Diamondback Energy (NASDAQ:FANG) Price Target Lowered to $167.00 at JPMorgan Chase & Co.

Diamondback Energy (NASDAQ:FANG) had its price objective lowered by JPMorgan Chase & Co. from $212.00 to $167.00 in a research report released on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the oil and natural gas company’s stock.

A number of other equities research analysts have also recently weighed in on FANG. Morgan Stanley lifted their price target on shares of Diamondback Energy from $220.00 to $227.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. UBS Group increased their price objective on shares of Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Wells Fargo & Company lowered their target price on shares of Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating for the company in a report on Wednesday. Williams Trading set a $190.00 target price on shares of Diamondback Energy in a report on Wednesday, March 5th. Finally, Truist Financial upped their target price on shares of Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $211.92.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $150.20 on Thursday. The company’s 50-day moving average price is $162.00 and its 200-day moving average price is $171.69. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The company has a market cap of $43.47 billion, a P/E ratio of 8.60, a P/E/G ratio of 1.24 and a beta of 1.84. Diamondback Energy has a twelve month low of $137.09 and a twelve month high of $214.50.

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

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date was Thursday, March 6th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s dividend payout ratio (DPR) is currently 25.32%.

Insider Activity

In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of the company’s stock in a transaction on Friday, February 28th. The stock was purchased at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the acquisition, the director now owns 5,730 shares of the company’s stock, valued at $896,802.30. The trade was a 53.62 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds have recently added to or reduced their stakes in FANG. PKO Investment Management Joint Stock Co acquired a new stake in shares of Diamondback Energy during the 4th quarter worth about $901,000. Centaurus Financial Inc. boosted its stake in shares of Diamondback Energy by 31.2% during the 4th quarter. Centaurus Financial Inc. now owns 8,964 shares of the oil and natural gas company’s stock worth $1,469,000 after purchasing an additional 2,134 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new stake in shares of Diamondback Energy during the 4th quarter worth about $38,000. TFR Capital LLC. acquired a new stake in shares of Diamondback Energy during the 4th quarter worth about $1,476,000. Finally, Park Square Financial Group LLC acquired a new stake in shares of Diamondback Energy during the 4th quarter worth about $129,000. 90.01% of the stock is currently owned by hedge funds and other 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.