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 Analyst Weigh In
Several research firms recently commented on FANG. Wells Fargo & Company cut their price objective on shares of Diamondback Energy from $200.00 to $192.00 and set an "overweight" rating for the company in a report on Monday, July 11th. Bank of America decreased their price objective on Diamondback Energy from $170.00 to $143.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 19th. MKM Partners restated a "buy" rating and issued a $155.00 target price on shares of Diamondback Energy in a research note on Wednesday, July 20th. Citigroup upped their price target on Diamondback Energy to $148.00 in a research report on Monday, July 4th. Finally, Barclays raised their price objective on shares of Diamondback Energy from $160.00 to $180.00 and gave the company an "overweight" rating in a research report on Tuesday, June 14th. Three equities 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. According to data from MarketBeat, Diamondback Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $169.42.
Diamondback Energy Trading Up 0.1 %
NASDAQ:FANG traded up $0.18 during trading on Wednesday, hitting $125.77. 1,895,417 shares of the company's stock traded hands, compared to its average volume of 2,865,572. The firm has a market cap of $21.81 billion, a P/E ratio of 5.89, a PEG ratio of 0.23 and a beta of 2.12. The stock has a fifty day moving average of $124.76 and a two-hundred day moving average of $131.74. 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 has a 12-month low of $65.93 and a 12-month high of $162.24.
Diamondback Energy (NASDAQ:FANG - Get Rating) last issued its quarterly earnings data on Monday, August 1st. The oil and natural gas company reported $7.07 EPS for the quarter, beating 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 net margin of 42.23% and a return on equity of 25.12%. The company's quarterly revenue was up 64.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.40 earnings per share. As a group, sell-side analysts expect that Diamondback Energy will post 25.72 EPS for the current year.
Diamondback Energy Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 23rd. Stockholders of record on Tuesday, August 16th will be paid a dividend of $3.05 per share. This represents a $12.20 annualized dividend and a dividend yield of 9.70%. This is an increase from Diamondback Energy's previous quarterly dividend of $0.70. The ex-dividend date is Monday, August 15th. Diamondback Energy's dividend payout ratio is 14.03%.
Insider Buying and Selling
In related news, CFO Hof Matthew Kaes Van't sold 6,000 shares of the stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $160.00, for a total value of $960,000.00. Following the completion of the transaction, the chief financial officer now directly owns 61,334 shares of the company's stock, valued at $9,813,440. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Diamondback Energy news, CFO Hof Matthew Kaes Van't sold 6,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $160.00, for a total transaction of $960,000.00. Following the completion of the transaction, the chief financial officer now owns 61,334 shares of the company's stock, valued at $9,813,440. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Teresa L. Dick sold 2,500 shares of the firm's stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $152.22, for a total transaction of $380,550.00. Following the transaction, the chief accounting officer now directly owns 57,308 shares of the company's stock, valued at approximately $8,723,423.76. The disclosure for this sale can be found here. Insiders sold a total of 44,500 shares of company stock valued at $6,740,850 over the last three months. Corporate insiders own 0.42% of the company's stock.
