Diamondback Energy (NASDAQ:FANG) Shares Gap Up to $33.01

Diamondback Energy Inc (NASDAQ:FANG)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $31.77, but opened at $33.01. Diamondback Energy shares last traded at $37.48, with a volume of 5,052,440 shares changing hands.

FANG has been the subject of several recent research reports. Imperial Capital lowered their price objective on Diamondback Energy from $110.00 to $30.00 and set an “outperform” rating for the company in a research report on Friday, March 27th. BidaskClub raised Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Tuesday. Morgan Stanley lowered Diamondback Energy from an “overweight” rating to an “equal weight” rating in a research report on Monday, March 16th. MKM Partners raised their price objective on Diamondback Energy from $133.00 to $134.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Finally, Roth Capital lowered Diamondback Energy from a “buy” rating to a “neutral” rating in a research report on Friday, March 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the stock. Diamondback Energy currently has an average rating of “Buy” and a consensus price target of $91.15.

The stock has a 50 day simple moving average of $42.04 and a 200-day simple moving average of $73.60. The firm has a market capitalization of $5.00 billion, a P/E ratio of 26.96, a P/E/G ratio of 0.47 and a beta of 1.72. The company has a current ratio of 0.69, a quick ratio of 0.66 and a debt-to-equity ratio of 0.36.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Tuesday, February 18th. The oil and natural gas company reported $1.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.80 by $0.13. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.09 billion. Diamondback Energy had a return on equity of 7.00% and a net margin of 6.05%. The business’s quarterly revenue was up 74.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.21 EPS. As a group, sell-side analysts expect that Diamondback Energy Inc will post 3.05 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Tuesday, March 3rd were paid a dividend of $0.375 per share. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.19. This represents a $1.50 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend was Monday, March 2nd. Diamondback Energy’s payout ratio is currently 21.65%.

In related news, CFO Hof Matthew Kaes Van’t acquired 4,750 shares of the business’s stock in a transaction that occurred on Thursday, March 19th. The stock was bought at an average cost of $17.23 per share, for a total transaction of $81,842.50. Following the purchase, the chief financial officer now owns 52,130 shares in the company, valued at approximately $898,199.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Travis D. Stice acquired 17,146 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were bought at an average price of $28.40 per share, with a total value of $486,946.40. The disclosure for this purchase can be found here. Insiders own 0.47% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Capital Research Global Investors boosted its stake in Diamondback Energy by 38.0% in the 4th quarter. Capital Research Global Investors now owns 19,577,175 shares of the oil and natural gas company’s stock worth $1,817,936,000 after purchasing an additional 5,391,907 shares during the period. State Street Corp boosted its stake in Diamondback Energy by 6.5% in the 4th quarter. State Street Corp now owns 8,401,045 shares of the oil and natural gas company’s stock worth $780,121,000 after purchasing an additional 511,218 shares during the period. Boston Partners boosted its stake in Diamondback Energy by 17.8% in the 4th quarter. Boston Partners now owns 2,983,541 shares of the oil and natural gas company’s stock worth $277,049,000 after purchasing an additional 450,265 shares during the period. Geode Capital Management LLC boosted its stake in Diamondback Energy by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 2,645,072 shares of the oil and natural gas company’s stock worth $245,149,000 after purchasing an additional 137,234 shares during the period. Finally, Bank of America Corp DE boosted its stake in Diamondback Energy by 189.6% in the 4th quarter. Bank of America Corp DE now owns 2,404,325 shares of the oil and natural gas company’s stock worth $223,265,000 after purchasing an additional 1,574,081 shares during the period. Institutional investors own 96.90% of the company’s stock.

Diamondback Energy Company Profile (NASDAQ:FANG)

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily 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.

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