Wells Fargo & Company Trims Diamondback Energy (NASDAQ:FANG) Target Price to $218.00

Diamondback Energy (NASDAQ:FANG) had its target price decreased by Wells Fargo & Company from $219.00 to $218.00 in a research note released on Friday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the oil and natural gas company’s stock.

A number of other analysts have also recently commented on the company. Johnson Rice cut Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. Benchmark boosted their price objective on Diamondback Energy from $154.00 to $195.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Evercore ISI cut their price objective on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. Royal Bank of Canada restated an “outperform” rating and issued a $220.00 price target on shares of Diamondback Energy in a research report on Tuesday, September 17th. Finally, Truist Financial upped their price objective on Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $210.09.

Diamondback Energy Trading Down 0.9 %

FANG opened at $182.41 on Friday. Diamondback Energy has a 52 week low of $145.70 and a 52 week high of $214.50. The stock’s fifty day moving average is $185.97 and its two-hundred day moving average is $194.58. The company has a market capitalization of $32.53 billion, a P/E ratio of 10.28, a PEG ratio of 1.22 and a beta of 1.89. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65.

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, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the business earned $3.68 EPS. The firm’s revenue for the quarter was up 29.4% on a year-over-year basis. Analysts forecast that Diamondback Energy will post 19.08 earnings per share for the current year.

Diamondback Energy Increases Dividend

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

Insider Transactions at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the transaction, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

Several institutional investors have recently made changes to their positions in the stock. First Community Trust NA acquired a new position in shares of Diamondback Energy during the 2nd quarter valued at $26,000. Carolinas Wealth Consulting LLC lifted its holdings in Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after buying an additional 55 shares in the last quarter. HHM Wealth Advisors LLC acquired a new position in Diamondback Energy in the 2nd quarter worth $40,000. Founders Capital Management lifted its holdings in Diamondback Energy by 99.2% in the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after buying an additional 125 shares in the last quarter. Finally, CVA Family Office LLC lifted its holdings in Diamondback Energy by 28.1% in the 3rd quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock worth $51,000 after buying an additional 65 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.