Truist Financial Raises Diamondback Energy (NASDAQ:FANG) Price Target to $230.00

Diamondback Energy (NASDAQ:FANG) had its price target lifted by Truist Financial from $220.00 to $230.00 in a report released on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the oil and natural gas company’s stock.

Other research analysts also recently issued reports about the company. StockNews.com downgraded Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 6th. Susquehanna cut their price objective on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $220.00 price objective on shares of Diamondback Energy in a research report on Tuesday, September 17th. Morgan Stanley boosted their target price on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Finally, Barclays raised shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $216.00 to $210.00 in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $210.09.

Diamondback Energy Stock Up 0.0 %

NASDAQ:FANG opened at $183.99 on Wednesday. The company’s 50-day simple moving average is $186.35 and its 200-day simple moving average is $194.81. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66. Diamondback Energy has a fifty-two week low of $145.70 and a fifty-two week high of $214.50. The stock has a market capitalization of $32.81 billion, a P/E ratio of 10.37, a P/E/G ratio of 1.22 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating the consensus estimate of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. Diamondback Energy’s revenue was up 29.4% compared to the same quarter last year. During the same period last year, the firm earned $3.68 earnings per share. On average, equities analysts anticipate that Diamondback Energy will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently declared a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were given a dividend of $2.34 per share. This represents a yield of 1.9%. The ex-dividend date was Thursday, August 15th. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.29%.

Insider Buying and Selling at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction dated 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 directly owns 1,037,819 shares in the company, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.48% of the stock is owned by corporate insiders.

Institutional Trading of Diamondback Energy

Several institutional investors have recently bought and sold shares of FANG. Wealth Enhancement Advisory Services LLC lifted its position in shares of Diamondback Energy by 178.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock valued at $6,112,000 after buying an additional 19,552 shares in the last quarter. Central Valley Advisors LLC acquired a new stake in shares of Diamondback Energy in the first quarter valued at about $1,801,000. Cullen Investment Group LTD. grew its position in shares of Diamondback Energy by 33.5% in the third quarter. Cullen Investment Group LTD. now owns 11,978 shares of the oil and natural gas company’s stock valued at $2,065,000 after purchasing an additional 3,008 shares during the period. ORG Partners LLC raised its position in shares of Diamondback Energy by 2,768.9% during the 2nd quarter. ORG Partners LLC now owns 4,332 shares of the oil and natural gas company’s stock worth $883,000 after purchasing an additional 4,181 shares during the last quarter. Finally, Homestead Advisers Corp acquired a new position in shares of Diamondback Energy during the 1st quarter worth about $87,940,000. 90.01% of the stock is 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.