Diamondback Energy (NASDAQ:FANG) Price Target Cut to $237.00

Diamondback Energy (NASDAQ:FANG) had its price objective cut by Susquehanna from $245.00 to $237.00 in a report released on Wednesday morning, Benzinga reports. They currently have a positive rating on the oil and natural gas company’s stock.

A number of other research firms have also commented on FANG. Piper Sandler decreased their price objective on Diamondback Energy from $249.00 to $240.00 and set an overweight rating on the stock in a research note on Thursday, August 15th. Royal Bank of Canada reiterated an outperform rating and set a $220.00 price target on shares of Diamondback Energy in a report on Tuesday, August 13th. UBS Group upped their price objective on shares of Diamondback Energy from $245.00 to $247.00 and gave the company a buy rating in a research note on Tuesday, August 20th. Mizuho lifted their target price on shares of Diamondback Energy from $217.00 to $222.00 and gave the stock a buy rating in a research note on Monday, May 13th. Finally, Benchmark reiterated a buy rating and issued a $154.00 price target on shares of Diamondback Energy in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy has an average rating of Moderate Buy and a consensus price target of $211.45.

Diamondback Energy Stock Performance

Shares of FANG opened at $179.73 on Wednesday. Diamondback Energy has a 12-month low of $143.08 and a 12-month high of $214.50. The stock has a market cap of $32.05 billion, a P/E ratio of 10.13, a PEG ratio of 1.23 and a beta of 1.89. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. The company has a 50-day moving average of $198.04 and a two-hundred day moving average of $195.93.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.51 by $0.01. The firm had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The company’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.68 EPS. As a group, research analysts predict that Diamondback Energy will post 19.08 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

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

Institutional Investors Weigh In On Diamondback Energy

Several institutional investors have recently bought and sold shares of FANG. Quent Capital LLC lifted its holdings in shares of Diamondback Energy by 7.2% during the 2nd quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock valued at $162,000 after acquiring an additional 54 shares in the last quarter. Carolinas Wealth Consulting LLC raised its holdings in shares of Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after buying an additional 55 shares during the period. Sugarloaf Wealth Management LLC boosted its holdings in Diamondback Energy by 0.3% in the 2nd quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock worth $3,999,000 after acquiring an additional 56 shares during the period. Versant Capital Management Inc grew its position in Diamondback Energy by 16.1% in the second quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock valued at $82,000 after acquiring an additional 57 shares in the last quarter. Finally, Confluence Investment Management LLC raised its stake in shares of Diamondback Energy by 1.6% during the second quarter. Confluence Investment Management LLC now owns 3,667 shares of the oil and natural gas company’s stock valued at $734,000 after purchasing an additional 58 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.