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

by · The Markets Daily

Diamondback Energy, Inc. (NASDAQ:FANG – Get Free Report) shares hit a new 52-week low during trading on Friday . The stock traded as low as $124.40 and last traded at $127.96, with a volume of 1581622 shares traded. The stock had previously closed at $141.28.

Analyst Ratings Changes

Several brokerages have recently weighed in on FANG. Morgan Stanley decreased their price target on Diamondback Energy from $227.00 to $206.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Citigroup decreased their target price on shares of Diamondback Energy from $195.00 to $157.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Piper Sandler lowered their price target on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Barclays reduced their price objective on shares of Diamondback Energy from $210.00 to $200.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 18th. Finally, Mizuho lifted their target price on shares of Diamondback Energy from $201.00 to $204.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 25th. Four research 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $209.33.

View Our Latest Report on FANG

Diamondback Energy Stock Down 11.9 %

The company has a market cap of $36.04 billion, a price-to-earnings ratio of 7.12, a price-to-earnings-growth ratio of 1.24 and a beta of 1.85. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The stock’s fifty day moving average is $156.90 and its two-hundred day moving average is $169.32.

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

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were paid a $1.00 dividend. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $4.00 annualized dividend and a dividend yield of 3.21%. Diamondback Energy’s dividend payout ratio is presently 25.32%.

Insider Activity at Diamondback Energy

In other news, Director Frank D. Tsuru acquired 2,000 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was purchased at an average price of $156.51 per share, for a total transaction of $313,020.00. Following the purchase, the director now owns 5,730 shares in the company, valued at approximately $896,802.30. This represents a 53.62 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Diamondback Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. Lakewood Asset Management LLC grew its stake in Diamondback Energy by 0.5% in the 4th quarter. Lakewood Asset Management LLC now owns 11,340 shares of the oil and natural gas company’s stock valued at $1,858,000 after purchasing an additional 60 shares during the period. Magnolia Capital Advisors LLC increased its stake in shares of Diamondback Energy by 2.0% during the 4th quarter. Magnolia Capital Advisors LLC now owns 3,247 shares of the oil and natural gas company’s stock worth $532,000 after purchasing an additional 64 shares during the last quarter. Barden Capital Management Inc. raised its holdings in shares of Diamondback Energy by 1.5% in the 4th quarter. Barden Capital Management Inc. now owns 4,380 shares of the oil and natural gas company’s stock worth $718,000 after purchasing an additional 64 shares during the period. Greenleaf Trust lifted its stake in Diamondback Energy by 1.0% in the fourth quarter. Greenleaf Trust now owns 6,892 shares of the oil and natural gas company’s stock valued at $1,129,000 after purchasing an additional 66 shares during the last quarter. Finally, Buckhead Capital Management LLC grew its holdings in Diamondback Energy by 0.3% during the fourth quarter. Buckhead Capital Management LLC now owns 19,830 shares of the oil and natural gas company’s stock valued at $3,249,000 after purchasing an additional 67 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

About Diamondback Energy

(Get Free Report)

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.

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