JPMorgan Chase & Co. Begins Coverage on Diamondback Energy (NASDAQ:FANG)

JPMorgan Chase & Co. began coverage on shares of Diamondback Energy (NASDAQ:FANG) in a research note published on Wednesday morning, Marketbeat reports. The firm issued an overweight rating and a $182.00 target price on the oil and natural gas company’s stock.

Other research analysts have also issued research reports about the company. Truist Financial dropped their target price on Diamondback Energy from $255.00 to $220.00 and set a buy rating on the stock in a report on Monday, September 30th. Barclays raised shares of Diamondback Energy from an equal weight rating to an overweight rating and cut their price objective for the stock from $216.00 to $210.00 in a report on Wednesday. Sanford C. Bernstein lowered their target price on shares of Diamondback Energy from $243.00 to $236.00 and set an outperform rating for the company in a report on Wednesday, July 17th. Piper Sandler cut their price target on shares of Diamondback Energy from $249.00 to $240.00 and set an overweight rating on the stock in a report on Thursday, August 15th. Finally, KeyCorp started coverage on shares of Diamondback Energy in a research note on Thursday, June 27th. They issued an overweight rating and a $225.00 price objective for the company. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Diamondback Energy has an average rating of Moderate Buy and an average price target of $209.50.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $194.61 on Wednesday. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. The firm has a fifty day simple moving average of $187.40 and a two-hundred day simple moving average of $195.23. Diamondback Energy has a 12 month low of $143.08 and a 12 month high of $214.50. The firm has a market capitalization of $34.71 billion, a PE ratio of 10.97, a price-to-earnings-growth ratio of 1.17 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the firm posted $3.68 earnings per share. The firm’s revenue for the quarter was up 29.4% on a year-over-year basis. Analysts forecast that Diamondback Energy will post 18.97 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were issued a $2.34 dividend. The ex-dividend date was Thursday, August 15th. This is an increase from Diamondback Energy’s previous None dividend of $2.26. This represents a yield of 1.9%. Diamondback Energy’s dividend payout ratio (DPR) is 20.29%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the sale, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Diamondback Energy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock valued at $3,391,567,000 after acquiring an additional 176,208 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Diamondback Energy by 38.2% in the 1st 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 purchasing an additional 2,381,488 shares during the period. Bank of New York Mellon Corp grew its position in shares of Diamondback Energy by 16.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after purchasing an additional 415,902 shares in the last quarter. Boston Partners increased its holdings in shares of Diamondback Energy by 235.6% in the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after purchasing an additional 1,916,900 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Diamondback Energy by 10.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock worth $538,547,000 after buying an additional 247,065 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.