KeyCorp Issues Pessimistic Forecast for Diamondback Energy (NASDAQ:FANG) Stock Price

Key Points

• KeyCorp has lowered the price target for Diamondback Energy from $180.00 to $176.00, maintaining an "overweight" rating, indicating an upside of 18.58% from its previous close.
• Other analysts have varied opinions on the stock, with Melius Research issuing a "buy" rating and a target price of $213.00, while the market consensus remains a "buy" with a target of $193.17.
• Diamondback Energy's stock recently opened at $148.43 and has shown a year-over-year revenue increase of 48.1%, despite missing earnings estimates in its latest quarterly report.

Diamondback Energy (NASDAQ:FANG - Free Report) had its target price decreased by KeyCorp from $180.00 to $176.00 in a research report released on Wednesday morning, Marketbeat.com reports. KeyCorp currently has an overweight rating on the oil and natural gas company's stock.

Other analysts have also recently issued research reports about the company. Wall Street Zen cut Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. William Blair began coverage on Diamondback Energy in a research report on Monday, August 25th. They issued an "outperform" rating on the stock. Mizuho cut their target price on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Melius Research began coverage on Diamondback Energy in a research report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 target price on the stock. Finally, Evercore ISI began coverage on Diamondback Energy in a research report on Tuesday, May 6th. They issued an "outperform" rating and a $165.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $193.17.

Diamondback Energy Stock Down 2.8%

Shares of Diamondback Energy stock traded down $4.03 during trading on Wednesday, reaching $138.71. The company's stock had a trading volume of 1,993,976 shares, compared to its average volume of 1,686,301. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The company has a market cap of $40.16 billion, a price-to-earnings ratio of 9.86 and a beta of 1.14. Diamondback Energy has a 1-year low of $114.00 and a 1-year high of $200.47. The company has a 50-day simple moving average of $142.93 and a two-hundred day simple moving average of $142.77.

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

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.9%. Diamondback Energy's payout ratio is currently 28.43%.

Insider Buying and Selling

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.70% of the company's stock.

Institutional Trading of Diamondback Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BankPlus Trust Department acquired a new stake in Diamondback Energy during the first quarter valued at $27,000. Creekmur Asset Management LLC acquired a new stake in Diamondback Energy during the second quarter valued at $28,000. Pinnacle Bancorp Inc. grew its position in Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock valued at $29,000 after buying an additional 88 shares during the period. Twin Peaks Wealth Advisors LLC acquired a new stake in Diamondback Energy during the second quarter valued at $29,000. Finally, SouthState Corp grew its position in Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after buying an additional 167 shares during the period. Institutional investors and hedge funds 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.