Diamondback Energy (NASDAQ:FANG) PT Lowered to $220.00

Diamondback Energy (NASDAQ:FANG) had its target price dropped by Truist Financial from $255.00 to $220.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the oil and natural gas company’s stock. Truist Financial’s target price would indicate a potential upside of 23.93% from the stock’s current price.

Several other analysts also recently issued reports on the stock. UBS Group reduced their price target on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Barclays upped their price target on shares of Diamondback Energy from $214.00 to $216.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Wells Fargo & Company dropped their price objective on shares of Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, August 14th. Johnson Rice lowered shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, September 24th. Finally, Wolfe Research initiated coverage on shares of Diamondback Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus target price of $207.24.

Diamondback Energy Trading Up 3.0 %

Shares of Diamondback Energy stock opened at $177.52 on Monday. The firm has a market cap of $31.66 billion, a price-to-earnings ratio of 10.01, a price-to-earnings-growth ratio of 1.17 and a beta of 1.89. Diamondback Energy has a 52-week low of $143.08 and a 52-week high of $214.50. The company’s 50-day simple moving average is $188.11 and its 200-day simple moving average is $195.35. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm’s revenue was up 29.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.68 earnings per share. As a group, equities research analysts anticipate that Diamondback Energy will post 18.97 earnings per share for the current year.

Insider Activity

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Large investors have recently made changes to their positions in the company. Quent Capital LLC grew its holdings in Diamondback Energy by 7.2% during the 2nd quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock worth $162,000 after acquiring an additional 54 shares during the last quarter. Carolinas Wealth Consulting LLC grew its holdings in Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares during the last quarter. Sugarloaf Wealth Management LLC grew its holdings in Diamondback Energy by 0.3% during the 2nd quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock worth $3,999,000 after acquiring an additional 56 shares during the last quarter. Versant Capital Management Inc grew its holdings in Diamondback Energy by 16.1% during the 2nd quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock worth $82,000 after acquiring an additional 57 shares during the last quarter. Finally, Confluence Investment Management LLC grew its holdings in Diamondback Energy by 1.6% during the 2nd quarter. Confluence Investment Management LLC now owns 3,667 shares of the oil and natural gas company’s stock worth $734,000 after acquiring an additional 58 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

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.