Diamondback Energy (NASDAQ:FANG) Earns Overweight Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Diamondback Energy (NASDAQ:FANG - Free Report) in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. The brokerage currently has a $228.00 price objective on the oil and natural gas company's stock, up from their prior price objective of $225.00.

A number of other research analysts have also issued reports on FANG. JPMorgan Chase & Co. dropped their price target on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Barclays lowered their target price on shares of Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Truist Financial upped their target price on shares of Diamondback Energy from $238.00 to $242.00 and gave the stock a "buy" rating in a research report on Thursday, April 17th. Raymond James Financial restated a "strong-buy" rating on shares of Diamondback Energy in a research report on Thursday, May 22nd. Finally, KeyCorp lowered their target price on shares of Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Two research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $191.55.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG traded up $0.44 on Thursday, reaching $141.37. The company's stock had a trading volume of 2,388,427 shares, compared to its average volume of 2,305,630. Diamondback Energy has a 52-week low of $114.00 and a 52-week high of $212.28. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.86 and a quick ratio of 0.83. The stock's 50-day moving average is $141.61 and its two-hundred day moving average is $149.04. The stock has a market capitalization of $41.30 billion, a P/E ratio of 8.65 and a beta of 1.05.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.67 by $0.87. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.58 billion. During the same period in the previous year, the business posted $4.50 earnings per share. The business's revenue was up 81.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Diamondback Energy will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend was Thursday, May 15th. Diamondback Energy's dividend payout ratio is currently 24.46%.

Insiders Place Their Bets

In other Diamondback Energy news, President Hof Matthew Kaes Van't sold 10,000 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the transaction, the president owned 120,645 shares of the company's stock, valued at $17,214,835.05. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Diamondback Energy

Large investors have recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. raised its stake in shares of Diamondback Energy by 12.0% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 40,517 shares of the oil and natural gas company's stock valued at $5,567,000 after acquiring an additional 4,340 shares during the period. Lynx Investment Advisory grew its holdings in Diamondback Energy by 4.6% during the 2nd quarter. Lynx Investment Advisory now owns 2,866 shares of the oil and natural gas company's stock valued at $394,000 after purchasing an additional 127 shares in the last quarter. Parkside Investments LLC grew its holdings in Diamondback Energy by 60.0% during the 2nd quarter. Parkside Investments LLC now owns 8,000 shares of the oil and natural gas company's stock valued at $1,099,000 after purchasing an additional 3,000 shares in the last quarter. Park Place Capital Corp grew its holdings in Diamondback Energy by 0.9% during the 2nd quarter. Park Place Capital Corp now owns 11,443 shares of the oil and natural gas company's stock valued at $1,604,000 after purchasing an additional 98 shares in the last quarter. Finally, Raleigh Capital Management Inc. grew its holdings in Diamondback Energy by 19.4% during the 2nd quarter. Raleigh Capital Management Inc. now owns 2,966 shares of the oil and natural gas company's stock valued at $407,000 after purchasing an additional 481 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

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.