Diamondback Energy (NASDAQ:FANG) Reaches New 52-Week Low on Analyst Downgrade

Diamondback Energy, Inc. (NASDAQ:FANG - Get Free Report)'s stock price reached a new 52-week low on Thursday after Scotiabank lowered their price target on the stock from $215.00 to $175.00. Scotiabank currently has a sector outperform rating on the stock. Diamondback Energy traded as low as $114.00 and last traded at $134.93, with a volume of 5368860 shares traded. The stock had previously closed at $119.25.

Several other equities analysts also recently issued reports on the company. Raymond James cut their target price on Diamondback Energy from $245.00 to $214.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, March 12th. Royal Bank of Canada reissued an "outperform" rating and issued a $210.00 price objective on shares of Diamondback Energy in a report on Thursday, January 23rd. UBS Group raised their price objective on Diamondback Energy from $212.00 to $216.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Williams Trading set a $190.00 target price on Diamondback Energy in a research report on Wednesday, March 5th. Finally, Truist Financial raised their price target on shares of Diamondback Energy from $236.00 to $238.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $208.17.

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Insiders Place Their Bets

In other news, Director Frank D. Tsuru acquired 2,000 shares of the business's stock in a transaction on Friday, February 28th. The stock was bought at an average cost 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.48% of the stock is currently owned by company insiders.

Institutional Trading of Diamondback Energy

Institutional investors have recently made changes to their positions in the company. Virtu Financial LLC acquired a new stake in Diamondback Energy during the 3rd quarter worth $1,215,000. Fulcrum Equity Management purchased a new position in shares of Diamondback Energy in the third quarter worth about $206,000. Pine Valley Investments Ltd Liability Co boosted its position in Diamondback Energy by 11.3% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 2,027 shares of the oil and natural gas company's stock worth $349,000 after acquiring an additional 205 shares during the last quarter. World Investment Advisors LLC purchased a new stake in Diamondback Energy during the 3rd quarter valued at about $3,935,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Diamondback Energy in the 3rd quarter valued at about $138,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

The firm has a market capitalization of $37.67 billion, a PE ratio of 7.32, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The stock's 50 day simple moving average is $149.32 and its two-hundred day simple moving average is $165.96. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. On average, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were given a dividend of $1.00 per share. This is a boost from Diamondback Energy's previous quarterly dividend of $0.90. The ex-dividend date was Thursday, March 6th. This represents a $4.00 annualized dividend and a dividend yield of 3.12%. Diamondback Energy's payout ratio is presently 25.32%.

About Diamondback Energy

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.