Diamondback Energy (NASDAQ:FANG) Receives New Coverage from Analysts at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Diamondback Energy (NASDAQ:FANG) in a research note published on Monday morning, MarketBeat.com reports. The firm issued a hold rating and a $185.00 target price on the oil and natural gas company’s stock.

Several other research firms have also recently commented on FANG. UBS Group boosted their target price on Diamondback Energy from $245.00 to $247.00 and gave the company a buy rating in a research note on Tuesday, August 20th. Barclays boosted their target price on Diamondback Energy from $214.00 to $216.00 and gave the company an equal weight rating in a research note on Wednesday, August 7th. Piper Sandler cut their target price 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. Benchmark restated a buy rating and issued a $154.00 target price on shares of Diamondback Energy in a research note on Tuesday, August 6th. Finally, Bank of America boosted their price target on Diamondback Energy from $201.00 to $215.00 and gave the stock a neutral rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $209.71.

Diamondback Energy Price Performance

Shares of FANG opened at $181.63 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 1 year low of $143.08 and a 1 year high of $214.50. The stock has a market cap of $32.39 billion, a P/E ratio of 10.24, a price-to-earnings-growth ratio of 1.06 and a beta of 1.89. The stock’s 50-day moving average price is $192.75 and its two-hundred day moving average price is $195.55.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data 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 business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. Diamondback Energy’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.68 EPS. On average, equities analysts predict 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. Investors of record on Thursday, August 15th were issued a $2.34 dividend. The ex-dividend date was Thursday, August 15th. This represents a yield of 1.9%. This is a boost from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s payout ratio is 20.29%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Diamondback Energy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock worth $3,391,567,000 after acquiring an additional 176,208 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Diamondback Energy by 38.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after buying an additional 2,381,488 shares during the period. Bank of New York Mellon Corp increased its position in Diamondback Energy by 16.0% during the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after acquiring an additional 415,902 shares during the last quarter. Boston Partners boosted its position in Diamondback Energy by 235.6% in the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after purchasing an additional 1,916,900 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Diamondback Energy by 10.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock valued at $538,547,000 after purchasing an additional 247,065 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.