Piper Jaffray Companies set a $156.00 price target on Diamondback Energy (NASDAQ:FANG) in a research note published on Friday morning, TipRanks reports. The brokerage currently has a buy rating on the oil and natural gas company’s stock. Piper Jaffray Companies also issued estimates for Diamondback Energy’s Q3 2019 earnings at $1.69 EPS, Q4 2019 earnings at $1.82 EPS, FY2019 earnings at $6.36 EPS, Q1 2020 earnings at $2.09 EPS, Q2 2020 earnings at $2.03 EPS, Q3 2020 earnings at $2.10 EPS and Q4 2020 earnings at $2.18 EPS.
A number of other equities research analysts have also issued reports on FANG. Credit Suisse Group assumed coverage on Diamondback Energy in a research report on Monday, June 17th. They set an outperform rating and a $135.00 target price on the stock. JPMorgan Chase & Co. cut their target price on Diamondback Energy from $155.00 to $149.00 and set an overweight rating on the stock in a research report on Wednesday, August 14th. TD Securities boosted their target price on Diamondback Energy from $155.00 to $160.00 and gave the stock an action list buy rating in a research report on Thursday, June 20th. Morgan Stanley cut their target price on Diamondback Energy from $143.00 to $140.00 and set an overweight rating on the stock in a research report on Wednesday, August 14th. Finally, Roth Capital cut their target price on Diamondback Energy from $150.00 to $140.00 and set a buy rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-three have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $156.57.
Shares of FANG traded up $2.70 during midday trading on Friday, reaching $99.96. The stock had a trading volume of 1,115,017 shares, compared to its average volume of 1,784,928. Diamondback Energy has a 52 week low of $85.19 and a 52 week high of $140.78. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.82 and a quick ratio of 0.79. The firm’s 50 day moving average price is $102.56 and its 200-day moving average price is $103.24. The company has a market capitalization of $15.62 billion, a P/E ratio of 17.03, a P/E/G ratio of 0.64 and a beta of 0.82.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 26th. Stockholders of record on Friday, August 16th will be issued a dividend of $0.188 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 0.75%. Diamondback Energy’s dividend payout ratio is 12.78%.
In other Diamondback Energy news, VP Russell Pantermuehl sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $112.18, for a total value of $560,900.00. Following the transaction, the vice president now owns 117,107 shares in the company, valued at $13,137,063.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Travis D. Stice bought 4,186 shares of the stock in a transaction on Friday, August 9th. The stock was purchased at an average price of $95.55 per share, for a total transaction of $399,972.30. The disclosure for this purchase can be found here. Insiders have sold 11,500 shares of company stock worth $1,258,505 in the last quarter. 0.47% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of FANG. Archford Capital Strategies LLC grew its stake in Diamondback Energy by 1,100.0% in the second quarter. Archford Capital Strategies LLC now owns 240 shares of the oil and natural gas company’s stock valued at $26,000 after purchasing an additional 220 shares in the last quarter. Berman Capital Advisors LLC grew its stake in Diamondback Energy by 180.8% in the first quarter. Berman Capital Advisors LLC now owns 292 shares of the oil and natural gas company’s stock valued at $29,000 after purchasing an additional 188 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new position in Diamondback Energy in the second quarter valued at about $32,000. Manchester Capital Management LLC purchased a new position in Diamondback Energy in the first quarter valued at about $34,000. Finally, Commonwealth Bank of Australia grew its stake in Diamondback Energy by 81.7% in the second quarter. Commonwealth Bank of Australia now owns 338 shares of the oil and natural gas company’s stock valued at $34,000 after purchasing an additional 152 shares in the last quarter. Hedge funds and other institutional investors own 99.35% of the company’s stock.
About Diamondback Energy
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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