Diamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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. As of December 31, 2021, the company's total acreage position was approximately 524,700 gross acres in the Permian Basin; and estimated proved oil and natural gas reserves were 1,788,991 thousand barrels of crude oil equivalent. It also held working interests in 5,289 gross producing wells, as well as royalty interests in 6,455 additional wells. In addition, the company owns mineral interests approximately 930,871 gross acres and 27,027 net royalty acres in the Permian Basin and Eagle Ford Shale; and owns, operates, develops, and acquires midstream infrastructure assets, including 866 miles of crude oil gathering pipelines, natural gas gathering pipelines, and an integrated water system in the Midland and Delaware Basins of the Permian Basin. Diamondback Energy, Inc. was founded in 2007 and is headquartered in Midland, Texas.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on FANG. Susquehanna Bancshares lifted their price objective on shares of Diamondback Energy from $152.00 to $167.00 and gave the stock a "positive" rating in a research note on Monday, April 25th. Morgan Stanley lowered their price objective on shares of Diamondback Energy from $178.00 to $170.00 and set an "overweight" rating on the stock in a report on Tuesday, July 19th. Piper Sandler lowered their target price on shares of Diamondback Energy from $196.00 to $191.00 and set an "overweight" rating on the stock in a report on Friday, July 22nd. Bank of America lowered their target price on shares of Diamondback Energy from $170.00 to $143.00 and set a "neutral" rating on the stock in a report on Tuesday, July 19th. Finally, The Goldman Sachs Group lowered their target price on shares of Diamondback Energy from $180.00 to $160.00 and set a "buy" rating on the stock in a report on Tuesday, July 5th. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $168.32.
Diamondback Energy Price Performance
FANG Stock traded up $0.06 during midday trading on Friday, reaching $130.13. The company had a trading volume of 15,130 shares, compared to its average volume of 2,443,636. The company has a market capitalization of $22.57 billion, a price-to-earnings ratio of 6.08, a price-to-earnings-growth ratio of 0.22 and a beta of 2.12. The stock has a 50 day moving average price of $123.51 and a 200-day moving average price of $131.73. Diamondback Energy has a 1-year low of $65.93 and a 1-year high of $162.24. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.73 and a quick ratio of 0.69.
Diamondback Energy (NASDAQ:FANG - Get Rating) last issued its earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 EPS for the quarter, topping the consensus estimate of $6.66 by $0.41. The firm had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.44 billion. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. The business's quarterly revenue was up 64.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.40 earnings per share. Equities research analysts expect that Diamondback Energy will post 25.83 earnings per share for the current year.
Diamondback Energy Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 23rd. Shareholders of record on Tuesday, August 16th will be paid a dividend of $3.05 per share. This is an increase from Diamondback Energy's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, August 15th. This represents a $12.20 annualized dividend and a yield of 9.38%. Diamondback Energy's payout ratio is presently 14.03%.
Insiders Place Their Bets
In other news, CFO Hof Matthew Kaes Van't sold 6,000 shares of the company's stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $150.00, for a total value of $900,000.00. Following the completion of the transaction, the chief financial officer now owns 67,334 shares of the company's stock, valued at $10,100,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Hof Matthew Kaes Van't sold 6,000 shares of the company's stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $150.00, for a total value of $900,000.00. Following the completion of the transaction, the chief financial officer now owns 67,334 shares of the company's stock, valued at $10,100,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Travis D. Stice sold 30,000 shares of the company's stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $150.01, for a total value of $4,500,300.00. Following the completion of the transaction, the chief executive officer now directly owns 428,497 shares of the company's stock, valued at approximately $64,278,834.97. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,500 shares of company stock valued at $6,740,850. 0.42% of the stock is currently owned by corporate insiders.
