Diamondback Energy (NASDAQ:FANG) Stock Rating Lowered by Zacks Research

Diamondback Energy (NASDAQ:FANG) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

FANG has been the subject of a number of other reports. Citigroup upped their price objective on shares of Diamondback Energy from $225.00 to $245.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Freedom Capital upgraded shares of Diamondback Energy to a “strong-buy” rating in a report on Tuesday, March 10th. The Goldman Sachs Group boosted their target price on shares of Diamondback Energy from $187.00 to $212.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. KeyCorp boosted their target price on shares of Diamondback Energy from $196.00 to $225.00 and gave the stock an “overweight” rating in a research report on Thursday, April 2nd. Finally, UBS Group boosted their target price on shares of Diamondback Energy from $240.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, April 10th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Diamondback Energy has an average rating of “Moderate Buy” and an average price target of $223.26.

Diamondback Energy Trading Down 1.4%

Shares of NASDAQ:FANG opened at $191.48 on Thursday. The stock has a market capitalization of $53.87 billion, a PE ratio of 222.65 and a beta of 0.46. Diamondback Energy has a 1 year low of $133.75 and a 1 year high of $214.51. The firm has a fifty day moving average price of $195.28 and a 200 day moving average price of $171.79. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.74 by $0.49. The firm had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. Diamondback Energy’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the company posted $4.54 earnings per share. Analysts expect that Diamondback Energy will post 19.49 EPS for the current fiscal year.

Insider Activity

In other Diamondback Energy news, CAO Teresa L. Dick sold 5,000 shares of the business’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $190.00, for a total transaction of $950,000.00. Following the completion of the transaction, the chief accounting officer owned 107,755 shares of the company’s stock, valued at $20,473,450. The trade was a 4.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Matt Zmigrosky sold 20,899 shares of the business’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $180.00, for a total transaction of $3,761,820.00. Following the transaction, the executive vice president directly owned 60,493 shares of the company’s stock, valued at approximately $10,888,740. This represents a 25.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 174,321 shares of company stock worth $32,090,475. Insiders own 0.64% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Glenmede Trust Co. NA raised its position in shares of Diamondback Energy by 1.4% during the first quarter. Glenmede Trust Co. NA now owns 6,944 shares of the oil and natural gas company’s stock valued at $1,373,000 after buying an additional 94 shares during the last quarter. Summit Financial Wealth Advisors LLC acquired a new position in shares of Diamondback Energy during the first quarter valued at about $370,000. BankChampaign National Association acquired a new position in shares of Diamondback Energy during the first quarter valued at about $413,000. Western Wealth Management LLC acquired a new position in shares of Diamondback Energy during the first quarter valued at about $970,000. Finally, Bank of America Corp DE raised its position in shares of Diamondback Energy by 4.5% during the first quarter. Bank of America Corp DE now owns 1,368,069 shares of the oil and natural gas company’s stock valued at $270,590,000 after buying an additional 59,023 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Company Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.