Diamondback Energy (NASDAQ:FANG) Hits New 52-Week Low - Here's What Happened

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Truist Financial lifted their price target on Diamondback Energy from $236.00 to $238.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. UBS Group boosted their price target on shares of Diamondback Energy from $212.00 to $216.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Piper Sandler decreased their price objective 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. Williams Trading set a $190.00 target price on shares of Diamondback Energy in a research note on Wednesday, March 5th. Finally, Raymond James decreased their price target on shares of Diamondback Energy from $245.00 to $214.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Diamondback Energy presently has a consensus rating of "Moderate Buy" and an average target price of $210.29.

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Diamondback Energy Stock Performance

The company has a market cap of $34.52 billion, a PE ratio of 6.83, a PEG ratio of 1.24 and a beta of 1.44. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The business has a 50-day moving average of $152.93 and a 200 day moving average of $167.64.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $3.55 billion. Equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, March 6th. This is an increase from Diamondback Energy's previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a yield of 3.35%. Diamondback Energy's payout ratio is 25.32%.

Insider Activity at Diamondback Energy

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

Institutional Trading of Diamondback Energy

A number of hedge funds have recently added to or reduced their stakes in the business. QRG Capital Management Inc. lifted its holdings in Diamondback Energy by 38.4% during the fourth quarter. QRG Capital Management Inc. now owns 11,675 shares of the oil and natural gas company's stock worth $1,913,000 after buying an additional 3,238 shares during the period. Swedbank AB lifted its stake in shares of Diamondback Energy by 28.0% during the 4th quarter. Swedbank AB now owns 198,283 shares of the oil and natural gas company's stock worth $32,485,000 after purchasing an additional 43,361 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its position in Diamondback Energy by 631.1% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,148 shares of the oil and natural gas company's stock valued at $7,069,000 after purchasing an additional 37,246 shares in the last quarter. Franklin Resources Inc. grew its stake in Diamondback Energy by 48.5% in the third quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company's stock valued at $28,008,000 after purchasing an additional 47,951 shares during the last quarter. Finally, Tectonic Advisors LLC raised its holdings in Diamondback Energy by 38.2% in the fourth quarter. Tectonic Advisors LLC now owns 31,467 shares of the oil and natural gas company's stock worth $5,155,000 after purchasing an additional 8,704 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.