Bank of America Upgrades Diamondback Energy (NASDAQ:FANG) to Neutral

Bank of America upgraded shares of Diamondback Energy (NASDAQ:FANGFree Report) from an underperform rating to a neutral rating in a report issued on Monday, Marketbeat reports. The firm currently has $170.00 price objective on the oil and natural gas company’s stock, up from their previous price objective of $129.00.

Several other research firms have also weighed in on FANG. KeyCorp dropped their price objective on shares of Diamondback Energy from $183.00 to $170.00 and set an overweight rating on the stock in a research note on Thursday, January 11th. Mizuho dropped their price objective on shares of Diamondback Energy from $178.00 to $177.00 and set a buy rating on the stock in a research note on Friday, January 12th. Morgan Stanley dropped their price objective on shares of Diamondback Energy from $171.00 to $169.00 and set an overweight rating on the stock in a research note on Tuesday, October 17th. Truist Financial upped their price objective on shares of Diamondback Energy from $215.00 to $225.00 and gave the company a buy rating in a research note on Wednesday, November 8th. Finally, Susquehanna dropped their price target on shares of Diamondback Energy from $203.00 to $190.00 and set a positive rating on the stock in a research note on Friday, January 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $177.59.

Read Our Latest Analysis on FANG

Diamondback Energy Stock Up 9.4 %

Diamondback Energy stock opened at $165.98 on Monday. The firm has a market cap of $29.71 billion, a PE ratio of 9.42, a P/E/G ratio of 0.37 and a beta of 1.89. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 0.89. The firm’s 50 day moving average price is $153.56 and its two-hundred day moving average price is $154.36. Diamondback Energy has a twelve month low of $119.01 and a twelve month high of $171.40.

Institutional Trading of Diamondback Energy

Large investors have recently modified their holdings of the company. Parallel Advisors LLC boosted its holdings in shares of Diamondback Energy by 1.9% during the 2nd quarter. Parallel Advisors LLC now owns 8,596 shares of the oil and natural gas company’s stock worth $1,129,000 after buying an additional 162 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Diamondback Energy by 41.4% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 22,405 shares of the oil and natural gas company’s stock worth $3,470,000 after buying an additional 6,559 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of Diamondback Energy by 29.1% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 80,435 shares of the oil and natural gas company’s stock worth $10,566,000 after buying an additional 18,137 shares during the period. Jump Financial LLC boosted its holdings in Diamondback Energy by 1,454.9% in the 3rd quarter. Jump Financial LLC now owns 40,693 shares of the oil and natural gas company’s stock valued at $6,303,000 after purchasing an additional 38,076 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Diamondback Energy by 2.8% in the 3rd quarter. Principal Financial Group Inc. now owns 610,237 shares of the oil and natural gas company’s stock valued at $94,510,000 after purchasing an additional 16,426 shares during the period. 87.84% of the stock is owned by institutional investors.

About Diamondback Energy

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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 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.

Further Reading

Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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