Diamondback Energy (NASDAQ:FANG) Sets New 52-Week Low – Here’s Why

Diamondback Energy, Inc. (NASDAQ:FANG) shares hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $151.69 and last traded at $151.92, with a volume of 4633912 shares trading hands. The stock had previously closed at $155.23.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FANG. Raymond James increased their price target on Diamondback Energy from $237.00 to $256.00 and gave the stock a “strong-buy” rating in a research note on Thursday, January 23rd. UBS Group increased their target price on shares of Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Truist Financial boosted their price target on shares of Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Piper Sandler cut their price objective on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Finally, StockNews.com raised shares of Diamondback Energy from a “sell” rating to a “hold” rating in a report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $216.09.

Diamondback Energy Stock Down 2.1 %

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 50-day simple moving average of $165.52 and a two-hundred day simple moving average of $176.27. The firm has a market cap of $44.36 billion, a PE ratio of 8.70, a P/E/G ratio of 1.24 and a beta of 1.86.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.07. The business had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. Analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th will be given a $1.00 dividend. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date is Thursday, March 6th. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.61%.

Hedge Funds Weigh In On Diamondback Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in FANG. International Assets Investment Management LLC raised its holdings in Diamondback Energy by 17,151.2% in the 3rd quarter. International Assets Investment Management LLC now owns 340,021 shares of the oil and natural gas company’s stock worth $58,620,000 after purchasing an additional 338,050 shares in the last quarter. Dakota Wealth Management raised its stake in Diamondback Energy by 13.5% in the third quarter. Dakota Wealth Management now owns 2,149 shares of the oil and natural gas company’s stock worth $370,000 after buying an additional 256 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Diamondback Energy by 6.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,453 shares of the oil and natural gas company’s stock worth $12,364,000 after buying an additional 4,663 shares during the period. Arkadios Wealth Advisors boosted its position in Diamondback Energy by 2.7% during the 3rd quarter. Arkadios Wealth Advisors now owns 5,873 shares of the oil and natural gas company’s stock valued at $1,012,000 after acquiring an additional 157 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC grew its holdings in shares of Diamondback Energy by 6.0% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 1,650 shares of the oil and natural gas company’s stock worth $284,000 after acquiring an additional 94 shares during the period. Institutional investors own 90.01% of the company’s stock.

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.