Diamondback Energy (NASDAQ:FANG) Trading 0.2% Higher – Here’s Why

Diamondback Energy, Inc. (NASDAQ:FANG)’s share price shot up 0.2% during mid-day trading on Wednesday . The stock traded as high as $146.15 and last traded at $144.91. 599,743 shares changed hands during trading, a decline of 75% from the average session volume of 2,427,093 shares. The stock had previously closed at $144.65.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on FANG shares. Royal Bank of Canada restated an “outperform” rating and set a $210.00 target price on shares of Diamondback Energy in a research report on Thursday, January 23rd. Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective for the company in a report on Friday, January 3rd. The Goldman Sachs Group began coverage on Diamondback Energy in a report on Monday, December 2nd. They set a “buy” rating and a $227.00 target price on the stock. StockNews.com upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, November 13th. Finally, Morgan Stanley upped their price objective on Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $213.08.

Diamondback Energy Price Performance

The company has a 50-day moving average of $163.18 and a 200 day moving average of $172.54. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $42.80 billion, a PE ratio of 8.46, a PEG ratio of 1.24 and a beta of 1.84.

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

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be issued a $1.00 dividend. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a yield of 2.70%. Diamondback Energy’s dividend payout ratio is presently 25.32%.

Insiders Place Their Bets

In related news, Director Frank D. Tsuru purchased 2,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $156.51 per share, with a total value of $313,020.00. Following the completion of the acquisition, the director now owns 5,730 shares in the company, valued at $896,802.30. This trade represents a 53.62 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

Several large investors have recently added to or reduced their stakes in the stock. Wintrust Investments LLC acquired a new position in shares of Diamondback Energy during the 4th quarter valued at about $28,000. R Squared Ltd acquired a new position in Diamondback Energy in the 4th quarter valued at about $29,000. UMB Bank n.a. grew its stake in shares of Diamondback Energy by 247.3% in the 4th quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock valued at $31,000 after buying an additional 136 shares during the period. Fourth Dimension Wealth LLC purchased a new stake 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% during the 4th quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company’s stock worth $34,000 after buying an additional 188 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.