Diamondback Energy (NASDAQ:FANG) Receives New Coverage from Analysts at Citigroup

Citigroup assumed coverage on shares of Diamondback Energy (NASDAQ:FANG) in a report published on Monday, MarketBeat Ratings reports. The firm issued a neutral rating and a $195.00 price target on the oil and natural gas company’s stock.

Several other equities analysts have also recently commented on the stock. JPMorgan Chase & Co. began coverage on shares of Diamondback Energy in a research report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price target for the company. BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $205.00 to $215.00 in a report on Friday, October 4th. Barclays upgraded Diamondback Energy from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $216.00 to $210.00 in a report on Wednesday, October 2nd. Wells Fargo & Company decreased their price objective on Diamondback Energy from $230.00 to $219.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Finally, Piper Sandler cut their target price on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $210.32.

Diamondback Energy Price Performance

FANG stock opened at $183.96 on Monday. The business’s fifty day moving average price is $186.67 and its 200 day moving average price is $194.92. Diamondback Energy has a 12-month low of $145.70 and a 12-month high of $214.50. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $32.81 billion, a PE ratio of 10.37, a P/E/G ratio of 1.22 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The company had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the firm earned $3.68 earnings per share. The business’s revenue for the quarter was up 29.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Diamondback Energy will post 19.08 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were issued a dividend of $2.34 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a dividend yield of 1.9%. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.29%.

Insider Buying and Selling at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.48% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Founders Capital Management raised its stake in shares of Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after buying an additional 101 shares in the last quarter. First Community Trust NA purchased a new position in Diamondback Energy in the second quarter worth $26,000. Carolinas Wealth Consulting LLC raised its position in Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares in the last quarter. HHM Wealth Advisors LLC acquired a new stake in Diamondback Energy in the second quarter valued at $40,000. Finally, Oliver Lagore Vanvalin Investment Group boosted its position in shares of Diamondback Energy by 109.7% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock worth $52,000 after purchasing an additional 136 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.