Diamondback Energy, Inc. (NASDAQ:FANG) Given Average Rating of "Buy" by Analysts

Key Points

• Analysts remain bullish on Diamondback Energy: Twenty-six brokerages assign the stock an average “Buy” rating, with an average 12-month price target of $222.30. Several firms recently raised their targets, including Susquehanna to $255 and Wells Fargo to $263.
• Quarterly results exceeded expectations: Diamondback reported adjusted earnings of $6.48 per share versus the $6.08 consensus estimate, while revenue rose 51.2% year over year to $5.56 billion.
• The company declared a quarterly dividend of $1.10 per share, equivalent to $4.40 annually and a 2.2% yield. Institutional investors own 90.01% of the stock, while insiders sold approximately $25.7 million worth of shares over the past 90 days.

Shares of Diamondback Energy, Inc. (NASDAQ:FANG - Get Free Report) have been assigned an average rating of "Buy" from the twenty-six brokerages that are covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $222.30.

Several brokerages have recently issued reports on FANG. Scotiabank lifted their target price on Diamondback Energy from $175.00 to $195.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 22nd. Susquehanna raised their price target on Diamondback Energy from $245.00 to $255.00 and gave the company a "positive" rating in a report on Tuesday, July 21st. Sanford C. Bernstein lifted their price objective on Diamondback Energy from $237.00 to $241.00 and gave the stock an "outperform" rating in a research note on Monday, May 11th. Wolfe Research reaffirmed an "outperform" rating and issued a $206.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 4th. Finally, Wells Fargo & Company upped their price objective on Diamondback Energy from $262.00 to $263.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, CAO Teresa L. Dick sold 7,000 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the transaction, the chief accounting officer owned 85,755 shares in the company, valued at $17,228,179.50. This trade represents a 7.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mark Lawrence Plaumann sold 500 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total transaction of $98,250.00. Following the transaction, the director owned 13,437 shares of the company's stock, valued at $2,640,370.50. This trade represents a 3.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 134,167 shares of company stock worth $25,749,309 in the last ninety days. Company insiders own 0.64% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Diamondback Energy by 18.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 139,308 shares of the oil and natural gas company's stock valued at $20,942,000 after purchasing an additional 21,575 shares during the period. Eagle Global Advisors LLC purchased a new position in Diamondback Energy during the 4th quarter worth $5,472,000. Hsbc Holdings PLC increased its holdings in Diamondback Energy by 16.3% during the 4th quarter. Hsbc Holdings PLC now owns 338,577 shares of the oil and natural gas company's stock worth $50,890,000 after purchasing an additional 47,450 shares during the period. Oppenheimer & Co. Inc. raised its position in Diamondback Energy by 1,127.5% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,907 shares of the oil and natural gas company's stock valued at $4,045,000 after purchasing an additional 24,715 shares in the last quarter. Finally, Guinness Asset Management LTD raised its position in Diamondback Energy by 12.0% during the 4th quarter. Guinness Asset Management LTD now owns 54,132 shares of the oil and natural gas company's stock valued at $8,042,000 after purchasing an additional 5,816 shares in the last quarter. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $202.47 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. The company has a market cap of $56.70 billion, a P/E ratio of 39.47 and a beta of 0.43. The firm's fifty day moving average is $190.31 and its two-hundred day moving average is $187.74. Diamondback Energy has a 52-week low of $134.30 and a 52-week high of $214.51.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, topping the consensus estimate of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business had revenue of $5.56 billion for the quarter, compared to analysts' expectations of $4.89 billion. During the same quarter in the previous year, the company earned $2.38 EPS. The business's quarterly revenue was up 51.2% compared to the same quarter last year. As a group, analysts anticipate that Diamondback Energy will post 19.73 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 13th will be given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.2%. The ex-dividend date is Thursday, August 13th. Diamondback Energy's payout ratio is currently 85.77%.

Diamondback Energy Company Profile

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

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