KeyCorp Lowers Diamondback Energy (NASDAQ:FANG) Price Target to $216.00

Diamondback Energy (NASDAQ:FANG) had its price objective trimmed by KeyCorp from $225.00 to $216.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the oil and natural gas company’s stock.

A number of other equities research analysts also recently commented on FANG. Benchmark raised their price objective on shares of Diamondback Energy from $154.00 to $195.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Evercore ISI decreased their price target on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Truist Financial cut their price objective on Diamondback Energy from $255.00 to $220.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Royal Bank of Canada restated an “outperform” rating and set a $220.00 target price on shares of Diamondback Energy in a research report on Tuesday, September 17th. Finally, Susquehanna reduced their price target on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $210.09.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $183.99 on Wednesday. Diamondback Energy has a 52-week low of $145.70 and a 52-week high of $214.50. The stock’s 50-day moving average price is $186.35 and its 200 day moving average price is $194.77. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $32.81 billion, a PE ratio of 10.37, a price-to-earnings-growth ratio of 1.22 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping the consensus estimate of $4.51 by $0.01. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The company’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.68 earnings per share. As a group, equities research analysts forecast 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. Stockholders of record on Thursday, August 15th were given a dividend of $2.34 per share. The ex-dividend date was Thursday, August 15th. This represents a dividend yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

Insider Activity at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Diamondback Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. First Community Trust NA acquired a new position in shares of Diamondback Energy in the second quarter worth about $26,000. Carolinas Wealth Consulting LLC boosted its position in Diamondback Energy by 67.1% during the 2nd 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 during the period. HHM Wealth Advisors LLC purchased a new position in Diamondback Energy during the 2nd quarter valued at about $40,000. Founders Capital Management increased its holdings in shares of Diamondback Energy by 99.2% in the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 125 shares during the period. Finally, Oliver Lagore Vanvalin Investment Group lifted its position in shares of Diamondback Energy by 109.7% in the second 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. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Company Profile

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.