Diamondback Energy (FANG) Given New $153.00 Price Target at Morgan Stanley

Diamondback Energy (NASDAQ:FANG) had its target price hoisted by Morgan Stanley from $152.00 to $153.00 in a research report released on Thursday, BenzingaRatingsTable reports. They currently have an overweight rating on the oil and natural gas company’s stock.

FANG has been the subject of several other reports. Williams Capital restated a buy rating and issued a $153.00 price objective on shares of Diamondback Energy in a report on Wednesday, February 20th. ValuEngine upgraded Diamondback Energy from a sell rating to a hold rating in a report on Wednesday, March 20th. Zacks Investment Research upgraded Diamondback Energy from a strong sell rating to a hold rating in a report on Friday, February 8th. Barclays initiated coverage on Diamondback Energy in a report on Wednesday, January 16th. They issued an overweight rating and a $189.00 price objective for the company. Finally, Wells Fargo & Co lifted their target price on Diamondback Energy from $161.00 to $177.00 and gave the company an outperform rating in a research note on Wednesday, March 13th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the stock. Diamondback Energy has a consensus rating of Buy and an average price target of $160.83.

FANG stock opened at $111.02 on Thursday. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $18.28 billion, a P/E ratio of 18.91, a PEG ratio of 0.67 and a beta of 0.80. Diamondback Energy has a 1-year low of $85.19 and a 1-year 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 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. The firm had revenue of $864.00 million during the quarter, compared to the consensus estimate of $893.16 million. Diamondback Energy had a return on equity of 6.81% and a net margin of 27.05%. The firm’s quarterly revenue was up 80.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.64 earnings per share. On average, sell-side analysts anticipate that Diamondback Energy will post 8.08 EPS for the current fiscal year.

The company 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 $0.188 dividend. The ex-dividend date is Friday, May 24th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.13. This represents a $0.75 dividend on an annualized basis and a yield of 0.68%. Diamondback Energy’s payout ratio is currently 8.52%.

In other news, CFO Hof Matthew Kaes Van’t sold 1,700 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $101.82, for a total transaction of $173,094.00. Following the transaction, the chief financial officer now owns 28,965 shares in the company, valued at $2,949,216.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Jennifer Soliman sold 350 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $104.41, for a total transaction of $36,543.50. Following the transaction, the vice president now owns 2,624 shares in the company, valued at approximately $273,971.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,050 shares of company stock worth $626,158. Corporate insiders own 0.47% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of FANG. BlackRock Inc. increased its holdings in shares of Diamondback Energy by 103.8% during the fourth quarter. BlackRock Inc. now owns 10,172,829 shares of the oil and natural gas company’s stock valued at $943,023,000 after acquiring an additional 5,181,063 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in Diamondback Energy by 28,126.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,981,881 shares of the oil and natural gas company’s stock worth $32,000 after purchasing an additional 2,971,317 shares in the last quarter. Boston Partners boosted its position in Diamondback Energy by 135.9% in the 4th quarter. Boston Partners now owns 3,424,654 shares of the oil and natural gas company’s stock worth $317,465,000 after purchasing an additional 1,973,018 shares in the last quarter. Norges Bank purchased a new stake in Diamondback Energy in the 4th quarter worth approximately $141,883,000. Finally, JPMorgan Chase & Co. boosted its position in Diamondback Energy by 11.4% in the 1st quarter. JPMorgan Chase & Co. now owns 13,528,463 shares of the oil and natural gas company’s stock worth $1,373,546,000 after purchasing an additional 1,388,245 shares in the last quarter.

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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