January 27, 2023


Wells Fargo & Company has initiated coverage of shares of Diamondback Energy (NASDAQ:FANG – Get Rating) in a report published Tuesday morning, The Fly reports. The company issued an overweight rating on the oil and natural gas company’s shares.

FANG has been the subject of several other reports. Credit Suisse Group increased its target price on shares of Diamondback Energy to $195.00 from $190.00 and gave the company an outperform rating in a research note on Thursday, November 17. Barclays cut its target price on shares of Diamondback Energy from $173.00 to $166.00 and gave the company an overweight rating in a research report on Monday. Morgan Stanley cut its target price on shares of Diamondback Energy from $180.00 to $168.00 and listed the company as overweight in a research report on Tuesday. Citigroup raised its target price on Diamondback Energy shares to $170.00 from $155.00 in a research report on Tuesday, November 22. Finally, on Wednesday, November 9th, Susquehanna raised its price target on shares of Diamondback Energy from $180.00 to $190.00 in a research report. One research analyst has assigned a sell rating to the stock, three have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $180.90.

Diamondback Energy Trading down 1.4%

FANG stock opened at $147.24 on Tuesday. The company has a debt to equity ratio of 0.37, a quick ratio of 0.58 and a current ratio of 0.61. The company’s 50-day simple moving average is $141.70 and its 200-day simple moving average is $136.96. Diamondback Energy has a 52-week low of $103.71 and a 52-week high of $168.95. The company has a market cap of $25.91 billion, a P/E of 6.00, a price-to-earnings-to-growth ratio of 0.28 and a beta of 2.00.

Diamondback Energy (NASDAQ:FANG – Get Rating) last reported its quarterly earnings results on Monday, November 7th. The oil and natural gas company reported $6.48 EPS for the quarter, missing the consensus estimate of $6.51 ($0.03). Diamondback Energy had a net margin of 45.47% and a return on equity of 28.49%. The company had revenue of $2.44 billion in the quarter, compared to analyst estimates of $2.38 billion. As a group, sell-side analysts expect Diamondback Energy to report year-to-date earnings per share of 24.5.

Diamondback Energy Dividend Announcement

The company also recently announced a none-dividend, which was paid on Friday, November 25th. Investors of record were paid a dividend of $2.26 on Thursday, November 17th. The ex-dividend date was Wednesday November 16th. This corresponds to a yield of 4.7%. Diamondback Energy’s dividend payout ratio (DPR) is currently 12.22%.

Insider activity at Diamondback Energy

In related news, VP Matt Zmigrosky sold 2,012 shares of the company’s stock in a transaction that took place on Wednesday, December 21st. The shares sold at an average price of $136.96 for a total value of $275,563.52. Upon completion of the transaction, the Vice President now owns 23,623 shares of the Company, valued at approximately $3,235,406.08. The sale was disclosed in a document filed with the SEC, which can be accessed at this link. 0.42% of the shares are owned by company insiders.

Institutional trading in Diamondback Energy

A number of institutional investors and hedge funds have recently added to or reduced their holdings in FANG. AlphaCrest Capital Management LLC increased its position in Diamondback Energy by 6.0% during the first quarter. AlphaCrest Capital Management LLC now owns 3,156 shares of the oil and natural gas company, valued at $433,000, after purchasing an additional 178 shares during the period. Raymond James Trust NA increased its position in Diamondback Energy by 8.2% in the first quarter. Raymond James Trust NA now owns 4,932 shares of the oil and gas company valued at $676,000 after purchasing an additional 374 shares during the period. Cibc World Market Inc. increased its position in Diamondback Energy by 13.6% in the first quarter. Cibc World Market Inc. now owns 34,403 shares of the oil and natural gas company’s stock valued at $4,716,000 after purchasing an additional 4,129 shares during the period. Vontobel Holding Ltd. acquired a new interest in Diamondback Energy stock valued at approximately $223,000 during the first quarter. Finally, during the first quarter, Blair William & Co. IL acquired a new interest in Diamondback Energy stock valued at approximately $205,000. Institutional investors and hedge funds own 89.76% of the company’s shares.

About Diamondback Energy

(get rating)

Diamondback Energy, Inc, an independent oil and natural gas company, is focused on the acquisition, development, exploration and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin of 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 of west Texas and New Mexico.

See also

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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)



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