Bank of America Reiterates Neutral Rating for Diamondback Energy (NASDAQ:FANG)

Bank of America reissued their neutral rating on shares of Diamondback Energy (NASDAQ:FANG) in a research report released on Friday, Benzinga reports. The brokerage currently has a $201.00 price objective on the oil and natural gas company’s stock.

A number of other brokerages have also issued reports on FANG. Truist Financial boosted their target price on shares of Diamondback Energy from $248.00 to $250.00 and gave the stock a buy rating in a research report on Monday, April 22nd. Morgan Stanley reduced their price objective on Diamondback Energy from $186.00 to $184.00 and set an overweight rating for the company in a research report on Monday, April 15th. Stifel Nicolaus boosted their price objective on Diamondback Energy from $224.00 to $229.00 and gave the company a buy rating in a research report on Tuesday, April 23rd. Scotiabank raised their target price on Diamondback Energy from $210.00 to $255.00 and gave the stock a sector outperform rating in a research report on Thursday, April 11th. Finally, Barclays started coverage on shares of Diamondback Energy in a report on Wednesday, April 10th. They issued an equal weight rating and a $214.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Diamondback Energy currently has a consensus rating of Moderate Buy and an average price target of $209.35.

Diamondback Energy Trading Down 2.3 %

Shares of FANG stock opened at $185.97 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average is $198.82 and its two-hundred day moving average is $178.64. The company has a market cap of $33.17 billion, a PE ratio of 10.48 and a beta of 1.90. Diamondback Energy has a 12 month low of $123.41 and a 12 month high of $211.96.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.29 by $0.21. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The business’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the company earned $4.10 earnings per share. Equities analysts predict that Diamondback Energy will post 19.13 EPS for the current year.

Diamondback Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Tuesday, May 14th. Diamondback Energy’s payout ratio is presently 20.29%.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the sale, the chief operating officer now owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the completion of the transaction, the chief operating officer now owns 69,677 shares in the company, valued at approximately $13,736,123.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Travis D. Stice sold 30,000 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the transaction, the chief executive officer now owns 446,610 shares in the company, valued at $89,322,000. The disclosure for this sale can be found here. Insiders sold 64,575 shares of company stock valued at $12,673,846 over the last ninety days. 0.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FANG. Price T Rowe Associates Inc. MD raised its stake in shares of Diamondback Energy by 38.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after buying an additional 2,381,488 shares during the last quarter. Boston Partners grew its holdings in Diamondback Energy by 235.6% during the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after acquiring an additional 1,916,900 shares during the period. Wellington Management Group LLP raised its position in shares of Diamondback Energy by 4.8% during the 3rd quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock valued at $2,209,617,000 after acquiring an additional 648,317 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Diamondback Energy by 143.0% in the 4th quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock valued at $152,177,000 after purchasing an additional 577,514 shares during the period. Finally, Homestead Advisers Corp bought a new position in shares of Diamondback Energy in the 1st quarter worth $87,940,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, 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.