Analysts Set Diamondback Energy, Inc. (NASDAQ:FANG) Target Price at $98.83

Shares of Diamondback Energy, Inc. (NASDAQ:FANG) have been assigned a consensus recommendation of “Buy” from the twenty-nine analysts that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation, twenty-one have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $99.09.

Several brokerages have recently issued reports on FANG. Scotiabank upgraded Diamondback Energy from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the company from $86.00 to $95.00 in a research report on Friday, May 21st. Morgan Stanley reduced their price objective on Diamondback Energy from $114.00 to $111.00 and set an “overweight” rating on the stock in a research report on Monday, August 23rd. Mizuho reduced their price objective on Diamondback Energy from $131.00 to $126.00 and set a “buy” rating on the stock in a research report on Friday, August 13th. Wells Fargo & Company reiterated a “buy” rating on shares of Diamondback Energy in a research report on Tuesday. Finally, KeyCorp increased their target price on Diamondback Energy from $102.00 to $104.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 21st.

Several hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. grew its stake in shares of Diamondback Energy by 1.0% in the second quarter. Meeder Asset Management Inc. now owns 12,820 shares of the oil and natural gas company’s stock valued at $1,204,000 after buying an additional 132 shares in the last quarter. Berman Capital Advisors LLC grew its stake in shares of Diamondback Energy by 22.0% in the first quarter. Berman Capital Advisors LLC now owns 749 shares of the oil and natural gas company’s stock valued at $55,000 after buying an additional 135 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Diamondback Energy by 31.0% in the first quarter. Bessemer Group Inc. now owns 579 shares of the oil and natural gas company’s stock valued at $43,000 after buying an additional 137 shares in the last quarter. Mutual of America Capital Management LLC grew its stake in shares of Diamondback Energy by 0.6% in the second quarter. Mutual of America Capital Management LLC now owns 23,615 shares of the oil and natural gas company’s stock valued at $2,217,000 after buying an additional 146 shares in the last quarter. Finally, Peregrine Capital Management LLC grew its stake in shares of Diamondback Energy by 13.9% in the first quarter. Peregrine Capital Management LLC now owns 1,310 shares of the oil and natural gas company’s stock valued at $96,000 after buying an additional 160 shares in the last quarter. Institutional investors and hedge funds own 89.61% of the company’s stock.

Diamondback Energy stock traded up $2.50 during trading hours on Friday, hitting $82.57. The stock had a trading volume of 168,989 shares, compared to its average volume of 2,661,540. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.58 and a quick ratio of 0.55. The stock has a market capitalization of $14.95 billion, a price-to-earnings ratio of -9.62, a PEG ratio of 0.34 and a beta of 2.78. Diamondback Energy has a 1-year low of $23.63 and a 1-year high of $102.53. The stock’s fifty day moving average is $77.37 and its two-hundred day moving average is $80.33.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Sunday, August 1st. The oil and natural gas company reported $2.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.19 by $0.21. Diamondback Energy had a positive return on equity of 9.49% and a negative net margin of 30.34%. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the business earned $0.15 earnings per share. The business’s revenue was up 295.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Diamondback Energy will post 10.08 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, August 19th. Stockholders of record on Thursday, August 12th were paid a $0.45 dividend. The ex-dividend date was Wednesday, August 11th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.18%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.40. Diamondback Energy’s dividend payout ratio (DPR) is 59.21%.

About Diamondback Energy

Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.

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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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