Diamondback Energy’s (NASDAQ:FANG) “Buy” Rating Reaffirmed at Bank of America

Bank of America reaffirmed their buy rating on shares of Diamondback Energy (NASDAQ:FANG) in a research note released on Tuesday, April 16th, Briefing.com Automated Import reports. The firm currently has a $165.00 target price on the oil and natural gas company’s stock, up from their previous target price of $154.00.

Several other research firms have also recently weighed in on FANG. Morgan Stanley increased their price target on shares of Diamondback Energy from $147.00 to $154.00 and gave the company an overweight rating in a research note on Thursday, February 21st. BidaskClub raised shares of Diamondback Energy from a hold rating to a buy rating in a research note on Friday, January 11th. ValuEngine raised shares of Diamondback Energy from a sell rating to a hold rating in a research note on Wednesday, March 20th. Barclays assumed coverage on shares of Diamondback Energy in a research note on Wednesday, January 16th. They issued an overweight rating and a $189.00 price target for the company. Finally, Williams Capital reissued a buy rating and issued a $153.00 price target on shares of Diamondback Energy in a research note on Wednesday, February 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $160.43.

FANG stock traded down $0.35 during mid-day trading on Tuesday, reaching $107.89. The company’s stock had a trading volume of 2,237,135 shares, compared to its average volume of 2,127,700. The company has a market cap of $17.82 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 0.67 and a beta of 0.80. The company has a current ratio of 0.64, a quick ratio of 0.87 and a debt-to-equity ratio of 0.32. Diamondback Energy has a fifty-two week low of $85.19 and a fifty-two week high of $140.78.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, May 7th. The oil and natural gas company reported $1.39 EPS for the quarter, beating the Zacks’ consensus estimate of $1.36 by $0.03. The company had revenue of $864.00 million during the quarter, compared to the consensus estimate of $893.16 million. Diamondback Energy had a net margin of 27.05% and a return on equity of 6.81%. Diamondback Energy’s quarterly revenue was up 80.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.64 EPS. As a group, equities analysts forecast that Diamondback Energy will post 7.86 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Tuesday, May 28th will be issued a dividend of $0.188 per share. The ex-dividend date is Friday, May 24th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.13. This represents a $0.75 dividend on an annualized basis and a yield of 0.70%. Diamondback Energy’s dividend payout ratio is 8.52%.

In other Diamondback Energy news, insider Randall J. Holder sold 4,000 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $104.13, for a total transaction of $416,520.00. Following the sale, the insider now directly owns 14,448 shares in the company, valued at approximately $1,504,470.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Jennifer Soliman sold 350 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $104.41, for a total transaction of $36,543.50. Following the completion of the sale, the vice president now owns 2,624 shares in the company, valued at $273,971.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,050 shares of company stock worth $626,158. 0.57% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Jennison Associates LLC raised its stake in Diamondback Energy by 6.5% during the 1st quarter. Jennison Associates LLC now owns 160,178 shares of the oil and natural gas company’s stock worth $16,263,000 after acquiring an additional 9,746 shares in the last quarter. King Luther Capital Management Corp raised its stake in Diamondback Energy by 4.8% during the 1st quarter. King Luther Capital Management Corp now owns 83,154 shares of the oil and natural gas company’s stock worth $8,443,000 after acquiring an additional 3,782 shares in the last quarter. AlphaCrest Capital Management LLC acquired a new stake in Diamondback Energy during the 1st quarter worth $864,000. Rockefeller Capital Management L.P. raised its stake in Diamondback Energy by 53.3% during the 1st quarter. Rockefeller Capital Management L.P. now owns 7,664 shares of the oil and natural gas company’s stock worth $778,000 after acquiring an additional 2,664 shares in the last quarter. Finally, MML Investors Services LLC acquired a new stake in Diamondback Energy during the 1st quarter worth $219,000. Institutional investors and hedge funds own 99.74% of the company’s stock.

Diamondback Energy Company Profile

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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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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