Diamondback Energy (NASDAQ:FANG) Price Target Raised to $256.00 at Raymond James

Diamondback Energy (NASDAQ:FANG) had its target price raised by Raymond James from $237.00 to $256.00 in a research note released on Thursday morning,Benzinga reports. They currently have a strong-buy rating on the oil and natural gas company’s stock.

Several other equities research analysts also recently commented on the stock. Truist Financial boosted their target price on shares of Diamondback Energy from $230.00 to $236.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Wolfe Research raised shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective on the stock in a research note on Friday, January 3rd. Piper Sandler cut their target price on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Evercore ISI decreased their price target on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Finally, Susquehanna cut their price objective on Diamondback Energy from $237.00 to $233.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and an average target price of $215.00.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $176.63 on Thursday. Diamondback Energy has a twelve month low of $147.93 and a twelve month high of $214.50. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The stock has a market cap of $51.57 billion, a P/E ratio of 10.11, a PEG ratio of 1.44 and a beta of 1.88. The company’s 50-day simple moving average is $170.46 and its 200 day simple moving average is $182.51.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The company had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the company posted $5.49 earnings per share. As a group, research analysts forecast that Diamondback Energy will post 15.58 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date was Thursday, November 14th. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.61%.

Insider Transactions at Diamondback Energy

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the transaction, the director now owns 4,712 shares of the company’s stock, valued at $852,872. This trade represents a 19.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Several large investors have recently bought and sold shares of FANG. Assenagon Asset Management S.A. grew its holdings in shares of Diamondback Energy by 1,153.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company’s stock valued at $185,606,000 after buying an additional 1,042,505 shares during the period. Zimmer Partners LP acquired a new position in Diamondback Energy in the third quarter valued at about $87,924,000. Holocene Advisors LP increased its holdings in shares of Diamondback Energy by 95.3% in the third quarter. Holocene Advisors LP now owns 938,474 shares of the oil and natural gas company’s stock worth $161,793,000 after acquiring an additional 457,896 shares in the last quarter. Diamond Hill Capital Management Inc. raised its position in shares of Diamondback Energy by 25.6% during the third quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company’s stock worth $372,196,000 after purchasing an additional 439,579 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in shares of Diamondback Energy by 17,151.2% during the 3rd quarter. International Assets Investment Management LLC now owns 340,021 shares of the oil and natural gas company’s stock valued at $58,620,000 after purchasing an additional 338,050 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

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.