Morgan Stanley Raises Diamondback Energy (NASDAQ:FANG) Price Target to $198.00

Diamondback Energy (NASDAQ:FANG) had its price objective upped by Morgan Stanley from $185.00 to $198.00 in a research report report published on Monday morning, Benzinga reports. They currently have an overweight rating on the oil and natural gas company’s stock.

A number of other equities research analysts have also issued reports on the stock. Royal Bank of Canada reaffirmed an outperform rating and set a $220.00 target price on shares of Diamondback Energy in a report on Tuesday, August 13th. Piper Sandler dropped their price objective on shares of Diamondback Energy from $249.00 to $240.00 and set an overweight rating for the company in a research note on Thursday, August 15th. UBS Group increased their price objective on shares of Diamondback Energy from $245.00 to $247.00 and gave the company a buy rating in a report on Tuesday, August 20th. StockNews.com cut Diamondback Energy from a buy rating to a hold rating in a report on Saturday, July 6th. Finally, Truist Financial increased their price target on Diamondback Energy from $249.00 to $255.00 and gave the company a buy rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $209.71.

Diamondback Energy Trading Down 0.9 %

Shares of Diamondback Energy stock opened at $178.12 on Monday. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. Diamondback Energy has a twelve month low of $143.08 and a twelve month high of $214.50. The firm has a market capitalization of $31.77 billion, a PE ratio of 10.04, a P/E/G ratio of 1.06 and a beta of 1.89. The firm’s 50-day moving average price is $193.26 and its 200 day moving average price is $195.65.

Diamondback Energy (NASDAQ:FANG) last released 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. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the business posted $3.68 earnings per share. The business’s quarterly revenue was up 29.4% compared to the same quarter last year. On average, sell-side analysts predict that Diamondback Energy will post 19.08 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were paid 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 20.29%.

Institutional Investors Weigh In On Diamondback Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. QRG Capital Management Inc. grew its stake in shares of Diamondback Energy by 19.7% in the fourth quarter. QRG Capital Management Inc. now owns 2,085 shares of the oil and natural gas company’s stock valued at $323,000 after buying an additional 343 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in Diamondback Energy by 16.3% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 6,710 shares of the oil and natural gas company’s stock worth $1,041,000 after purchasing an additional 941 shares during the period. Avantax Advisory Services Inc. lifted its position in shares of Diamondback Energy by 3.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 5,004 shares of the oil and natural gas company’s stock worth $776,000 after purchasing an additional 169 shares in the last quarter. Beacon Pointe Advisors LLC lifted its position in shares of Diamondback Energy by 18.5% during the fourth quarter. Beacon Pointe Advisors LLC now owns 7,021 shares of the oil and natural gas company’s stock worth $1,089,000 after purchasing an additional 1,097 shares in the last quarter. Finally, Panagora Asset Management Inc. boosted its stake in shares of Diamondback Energy by 25.5% in the fourth quarter. Panagora Asset Management Inc. now owns 11,638 shares of the oil and natural gas company’s stock valued at $1,805,000 after purchasing an additional 2,362 shares during the period. 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.