Diamondback Energy (NASDAQ:FANG) Rating Increased to Strong-Buy at Freedom Capital

Freedom Capital upgraded shares of Diamondback Energy (NASDAQ:FANG) to a strong-buy rating in a research report sent to investors on Tuesday,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group reiterated a “hold” rating and issued a $173.00 target price on shares of Diamondback Energy in a research report on Monday, January 19th. Wall Street Zen cut shares of Diamondback Energy from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. UBS Group upped their price target on shares of Diamondback Energy from $194.00 to $216.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Mizuho increased their price target on Diamondback Energy from $194.00 to $205.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 24th. Finally, Wells Fargo & Company lifted their price objective on Diamondback Energy from $169.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, January 27th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $191.67.

Diamondback Energy Stock Performance

Shares of FANG traded up $3.82 during trading hours on Tuesday, reaching $180.83. 1,290,584 shares of the company traded hands, compared to its average volume of 2,721,432. The company has a quick ratio of 0.40, a current ratio of 0.42 and a debt-to-equity ratio of 0.32. The business has a fifty day moving average price of $163.53 and a 200-day moving average price of $152.16. Diamondback Energy has a 12-month low of $114.00 and a 12-month high of $186.65. The stock has a market capitalization of $50.87 billion, a P/E ratio of 32.23 and a beta of 0.59.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, February 23rd. The oil and natural gas company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.26). The firm had revenue of $3.38 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Diamondback Energy had a return on equity of 8.08% and a net margin of 11.07%.The business’s revenue was down 9.0% on a year-over-year basis. During the same quarter last year, the business earned $3.67 EPS. Equities analysts anticipate that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 12th. Shareholders of record on Thursday, March 5th were given a dividend of $1.05 per share. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.00. This represents a $4.20 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Thursday, March 5th. Diamondback Energy’s dividend payout ratio (DPR) is currently 74.87%.

Insider Buying and Selling at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 7,857 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $183.27, for a total transaction of $1,439,952.39. Following the completion of the sale, the director owned 974,149 shares of the company’s stock, valued at $178,532,287.23. The trade was a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Travis D. Stice sold 36,043 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $181.08, for a total value of $6,526,666.44. Following the sale, the chairman owned 123,745 shares of the company’s stock, valued at approximately $22,407,744.60. This trade represents a 22.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,168,462 shares of company stock valued at $192,197,747. Company insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC purchased a new stake in Diamondback Energy during the 4th quarter valued at about $25,000. Richardson Financial Services Inc. raised its holdings in Diamondback Energy by 245.1% in the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock valued at $26,000 after buying an additional 125 shares during the period. Laurel Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy in the 4th quarter valued at approximately $26,000. JPL Wealth Management LLC purchased a new stake in Diamondback Energy in the third quarter valued at approximately $26,000. Finally, E Fund Management Hong Kong Co. Ltd. raised its holdings in shares of Diamondback Energy by 106.3% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the oil and natural gas company’s stock valued at $28,000 after buying an additional 102 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Company Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.