Truist Financial Increases Diamondback Energy (NASDAQ:FANG) Price Target to $250.00

Diamondback Energy (NASDAQ:FANG) had its price target boosted by Truist Financial from $248.00 to $250.00 in a research report released on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the oil and natural gas company’s stock.

Several other brokerages have also recently commented on FANG. Bank Of America (Bofa) decreased their target price on shares of Diamondback Energy from $147.00 to $129.00 and set an underperform rating for the company in a report on Thursday, January 18th. KeyCorp raised their target price on shares of Diamondback Energy from $210.00 to $225.00 and gave the stock an overweight rating in a report on Monday. BMO Capital Markets raised their target price on shares of Diamondback Energy from $167.00 to $175.00 and gave the stock a market perform rating in a report on Tuesday, February 13th. Raymond James decreased their target price on shares of Diamondback Energy from $190.00 to $185.00 and set a strong-buy rating for the company in a report on Wednesday, January 24th. Finally, Evercore ISI raised their target price on shares of Diamondback Energy from $185.00 to $215.00 and gave the stock an outperform rating in a report on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy has an average rating of Moderate Buy and an average target price of $202.53.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $207.10 on Monday. Diamondback Energy has a twelve month low of $123.41 and a twelve month high of $211.96. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 0.38. The company has a 50-day moving average of $192.69 and a 200-day moving average of $169.13. The firm has a market cap of $36.93 billion, a price-to-earnings ratio of 11.94 and a beta of 1.93.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share for the quarter, beating the consensus estimate of $4.61 by $0.13. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same quarter last year, the firm posted $5.29 EPS. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. Analysts forecast that Diamondback Energy will post 18.84 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Tuesday, March 5th were given a dividend of $3.08 per share. This represents a $12.32 annualized dividend and a yield of 5.95%. The ex-dividend date of this dividend was Monday, March 4th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.84. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.76%.

Insider Activity at Diamondback Energy

In other news, CAO Teresa L. Dick sold 2,000 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total value of $384,000.00. Following the transaction, the chief accounting officer now owns 96,523 shares of the company’s stock, valued at $18,532,416. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the transaction, the chief executive officer now owns 446,610 shares of the company’s stock, valued at $89,322,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Teresa L. Dick sold 2,000 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total transaction of $384,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 96,523 shares in the company, valued at approximately $18,532,416. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,675 shares of company stock valued at $11,311,096. 0.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors have recently modified their holdings of the company. Founders Capital Management grew its stake in shares of Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after acquiring an additional 101 shares during the last quarter. BKM Wealth Management LLC acquired a new stake in shares of Diamondback Energy in the fourth quarter worth $27,000. BluePath Capital Management LLC acquired a new stake in shares of Diamondback Energy in the third quarter worth $28,000. Logan Capital Management Inc. acquired a new stake in shares of Diamondback Energy in the fourth quarter worth $31,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the fourth quarter worth $34,000. Institutional investors own 90.01% of the company’s stock.

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.