Diamondback Energy (NASDAQ:FANG) Trading Down 1.3% Following Analyst Downgrade

Diamondback Energy, Inc. (NASDAQ:FANG)’s stock price traded down 1.3% during trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $212.00 to $167.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Diamondback Energy traded as low as $143.82 and last traded at $144.66. 366,125 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 2,422,690 shares. The stock had previously closed at $146.55.

Several other analysts have also issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $210.00 price objective on shares of Diamondback Energy in a report on Thursday, January 23rd. Truist Financial upped their price objective on shares of Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. StockNews.com upgraded shares of Diamondback Energy from a “sell” rating to a “hold” rating in a report on Wednesday, November 13th. Raymond James decreased their price target on Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating on the stock in a research note on Wednesday. Finally, Piper Sandler dropped their price objective on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and an average target price of $211.92.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were acquired at an average cost of $156.51 per share, with a total value of $313,020.00. Following the acquisition, the director now directly owns 5,730 shares of the company’s stock, valued at $896,802.30. The trade was a 53.62 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wintrust Investments LLC acquired a new stake in shares of Diamondback Energy during the fourth quarter worth about $28,000. R Squared Ltd purchased a new stake in Diamondback Energy during the 4th quarter valued at approximately $29,000. UMB Bank n.a. lifted its position in Diamondback Energy by 247.3% during the 4th quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock worth $31,000 after acquiring an additional 136 shares during the period. Fourth Dimension Wealth LLC purchased a new position in shares of Diamondback Energy in the 4th quarter valued at approximately $33,000. Finally, Key Financial Inc increased its holdings in shares of Diamondback Energy by 940.0% in the fourth quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company’s stock valued at $34,000 after purchasing an additional 188 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Price Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The company has a 50 day moving average price of $162.41 and a 200 day moving average price of $172.18. The firm has a market cap of $42.20 billion, a PE ratio of 8.35, a PEG ratio of 1.24 and a beta of 1.84.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. Sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were given a $1.00 dividend. The ex-dividend date was Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a yield of 2.74%. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s dividend payout ratio (DPR) is presently 25.32%.

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.