KeyCorp Cuts Diamondback Energy (NASDAQ:FANG) Price Target to $176.00

Diamondback Energy (NASDAQ:FANG) had its price objective decreased by KeyCorp from $180.00 to $176.00 in a research note published on Wednesday morning, MarketBeat.com reports. KeyCorp currently has an overweight rating on the oil and natural gas company’s stock.

A number of other equities research analysts have also recently commented on FANG. Scotiabank reaffirmed an “outperform” rating on shares of Diamondback Energy in a research note on Friday, July 11th. Evercore ISI initiated coverage on shares of Diamondback Energy in a research note on Tuesday, May 6th. They set an “outperform” rating and a $165.00 price objective on the stock. Piper Sandler dropped their price target on shares of Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. Morgan Stanley lifted their price target on shares of Diamondback Energy from $184.00 to $186.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Finally, Wells Fargo & Company lifted their price target on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an “overweight” rating in a research note on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Diamondback Energy presently has a consensus rating of “Buy” and an average target price of $193.17.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $138.71 on Wednesday. The stock has a market capitalization of $40.16 billion, a price-to-earnings ratio of 9.86 and a beta of 1.14. Diamondback Energy has a 12 month low of $114.00 and a 12 month high of $200.47. The firm’s 50 day simple moving average is $142.93 and its 200-day simple moving average is $142.89. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.Diamondback Energy’s revenue for the quarter was up 48.1% compared to the same quarter last year. During the same period in the previous year, the business earned $4.52 EPS. Analysts expect that Diamondback Energy will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a $1.00 dividend. The ex-dividend date was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.9%. Diamondback Energy’s dividend payout ratio (DPR) is presently 28.43%.

Insiders Place Their Bets

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the transaction, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Diamondback Energy by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 23,325,287 shares of the oil and natural gas company’s stock valued at $3,204,894,000 after purchasing an additional 388,512 shares in the last quarter. Boston Partners lifted its holdings in Diamondback Energy by 2.8% in the 2nd quarter. Boston Partners now owns 5,569,990 shares of the oil and natural gas company’s stock valued at $766,914,000 after purchasing an additional 151,150 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Diamondback Energy by 2.7% during the 2nd quarter. Geode Capital Management LLC now owns 5,441,649 shares of the oil and natural gas company’s stock worth $746,526,000 after acquiring an additional 142,649 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Diamondback Energy by 9.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,642,218 shares of the oil and natural gas company’s stock worth $637,841,000 after acquiring an additional 384,971 shares during the period. Finally, Demars Financial Group LLC raised its holdings in shares of Diamondback Energy by 5.3% during the 1st quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company’s stock worth $655,953,000 after acquiring an additional 208,200 shares during the period. Hedge funds and other 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.