Evercore ISI started coverage on shares of Diamondback Energy (NASDAQ:FANG) in a research report sent to investors on Wednesday morning, The Fly reports. The brokerage issued an outperform rating on the oil and natural gas company’s stock.
Other analysts also recently issued research reports about the stock. Cowen raised their price objective on shares of Diamondback Energy from $60.00 to $75.00 and gave the stock an outperform rating in a research report on Wednesday, January 20th. Scotiabank started coverage on shares of Diamondback Energy in a research report on Monday, February 1st. They set a sector outperform rating and a $84.00 price objective for the company. TheStreet raised shares of Diamondback Energy from a d+ rating to a c- rating in a research report on Friday, March 12th. Stephens raised their price objective on shares of Diamondback Energy from $56.00 to $67.00 and gave the stock an overweight rating in a research report on Tuesday, December 22nd. Finally, Northland Securities increased their target price on Diamondback Energy from $50.00 to $60.00 and gave the stock an outperform rating in a report on Monday, December 28th. Four analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. The company has an average rating of Buy and an average target price of $71.39.
NASDAQ:FANG opened at $76.31 on Wednesday. The company has a market capitalization of $12.06 billion, a PE ratio of -2.83, a P/E/G ratio of 0.59 and a beta of 2.59. The company has a 50 day simple moving average of $75.87 and a two-hundred day simple moving average of $51.95. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.45. Diamondback Energy has a fifty-two week low of $23.63 and a fifty-two week high of $88.75.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 11th. Stockholders of record on Thursday, March 4th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.10%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Wednesday, March 3rd. Diamondback Energy’s payout ratio is presently 23.09%.
In other news, CFO Hof Matthew Kaes Van’t sold 1,900 shares of Diamondback Energy stock in a transaction on Friday, March 19th. The stock was sold at an average price of $77.24, for a total transaction of $146,756.00. Following the sale, the chief financial officer now directly owns 67,043 shares in the company, valued at approximately $5,178,401.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.47% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Worldquant Millennium Advisors LLC purchased a new stake in Diamondback Energy in the 4th quarter worth about $1,674,000. Guggenheim Capital LLC increased its holdings in Diamondback Energy by 11.3% in the 3rd quarter. Guggenheim Capital LLC now owns 43,710 shares of the oil and natural gas company’s stock worth $1,317,000 after acquiring an additional 4,454 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in Diamondback Energy by 56.9% in the 3rd quarter. Great West Life Assurance Co. Can now owns 126,896 shares of the oil and natural gas company’s stock worth $4,256,000 after acquiring an additional 46,002 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Diamondback Energy by 3.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,208,281 shares of the oil and natural gas company’s stock worth $58,481,000 after acquiring an additional 41,066 shares during the last quarter. Finally, Essex Investment Management Co. LLC purchased a new stake in Diamondback Energy in the 4th quarter worth about $827,000. 92.14% of the stock is owned by institutional investors.
About Diamondback Energy
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 primarily 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.
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