $217.00 to $222.00 and gave the company a buy rating in a research note on Monday, May 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $208.95.

Diamondback Energy Trading Down 2.2 %

Shares of FANG stock opened at $205.47 on Thursday. Diamondback Energy has a 52-week low of $139.45 and a 52-week high of $214.50. The company has a 50-day simple moving average of $197.68 and a two-hundred day simple moving average of $186.81. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The company has a market capitalization of $36.64 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 1.16 and a beta of 1.90.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, beating analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same period last year, the business posted $4.10 earnings per share. Diamondback Energy’s revenue was up 15.7% on a year-over-year basis. Research analysts anticipate that Diamondback Energy will post 18.71 EPS for the current fiscal year.

Diamondback Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th were paid a $0.90 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $3.60 dividend on an annualized basis and a yield of 1.75%. Diamondback Energy’s dividend payout ratio is currently 20.29%.

Insider Activity

In related news, COO Daniel N. Wesson sold 6,000 shares of the firm’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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Jere W. Thompson III sold 900 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $199.90, for a total transaction of $179,910.00. Following the transaction, the vice president now directly owns 7,585 shares of the company’s stock, valued at approximately $1,516,241.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

A number of hedge funds have recently made changes to their positions in the business. CWM LLC lifted its stake in Diamondback Energy by 1.8% in the fourth quarter. CWM LLC now owns 19,717 shares of the oil and natural gas company’s stock worth $3,058,000 after purchasing an additional 354 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Diamondback Energy by 14.1% in the 4th quarter. Franklin Resources Inc. now owns 50,633 shares of the oil and natural gas company’s stock valued at $7,852,000 after acquiring an additional 6,240 shares during the last quarter. Raymond James Trust N.A. boosted its holdings in Diamondback Energy by 145.2% during the 4th quarter. Raymond James Trust N.A. now owns 11,993 shares of the oil and natural gas company’s stock valued at $1,860,000 after acquiring an additional 7,102 shares during the period. Larson Financial Group LLC grew its position in Diamondback Energy by 748.0% during the 4th quarter. Larson Financial Group LLC now owns 15,221 shares of the oil and natural gas company’s stock worth $2,361,000 after acquiring an additional 13,426 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake in Diamondback Energy by 613.7% in the 4th quarter. Sequoia Financial Advisors LLC now owns 15,401 shares of the oil and natural gas company’s stock worth $2,388,000 after purchasing an additional 13,243 shares during the period. 90.01% of the stock is currently owned by institutional investors.

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.