Diamondback Energy (NASDAQ:FANG) Sets New 52-Week Low – Here’s Why

Diamondback Energy, Inc. (NASDAQ:FANG) reached a new 52-week low on Tuesday . The company traded as low as $151.69 and last traded at $151.92, with a volume of 4633912 shares. The stock had previously closed at $155.23.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FANG shares. Wolfe Research upgraded shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price target for the company in a report on Friday, January 3rd. Benchmark reiterated a “buy” rating and issued a $195.00 target price on shares of Diamondback Energy in a research report on Tuesday, October 29th. Wells Fargo & Company lifted their target price on shares of Diamondback Energy from $218.00 to $219.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. JPMorgan Chase & Co. raised their price target on shares of Diamondback Energy from $191.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Raymond James lifted their price target on shares of Diamondback Energy from $237.00 to $256.00 and gave the stock a “strong-buy” rating in a report on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $216.09.

Diamondback Energy Trading Down 2.1 %

The stock has a market capitalization of $44.36 billion, a PE ratio of 8.70, a P/E/G ratio of 1.24 and a beta of 1.86. 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 firm has a 50 day moving average price of $165.52 and a 200 day moving average price of $176.27.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.07. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Equities 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 will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be paid a $1.00 dividend. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, March 6th. This represents a $4.00 annualized dividend and a yield of 2.63%. Diamondback Energy’s dividend payout ratio (DPR) is 20.61%.

Hedge Funds Weigh In On Diamondback Energy

Several institutional investors have recently modified their holdings of the business. State Street Corp grew its stake in Diamondback Energy by 1.3% in the 3rd quarter. State Street Corp now owns 11,858,555 shares of the oil and natural gas company’s stock valued at $2,044,415,000 after purchasing an additional 149,871 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Diamondback Energy by 11.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock worth $1,496,859,000 after buying an additional 928,429 shares during the last quarter. Boston Partners increased its holdings in Diamondback Energy by 12.4% during the fourth quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company’s stock worth $849,202,000 after buying an additional 571,820 shares during the last quarter. Geode Capital Management LLC increased its holdings in Diamondback Energy by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,710,165 shares of the oil and natural gas company’s stock worth $769,706,000 after buying an additional 91,605 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Diamondback Energy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock worth $682,036,000 after acquiring an additional 502,916 shares during the period. 90.01% of the stock is owned by institutional investors.

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.