Susquehanna Cuts Diamondback Energy (NASDAQ:FANG) Price Target to $233.00

Diamondback Energy (NASDAQ:FANG) had its target price lowered by Susquehanna from $237.00 to $233.00 in a report issued on Friday, Benzinga reports. The firm currently has a positive rating on the oil and natural gas company’s stock.

FANG has been the subject of several other reports. JPMorgan Chase & Co. assumed coverage on shares of Diamondback Energy in a report on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 target price for the company. Johnson Rice downgraded shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, September 24th. Barclays upgraded shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and dropped their target price for the company from $216.00 to $210.00 in a report on Wednesday, October 2nd. Piper Sandler raised their target price on shares of Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Finally, BMO Capital Markets upgraded shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and raised their target price for the company from $205.00 to $215.00 in a report on Friday, October 4th. One equities research 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $210.09.

Diamondback Energy Stock Down 0.9 %

Shares of NASDAQ:FANG opened at $182.41 on Friday. The stock has a market cap of $32.53 billion, a P/E ratio of 10.28, a P/E/G ratio of 1.22 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. Diamondback Energy has a 1-year low of $145.70 and a 1-year high of $214.50. The firm has a fifty day moving average price of $185.97 and a 200 day moving average price of $194.58.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. Diamondback Energy’s quarterly revenue was up 29.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.68 EPS. Sell-side analysts predict that Diamondback Energy will post 19.08 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were paid 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 a boost from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio is currently 20.29%.

Insider Buying and Selling

In related 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 transaction of $2,313,698,661.30. Following the transaction, the insider now directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Diamondback Energy by 178.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock worth $6,112,000 after acquiring an additional 19,552 shares during the last quarter. Central Valley Advisors LLC acquired a new position in shares of Diamondback Energy during the 1st quarter worth approximately $1,801,000. Cullen Investment Group LTD. increased its holdings in shares of Diamondback Energy by 33.5% during the 3rd quarter. Cullen Investment Group LTD. now owns 11,978 shares of the oil and natural gas company’s stock worth $2,065,000 after acquiring an additional 3,008 shares during the last quarter. ORG Partners LLC grew its holdings in Diamondback Energy by 2,768.9% in the 2nd quarter. ORG Partners LLC now owns 4,332 shares of the oil and natural gas company’s stock valued at $883,000 after buying an additional 4,181 shares in the last quarter. Finally, Homestead Advisers Corp acquired a new position in Diamondback Energy in the 1st quarter valued at $87,940,000. 90.01% of the stock is 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.