Diamondback Energy (NASDAQ:FANG) Price Target Lowered to $245.00 at Scotiabank

Diamondback Energy (NASDAQ:FANG) had its target price decreased by Scotiabank from $255.00 to $245.00 in a research note published on Friday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the oil and natural gas company’s stock.

Other analysts have also issued reports about the stock. Benchmark reiterated a buy rating and set a $154.00 target price on shares of Diamondback Energy in a report on Thursday, June 20th. Bank of America restated a neutral rating and issued a $201.00 price objective on shares of Diamondback Energy in a report on Friday, June 14th. Evercore ISI raised their price objective on shares of Diamondback Energy from $185.00 to $215.00 and gave the stock an outperform rating in a report on Monday, March 25th. StockNews.com lowered shares of Diamondback Energy from a buy rating to a hold rating in a report on Saturday, July 6th. Finally, KeyCorp initiated coverage on shares of Diamondback Energy in a report on Thursday, June 27th. They issued an overweight rating and a $225.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $208.85.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $210.93 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average of $197.23 and a 200-day moving average of $185.53. The firm has a market cap of $37.62 billion, a P/E ratio of 11.89, a P/E/G ratio of 1.12 and a beta of 1.90. Diamondback Energy has a 1-year low of $134.68 and a 1-year high of $212.10.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, topping analysts’ consensus estimates of $4.29 by $0.21. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.10 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. Diamondback Energy’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the prior year, the business posted $4.10 earnings per share. Sell-side analysts expect that Diamondback Energy will post 18.8 EPS for the current year.

Diamondback Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Investors of record on Wednesday, May 15th were given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Tuesday, May 14th. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.29%.

Insider Activity at Diamondback Energy

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 transaction of $1,182,840.00. Following the completion of the sale, the chief operating officer now 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 through this hyperlink. In other Diamondback Energy news, VP Jere W. Thompson III sold 900 shares of Diamondback Energy stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $199.90, for a total value of $179,910.00. Following the completion of the sale, the vice president now owns 7,585 shares of the company’s stock, valued at approximately $1,516,241.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total transaction 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. 0.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Diamondback Energy

Large investors have recently added to or reduced their stakes in the stock. Founders Capital Management grew its position in Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 101 shares during the period. First Community Trust NA bought a new stake in Diamondback Energy in the 2nd quarter worth approximately $26,000. BKM Wealth Management LLC bought a new stake in shares of Diamondback Energy during the 4th quarter valued at $27,000. Logan Capital Management Inc. bought a new stake in shares of Diamondback Energy during the 4th quarter valued at $31,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in shares of Diamondback Energy during the 4th quarter valued at $34,000. 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.