Diamondback Energy (NASDAQ:FANG) Price Target Raised to $220.00 at Royal Bank of Canada

Diamondback Energy (NASDAQ:FANG) had its price target lifted by Royal Bank of Canada from $195.00 to $220.00 in a research report report published on Monday, Benzinga reports. The firm currently has an outperform rating on the oil and natural gas company’s stock.

A number of other research firms also recently issued reports on FANG. KeyCorp upped their target price on shares of Diamondback Energy from $210.00 to $225.00 and gave the company an overweight rating in a research report on Monday, April 22nd. Truist Financial increased their price objective on shares of Diamondback Energy from $248.00 to $250.00 and gave the company a buy rating in a report on Monday, April 22nd. Susquehanna lifted their target price on shares of Diamondback Energy from $212.00 to $245.00 and gave the stock a positive rating in a report on Monday, April 22nd. Scotiabank increased their price target on Diamondback Energy from $210.00 to $255.00 and gave the company a sector outperform rating in a research note on Thursday, April 11th. Finally, Piper Sandler raised their price target on Diamondback Energy from $227.00 to $247.00 and gave the stock an overweight rating in a research report on Friday, April 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $205.68.

Diamondback Energy Stock Performance

FANG stock opened at $204.19 on Monday. The company has a 50 day moving average price of $196.03 and a 200 day moving average price of $171.08. Diamondback Energy has a fifty-two week low of $123.41 and a fifty-two week high of $211.96. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89. The stock has a market capitalization of $36.42 billion, a PE ratio of 11.51 and a beta of 1.91.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, beating the consensus estimate of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same period last year, the firm earned $4.10 EPS. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. Analysts forecast that Diamondback Energy will post 18.91 EPS for the current year.

Diamondback Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.90 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.60 annualized dividend and a yield of 1.76%. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.29%.

Insider Buying and Selling at Diamondback Energy

In related news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total value of $1,153,020.00. Following the completion of the transaction, the chief operating officer now directly owns 78,218 shares of the company’s stock, valued at approximately $15,031,153.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total value of $1,153,020.00. Following the sale, the chief operating officer now owns 78,218 shares of the company’s stock, valued at approximately $15,031,153.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jere W. Thompson III sold 2,675 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $192.35, for a total value of $514,536.25. Following the transaction, the vice president now directly owns 8,485 shares of the company’s stock, valued at approximately $1,632,089.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,675 shares of company stock valued at $11,311,096. 0.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Diamondback Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Founders Capital Management grew its holdings in shares of Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after acquiring an additional 101 shares in the last quarter. BKM Wealth Management LLC bought a new position in Diamondback Energy in the fourth quarter valued at approximately $27,000. BluePath Capital Management LLC acquired a new position in shares of Diamondback Energy during the 3rd quarter worth approximately $28,000. Logan Capital Management Inc. bought a new stake in shares of Diamondback Energy during the 4th quarter worth approximately $31,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the 4th quarter valued at approximately $34,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.