Diamondback Energy (NASDAQ:FANG) Shares Down 3.6% - What's Next?

Diamondback Energy, Inc. (NASDAQ:FANG - Get Free Report)'s stock price dropped 3.6% on Monday . The company traded as low as $149.40 and last traded at $149.34. Approximately 1,579,640 shares changed hands during trading, a decline of 29% from the average daily volume of 2,215,258 shares. The stock had previously closed at $154.91.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FANG. Williams Trading set a $190.00 price target on Diamondback Energy in a report on Wednesday, March 5th. Citigroup upgraded shares of Diamondback Energy from a "reduce" rating to a "buy" rating and increased their price target for the company from $157.00 to $180.00 in a research report on Monday, April 7th. KeyCorp dropped their target price on shares of Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Raymond James reissued a "strong-buy" rating on shares of Diamondback Energy in a report on Thursday, May 22nd. Finally, UBS Group decreased their price objective on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $193.13.

Diamondback Energy Stock Performance

The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The business has a fifty day simple moving average of $136.99 and a 200-day simple moving average of $152.33. The firm has a market cap of $44.13 billion, a P/E ratio of 8.65, a P/E/G ratio of 1.24 and a beta of 1.06.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.67 by $0.87. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $3.58 billion. During the same period in the previous year, the company earned $4.50 earnings per share. The business's revenue for the quarter was up 81.8% compared to the same quarter last year. On average, sell-side analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a yield of 2.65%. Diamondback Energy's dividend payout ratio is currently 24.46%.

Insider Buying and Selling at Diamondback Energy

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of the company's stock in a transaction 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 sale, the president now owns 120,645 shares of the company's stock, valued at $17,214,835.05. This represents a 7.65% 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. Insiders own 0.70% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. BankPlus Trust Department purchased a new stake in Diamondback Energy during the first quarter worth $27,000. Wintrust Investments LLC acquired a new stake in Diamondback Energy during the 4th quarter worth about $28,000. Pinnacle Bancorp Inc. raised its stake in shares of Diamondback Energy by 95.7% in the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after purchasing an additional 88 shares during the last quarter. SouthState Corp boosted its holdings in shares of Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after acquiring an additional 167 shares during the last quarter. Finally, Grove Bank & Trust raised its stake in shares of Diamondback Energy by 65.0% during the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock valued at $32,000 after buying an additional 80 shares during the last quarter. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.