Truist Financial Lowers Diamondback Energy (NASDAQ:FANG) Price Target to $220.00

Diamondback Energy (NASDAQ:FANG) had its price target lowered by Truist Financial from $255.00 to $220.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a buy rating on the oil and natural gas company’s stock.

Other equities analysts have also recently issued reports about the company. Benchmark restated a buy rating and set a $154.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 6th. Wolfe Research initiated coverage on shares of Diamondback Energy in a research note on Thursday, July 18th. They set a peer perform rating on the stock. Wells Fargo & Company decreased their target price on Diamondback Energy from $231.00 to $230.00 and set an overweight rating for the company in a research note on Wednesday, August 14th. Jefferies Financial Group started coverage on Diamondback Energy in a research report on Monday, September 16th. They set a hold rating and a $185.00 price target on the stock. Finally, Morgan Stanley boosted their price objective on Diamondback Energy from $185.00 to $198.00 and gave the company an overweight rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Diamondback Energy has a consensus rating of Moderate Buy and an average target price of $207.68.

Diamondback Energy Trading Up 3.9 %

NASDAQ FANG opened at $188.30 on Monday. The company has a market capitalization of $33.58 billion, a price-to-earnings ratio of 10.61, a price-to-earnings-growth ratio of 1.17 and a beta of 1.89. 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 12 month low of $143.08 and a 12 month high of $214.50. The company’s fifty day moving average price is $187.52 and its two-hundred day moving average price is $195.20.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period last year, the firm earned $3.68 earnings per share. The company’s revenue for the quarter was up 29.4% compared to the same quarter last year. As a group, research analysts predict that Diamondback Energy will post 18.97 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

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

Insider Transactions at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors have recently bought and sold shares of the stock. Park Avenue Securities LLC increased its position in shares of Diamondback Energy by 8.0% in the third quarter. Park Avenue Securities LLC now owns 5,740 shares of the oil and natural gas company’s stock worth $990,000 after acquiring an additional 427 shares in the last quarter. Czech National Bank grew its position in Diamondback Energy by 12.3% during the 3rd quarter. Czech National Bank now owns 38,166 shares of the oil and natural gas company’s stock worth $6,580,000 after purchasing an additional 4,180 shares in the last quarter. Park National Corp OH raised its stake in Diamondback Energy by 107.2% during the 3rd quarter. Park National Corp OH now owns 40,701 shares of the oil and natural gas company’s stock valued at $7,017,000 after purchasing an additional 21,055 shares during the period. Mattson Financial Services LLC purchased a new stake in shares of Diamondback Energy in the second quarter valued at $74,000. Finally, Centaurus Financial Inc. boosted its position in shares of Diamondback Energy by 52.2% in the second quarter. Centaurus Financial Inc. now owns 1,513 shares of the oil and natural gas company’s stock worth $303,000 after buying an additional 519 shares during the period. 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.