Diamondback Energy (NASDAQ:FANG) Shares Gap Up to $33.01

Diamondback Energy Inc (NASDAQ:FANG) shares gapped up prior to trading on Wednesday . The stock had previously closed at $31.77, but opened at $33.01. Diamondback Energy shares last traded at $37.48, with a volume of 5,052,440 shares changing hands.

Several analysts have commented on FANG shares. Mizuho reissued a “buy” rating and issued a $130.00 price objective on shares of Diamondback Energy in a report on Wednesday, February 19th. Bank of America reissued a “buy” rating and issued a $125.00 price objective on shares of Diamondback Energy in a report on Tuesday, February 18th. Barclays reissued a “buy” rating and issued a $34.00 price objective on shares of Diamondback Energy in a report on Wednesday, March 25th. Piper Sandler lowered Diamondback Energy from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from to in a report on Tuesday, March 24th. Finally, Roth Capital lowered Diamondback Energy from a “buy” rating to a “neutral” rating in a report on Friday, March 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-one have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $91.15.

The company has a quick ratio of 0.66, a current ratio of 0.69 and a debt-to-equity ratio of 0.36. The company has a market cap of $5.00 billion, a PE ratio of 26.96, a P/E/G ratio of 0.47 and a beta of 1.72. The stock has a 50-day simple moving average of $42.04 and a 200 day simple moving average of $73.60.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, February 18th. The oil and natural gas company reported $1.93 EPS for the quarter, beating the Zacks’ consensus estimate of $1.80 by $0.13. Diamondback Energy had a return on equity of 7.00% and a net margin of 6.05%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the previous year, the business earned $1.21 earnings per share. The company’s revenue for the quarter was up 74.4% on a year-over-year basis. As a group, research analysts anticipate that Diamondback Energy Inc will post 3.05 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Tuesday, March 3rd were issued a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 4.00%. The ex-dividend date of this dividend was Monday, March 2nd. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.19. Diamondback Energy’s payout ratio is currently 21.65%.

In other news, CFO Hof Matthew Kaes Van’t acquired 4,750 shares of the business’s stock in a transaction that occurred on Thursday, March 19th. The shares were purchased at an average price of $17.23 per share, for a total transaction of $81,842.50. Following the acquisition, the chief financial officer now owns 52,130 shares of the company’s stock, valued at $898,199.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Travis D. Stice acquired 17,146 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was purchased at an average price of $28.40 per share, for a total transaction of $486,946.40. The disclosure for this purchase can be found here. 0.47% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of the stock. Capital Research Global Investors grew its stake in Diamondback Energy by 38.0% during the 4th quarter. Capital Research Global Investors now owns 19,577,175 shares of the oil and natural gas company’s stock worth $1,817,936,000 after purchasing an additional 5,391,907 shares in the last quarter. State Street Corp grew its stake in Diamondback Energy by 6.5% during the 4th quarter. State Street Corp now owns 8,401,045 shares of the oil and natural gas company’s stock worth $780,121,000 after purchasing an additional 511,218 shares in the last quarter. Boston Partners grew its stake in Diamondback Energy by 17.8% during the 4th quarter. Boston Partners now owns 2,983,541 shares of the oil and natural gas company’s stock worth $277,049,000 after purchasing an additional 450,265 shares in the last quarter. Geode Capital Management LLC grew its stake in Diamondback Energy by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 2,645,072 shares of the oil and natural gas company’s stock worth $245,149,000 after purchasing an additional 137,234 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in Diamondback Energy by 189.6% during the 4th quarter. Bank of America Corp DE now owns 2,404,325 shares of the oil and natural gas company’s stock worth $223,265,000 after purchasing an additional 1,574,081 shares in the last quarter. Hedge funds and other institutional investors own 96.90% of the company’s stock.

About Diamondback Energy (NASDAQ:FANG)

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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