Analysts Set Diamondback Energy, Inc. (NASDAQ:FANG) Target Price at $193.33

Key Points

• Diamondback Energy has received a consensus recommendation of "Buy" from 24 analysts, including two with a strong buy rating and one with a hold rating.
• The average 12-month price target for Diamondback Energy is $193.33, with recent target adjustments from various analysts, indicating strong market interest.
• The company reported a quarterly earnings per share of $2.67, missing estimates but showing a significant revenue growth of 48.1% year-over-year.

Diamondback Energy, Inc. (NASDAQ:FANG - Get Free Report) has earned an average recommendation of "Buy" from the twenty-four research firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, twenty-one have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $193.3333.

A number of research analysts have recently commented on FANG shares. William Blair began coverage on shares of Diamondback Energy in a research report on Monday, August 25th. They set an "outperform" rating on the stock. Piper Sandler lowered their target price on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. UBS Group boosted their target price on shares of Diamondback Energy from $163.00 to $171.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Raymond James Financial lowered their price target on shares of Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating for the company in a research report on Wednesday, August 20th. Finally, Bank of America upped their price objective on shares of Diamondback Energy from $165.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, May 23rd.

Insiders Place Their Bets

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the sale, the chairman directly owned 102,145 shares of the company's stock, valued at approximately $14,586,306. This represents a 16.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.48% of the company's stock.

Institutional Investors Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Lavaca Capital LLC lifted its stake in Diamondback Energy by 5.7% during the second quarter. Lavaca Capital LLC now owns 4,128 shares of the oil and natural gas company's stock valued at $567,000 after buying an additional 222 shares in the last quarter. Orion Porfolio Solutions LLC lifted its stake in Diamondback Energy by 10.3% during the second quarter. Orion Porfolio Solutions LLC now owns 11,630 shares of the oil and natural gas company's stock valued at $1,598,000 after buying an additional 1,084 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in Diamondback Energy by 38.8% during the second quarter. Thrivent Financial for Lutherans now owns 35,426 shares of the oil and natural gas company's stock valued at $4,873,000 after buying an additional 9,908 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in Diamondback Energy during the second quarter valued at about $282,000. Finally, Marex Group plc purchased a new stake in Diamondback Energy during the second quarter valued at about $331,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Trading Up 0.7%

Shares of FANG traded up $1.10 during mid-day trading on Monday, hitting $149.86. The company had a trading volume of 1,558,704 shares, compared to its average volume of 1,843,046. The business's 50-day simple moving average is $142.62 and its 200-day simple moving average is $143.07. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. Diamondback Energy has a 1-year low of $114.00 and a 1-year high of $200.47. The stock has a market cap of $43.38 billion, a PE ratio of 10.65 and a beta of 1.14.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.35 billion. During the same period in the previous year, the company earned $4.52 EPS. Diamondback Energy's revenue was up 48.1% on a year-over-year basis. Sell-side analysts forecast that Diamondback Energy will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy's dividend payout ratio is presently 28.43%.

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.