Diamondback Energy (NASDAQ:FANG) Price Target Increased to $220.00 by Analysts at Royal Bank of Canada

Diamondback Energy (NASDAQ:FANG) had its price target hoisted by Royal Bank of Canada from $195.00 to $220.00 in a research note published on Monday, Benzinga reports. They currently have an outperform rating on the oil and natural gas company’s stock.

FANG has been the subject of several other reports. Susquehanna raised their price objective on Diamondback Energy from $212.00 to $245.00 and gave the stock a positive rating in a research note on Monday, April 22nd. BMO Capital Markets raised their target price on Diamondback Energy from $167.00 to $175.00 and gave the stock a market perform rating in a research report on Tuesday, February 13th. Truist Financial increased their price target on shares of Diamondback Energy from $248.00 to $250.00 and gave the stock a buy rating in a research report on Monday, April 22nd. KeyCorp upped their price objective on shares of Diamondback Energy from $210.00 to $225.00 and gave the company an overweight rating in a research note on Monday, April 22nd. Finally, Bank Of America (Bofa) cut their target price on shares of Diamondback Energy from $147.00 to $129.00 and set an underperform rating for the company in a research report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $205.68.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $203.22 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The company’s 50-day simple moving average is $196.55 and its 200-day simple moving average is $171.35. Diamondback Energy has a one year low of $123.41 and a one year high of $211.96. The stock has a market capitalization of $36.24 billion, a price-to-earnings ratio of 11.46 and a beta of 1.91.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly 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 business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The business’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the prior year, the firm earned $4.10 EPS. Equities analysts anticipate that Diamondback Energy will post 18.91 earnings per share for the current fiscal year.

Diamondback Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.90 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.60 annualized dividend and a yield of 1.77%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

Insider Activity

In related news, VP Jere W. Thompson III sold 900 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $199.90, for a total transaction of $179,910.00. Following the completion of the sale, the vice president now directly 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 through this link. In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total value of $6,000,000.00. Following the transaction, the chief executive officer now directly owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Jere W. Thompson III sold 900 shares of the 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 directly owns 7,585 shares of the company’s stock, valued at $1,516,241.50. The disclosure for this sale can be found here. Insiders have sold a total of 58,575 shares of company stock valued at $11,491,006 over the last 90 days. 0.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Diamondback Energy

Several large investors have recently bought and sold shares of FANG. Founders Capital Management increased its holdings in shares of Diamondback Energy by 404.0% during 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. BKM Wealth Management LLC acquired a new stake in Diamondback Energy during the fourth quarter worth about $27,000. BluePath Capital Management LLC bought a new position in Diamondback Energy during the third quarter valued at about $28,000. Logan Capital Management Inc. acquired a new position in Diamondback Energy in the 4th quarter valued at approximately $31,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in shares of Diamondback Energy in the 4th quarter worth approximately $34,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

About Diamondback Energy

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.