Sanford C. Bernstein Initiates Coverage on Diamondback Energy (NASDAQ:FANG)

Sanford C. Bernstein assumed coverage on shares of Diamondback Energy (NASDAQ:FANGFree Report) in a research note released on Thursday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $243.00 price objective on the oil and natural gas company’s stock.

A number of other analysts have also issued reports on the stock. Scotiabank boosted their price target on shares of Diamondback Energy from $210.00 to $255.00 and gave the stock a sector outperform rating in a research note on Thursday, April 11th. Wells Fargo & Company dropped their price target on shares of Diamondback Energy from $227.00 to $224.00 and set an overweight rating for the company in a research note on Thursday, May 2nd. Barclays began coverage on Diamondback Energy in a report on Wednesday, April 10th. They issued an equal weight rating and a $214.00 target price for the company. Piper Sandler increased their price target on Diamondback Energy from $227.00 to $247.00 and gave the company an overweight rating in a research report on Friday, April 19th. Finally, UBS Group boosted their price objective on Diamondback Energy from $183.00 to $200.00 and gave the stock a buy rating in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $207.80.

View Our Latest Analysis on FANG

Diamondback Energy Trading Down 0.4 %

NASDAQ FANG opened at $190.30 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89. The stock has a market capitalization of $33.94 billion, a P/E ratio of 10.73 and a beta of 1.90. The firm’s 50-day moving average is $199.83 and its two-hundred day moving average is $177.32. Diamondback Energy has a 12 month low of $123.41 and a 12 month high of $211.96.

Diamondback Energy (NASDAQ:FANGGet Free Report) last posted its quarterly earnings data 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. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same quarter last year, the company posted $4.10 EPS. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. On average, sell-side analysts anticipate that Diamondback Energy will post 19.1 earnings per share for the current year.

Diamondback Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th were issued a $0.90 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.89%. Diamondback Energy’s payout ratio is 20.29%.

Insider Activity at Diamondback Energy

In other news, CEO Travis D. Stice sold 30,000 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief executive officer now owns 446,610 shares in the company, valued at $89,322,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Travis D. Stice sold 30,000 shares of the business’s 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 owns 446,610 shares of the company’s stock, valued at $89,322,000. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Hof Matthew Kaes Van’t sold 12,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $190.82, for a total value of $2,289,840.00. Following the sale, the chief financial officer now directly owns 185,882 shares of the company’s stock, valued at $35,470,003.24. The disclosure for this sale can be found here. Insiders sold a total of 64,575 shares of company stock worth $12,673,846 in the last 90 days. 0.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Diamondback Energy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock worth $3,391,567,000 after buying an additional 176,208 shares in the last quarter. Wellington Management Group LLP raised its position in Diamondback Energy by 4.8% in the third quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock worth $2,209,617,000 after acquiring an additional 648,317 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Diamondback Energy by 38.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after acquiring an additional 2,381,488 shares during the period. Morgan Stanley boosted its position in shares of Diamondback Energy by 2.6% during the 3rd quarter. Morgan Stanley now owns 3,494,159 shares of the oil and natural gas company’s stock worth $541,175,000 after purchasing an additional 89,663 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Diamondback Energy by 6.6% during the 3rd quarter. Invesco Ltd. now owns 3,320,567 shares of the oil and natural gas company’s stock worth $514,289,000 after purchasing an additional 206,189 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

About Diamondback Energy

(Get Free Report)

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.

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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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