Piper Sandler Cuts Diamondback Energy (NASDAQ:FANG) Price Target to $234.00

Diamondback Energy (NASDAQ:FANG - Free Report) had its target price trimmed by Piper Sandler from $240.00 to $234.00 in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the oil and natural gas company's stock.

Several other brokerages have also recently issued reports on FANG. Barclays reduced their target price on Diamondback Energy from $210.00 to $200.00 and set an "overweight" rating on the stock in a report on Tuesday, March 18th. Truist Financial upped their price objective on Diamondback Energy from $238.00 to $242.00 and gave the stock a "buy" rating in a report on Thursday, April 17th. Wolfe Research raised shares of Diamondback Energy from a "peer perform" rating to an "outperform" rating and set a $190.00 target price for the company in a report on Friday, January 3rd. UBS Group reduced their price target on shares of Diamondback Energy from $175.00 to $163.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, Mizuho increased their price objective on shares of Diamondback Energy from $201.00 to $204.00 and gave the company an "outperform" rating in a research report on Tuesday, February 25th. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $200.96.

Diamondback Energy Price Performance

FANG stock traded up $0.60 during midday trading on Tuesday, hitting $136.76. The company's stock had a trading volume of 1,608,355 shares, compared to its average volume of 2,101,124. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. Diamondback Energy has a 12 month low of $114.00 and a 12 month high of $214.50. The company has a 50 day moving average of $145.04 and a two-hundred day moving average of $162.78. The firm has a market capitalization of $40.22 billion, a price-to-earnings ratio of 7.83, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping analysts' consensus estimates of $3.57 by $0.07. The firm had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. On average, analysts expect that Diamondback Energy will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This is a boost from Diamondback Energy's previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.92%. Diamondback Energy's dividend payout ratio is presently 25.32%.

Insider Activity at Diamondback Energy

In related news, Director Frank D. Tsuru bought 2,000 shares of Diamondback Energy stock in a transaction dated Friday, February 28th. The shares were acquired at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the transaction, the director now owns 5,730 shares in the company, valued at $896,802.30. The trade was a 53.62 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wintrust Investments LLC bought a new position in shares of Diamondback Energy during the 4th quarter worth $28,000. R Squared Ltd bought a new position in Diamondback Energy during the 4th quarter worth about $29,000. Pinnacle Bancorp Inc. grew its holdings in Diamondback Energy by 95.7% during the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after acquiring an additional 88 shares in the last quarter. UMB Bank n.a. increased its position in Diamondback Energy by 247.3% during the 4th quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company's stock valued at $31,000 after purchasing an additional 136 shares during the period. Finally, Fourth Dimension Wealth LLC bought a new stake in shares of Diamondback Energy in the 4th quarter valued at about $33,000. 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.