Diamondback Energy (NASDAQ:FANG) Hits New 1-Year High Following Analyst Upgrade

Posted by Defense World Staff on Oct 18th, 2023

Diamondback Energy, Inc. (NASDAQ:FANG – Get Free Report)’s stock price reached a new 52-week high on Tuesday after KeyCorp raised their price target on the stock from $171.00 to $183.00. KeyCorp currently has an overweight rating on the stock. Diamondback Energy traded as high as $169.60 and last traded at $169.19, with a volume of 317532 shares changing hands. The stock had previously closed at $167.41.

Several other equities research analysts also recently weighed in on the stock. UBS Group increased their target price on shares of Diamondback Energy from $191.00 to $198.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. Stifel Nicolaus raised their price objective on shares of Diamondback Energy from $178.00 to $179.00 and gave the stock a “buy” rating in a research note on Friday, August 18th. Piper Sandler boosted their target price on Diamondback Energy from $185.00 to $191.00 and gave the company an “overweight” rating in a research report on Monday, August 14th. Benchmark reiterated a “buy” rating and issued a $154.00 price target on shares of Diamondback Energy in a report on Thursday, October 12th. Finally, Mizuho upped their price objective on Diamondback Energy from $191.00 to $197.00 and gave the company a “buy” rating in a research report on Monday, September 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $179.91.

Get Our Latest Analysis on FANG

Insider Transactions at Diamondback Energy

In related news, EVP Matt Zmigrosky sold 2,706 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $157.17, for a total transaction of $425,302.02. Following the sale, the executive vice president now owns 27,480 shares of the company’s stock, valued at $4,319,031.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Matt Zmigrosky sold 2,706 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $157.17, for a total transaction of $425,302.02. Following the completion of the transaction, the executive vice president now owns 27,480 shares in the company, valued at approximately $4,319,031.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Daniel N. Wesson sold 4,000 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $149.68, for a total transaction of $598,720.00. Following the sale, the chief operating officer now directly owns 61,802 shares of the company’s stock, valued at approximately $9,250,523.36. The disclosure for this sale can be found here. In the last three months, insiders sold 37,518 shares of company stock valued at $5,695,092. Corporate insiders own 0.43% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FANG. CreativeOne Wealth LLC acquired a new position in shares of Diamondback Energy during the third quarter valued at about $247,000. Mach 1 Financial Group LLC acquired a new position in Diamondback Energy during the 3rd quarter valued at approximately $732,000. Somerset Trust Co raised its holdings in shares of Diamondback Energy by 4.1% in the third quarter. Somerset Trust Co now owns 3,423 shares of the oil and natural gas company’s stock worth $530,000 after buying an additional 135 shares during the last quarter. Independence Bank of Kentucky lifted its stake in shares of Diamondback Energy by 1,900.0% during the third quarter. Independence Bank of Kentucky now owns 500 shares of the oil and natural gas company’s stock worth $77,000 after buying an additional 475 shares during the period. Finally, OneAscent Financial Services LLC purchased a new stake in shares of Diamondback Energy during the third quarter valued at $216,000. 87.84% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Stock Up 0.6 %

The company has a debt-to-equity ratio of 0.40, a current ratio of 0.43 and a quick ratio of 0.40. The business’s fifty day moving average price is $153.34 and its two-hundred day moving average price is $141.99. The stock has a market capitalization of $30.13 billion, a PE ratio of 8.74, a price-to-earnings-growth ratio of 0.40 and a beta of 2.01.

Diamondback Energy (NASDAQ:FANG – Get Free Report) last posted its quarterly earnings results on Monday, July 31st. The oil and natural gas company reported $3.68 earnings per share for the quarter, missing the consensus estimate of $3.92 by ($0.24). Diamondback Energy had a net margin of 41.62% and a return on equity of 22.43%. The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter in the previous year, the firm posted $7.07 EPS. The firm’s revenue for the quarter was down 30.7% compared to the same quarter last year. On average, equities research analysts forecast that Diamondback Energy, Inc. will post 17.71 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Thursday, August 10th were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Wednesday, August 9th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.80. This represents a $3.36 dividend on an annualized basis and a yield of 1.99%. Diamondback Energy’s dividend payout ratio (DPR) is currently 17.44%.

Diamondback Energy Company Profile

(Get Free Report)

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.