Diamondback Energy (NASDAQ:FANG) Stock Price Target Raised at Barclays

Diamondback Energy (NASDAQ:FANG) had its target price upped by Barclays from $221.00 to $223.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the oil and natural gas company’s stock.

Several other equities research analysts have also recently commented on the company. Roth Capital boosted their price target on Diamondback Energy from $205.00 to $212.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Wolfe Research reiterated an “outperform” rating and issued a $206.00 target price on shares of Diamondback Energy in a research note on Tuesday, August 4th. Jefferies Financial Group reiterated a “hold” rating and issued a $215.00 target price (up from $205.00) on shares of Diamondback Energy in a research note on Sunday, October 11th. The Goldman Sachs Group reduced their price objective on shares of Diamondback Energy from $220.00 to $215.00 and set a “buy” rating for the company in a research note on Thursday, October 1st. Finally, Seaport Research Partners started coverage on shares of Diamondback Energy in a report on Thursday, September 3rd. They issued a “neutral” rating for the company. Three investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Diamondback Energy has an average rating of “Moderate Buy” and a consensus price target of $226.75.

Diamondback Energy Stock Up 1.5%

Shares of NASDAQ:FANG traded up $2.73 during midday trading on Friday, hitting $184.93. 1,671,292 shares of the stock were exchanged, compared to its average volume of 2,005,924. The business’s fifty day simple moving average is $193.65 and its two-hundred day simple moving average is $190.62. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 0.55. Diamondback Energy has a 52-week low of $139.41 and a 52-week high of $216.90. The company has a market capitalization of $51.63 billion, a PE ratio of 25.30 and a beta of 0.49.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, November 2nd. The oil and natural gas company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $5.72 by $0.14. Diamondback Energy had a return on equity of 11.86% and a net margin of 11.03%. The company had revenue of $5.43 billion for the quarter, compared to analyst estimates of $4.60 billion. During the same period in the prior year, the firm posted $3.08 EPS. The business’s revenue was up 38.4% compared to the same quarter last year. As a group, research analysts predict that Diamondback Energy will post 22.40 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 12th will be paid a $1.18 dividend. This represents a $4.72 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Thursday, November 12th. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.10. Diamondback Energy’s dividend payout ratio (DPR) is 64.57%.

Insider Transactions at Diamondback Energy

In related news, Director Charles Meloy sold 33,333 shares of the business’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $183.74, for a total transaction of $6,124,605.42. Following the completion of the transaction, the director owned 759,864 shares of the company’s stock, valued at approximately $139,617,411.36. The trade was a 4.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis D. Stice sold 75,000 shares of the stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $204.31, for a total value of $15,323,250.00. Following the sale, the director owned 49,727 shares of the company’s stock, valued at approximately $10,159,723.37. The trade was a 60.13% decrease in their position. The SEC filing for this sale provides additional information. 0.64% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Diamondback Energy in the 2nd quarter valued at $3,303,362,000. Wellington Management Group LLP increased its holdings in shares of Diamondback Energy by 31.3% during the 2nd quarter. Wellington Management Group LLP now owns 16,420,247 shares of the oil and natural gas company’s stock worth $2,886,351,000 after purchasing an additional 3,918,943 shares during the period. State Street Corp raised its position in shares of Diamondback Energy by 4.2% during the second quarter. State Street Corp now owns 12,562,224 shares of the oil and natural gas company’s stock valued at $2,208,188,000 after buying an additional 510,281 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Diamondback Energy during the second quarter valued at about $852,791,000. Finally, Diamond Hill Capital Management LLC Investment Advisor bought a new stake in shares of Diamondback Energy in the second quarter valued at about $268,855,000. 90.01% of the stock is owned by institutional investors.

Diamondback Energy Company Profile

Diamondback Energy is an independent oil and natural gas company focused on the development and production of energy resources in the Permian Basin, primarily in West Texas and southeastern New Mexico. Its operations include exploration, drilling and production. The company produces crude oil, natural gas and natural gas liquids. Its activities are concentrated in the Midland and Delaware Basin regions, where it develops oil and gas properties and related reserves. Founded in 2007 and headquartered in Midland, Texas, Diamondback has expanded its Permian Basin operations over time, including through acquisitions.