Diamondback Energy (NASDAQ:FANG) Now Covered by William Blair

Equities researchers at William Blair started coverage on shares of Diamondback Energy (NASDAQ:FANG) in a report released on Monday,Benzinga reports. The firm set an “outperform” rating on the oil and natural gas company’s stock.

Other equities research analysts also recently issued research reports about the stock. Wells Fargo & Company upped their target price on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an “overweight” rating in a research note on Thursday, August 14th. Bank of America upped their target price on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Susquehanna lowered their target price on shares of Diamondback Energy from $192.00 to $188.00 and set a “positive” rating for the company in a research note on Wednesday, July 23rd. Mizuho lowered their target price on shares of Diamondback Energy from $186.00 to $179.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Finally, Royal Bank Of Canada assumed coverage on shares of Diamondback Energy in a research note on Friday, May 2nd. They issued an “outperform” rating and a $180.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Diamondback Energy presently has an average rating of “Buy” and a consensus price target of $193.33.

Diamondback Energy Price Performance

Shares of FANG stock opened at $143.28 on Monday. Diamondback Energy has a 1 year low of $114.00 and a 1 year high of $200.47. The firm’s 50 day moving average is $142.79 and its 200-day moving average is $143.54. The firm has a market capitalization of $41.48 billion, a price-to-earnings ratio of 10.18 and a beta of 1.09. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.Diamondback Energy’s revenue for the quarter was up 48.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.52 earnings per share. Sell-side analysts forecast that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the transaction, the chairman owned 102,145 shares of the company’s stock, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FANG. BankPlus Trust Department bought a new position in Diamondback Energy in the first quarter valued at $27,000. Creekmur Asset Management LLC acquired a new stake in Diamondback Energy in the second quarter valued at $28,000. Pinnacle Bancorp Inc. lifted its stake in Diamondback Energy by 95.7% in the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company’s stock valued at $29,000 after acquiring an additional 88 shares during the last quarter. Twin Peaks Wealth Advisors LLC acquired a new stake in Diamondback Energy in the second quarter valued at $29,000. Finally, SouthState Corp lifted its stake in Diamondback Energy by 596.4% in the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 167 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Company Profile

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.