Diamondback Energy (NASDAQ:FANG) Price Target Raised to $216.00 at Barclays

Diamondback Energy (NASDAQ:FANG) had its price objective increased by analysts at Barclays from $214.00 to $216.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and natural gas company’s stock. Barclays‘s target price points to a potential upside of 11.76% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Royal Bank of Canada lifted their price target on Diamondback Energy from $195.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, May 6th. Wolfe Research began coverage on Diamondback Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Stifel Nicolaus lifted their price target on Diamondback Energy from $224.00 to $229.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Piper Sandler raised their price objective on Diamondback Energy from $247.00 to $249.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Finally, Morgan Stanley decreased their price objective on Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, April 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $210.00.

Diamondback Energy Trading Up 1.9 %

FANG traded up $3.57 during mid-day trading on Wednesday, reaching $193.27. The stock had a trading volume of 499,730 shares, compared to its average volume of 1,570,000. The firm’s fifty day simple moving average is $197.92 and its two-hundred day simple moving average is $190.74. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The stock has a market capitalization of $34.47 billion, a P/E ratio of 11.00, a P/E/G ratio of 1.06 and a beta of 1.90. Diamondback Energy has a 52 week low of $143.08 and a 52 week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. The company had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The firm’s quarterly revenue was up 29.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.68 EPS. On average, equities analysts predict that Diamondback Energy will post 18.63 EPS for the current year.

Insider Buying and Selling

In related news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the sale, the chief operating officer now owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Diamondback Energy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock worth $3,391,567,000 after acquiring an additional 176,208 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Diamondback Energy by 38.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after buying an additional 2,381,488 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Diamondback Energy by 16.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after purchasing an additional 415,902 shares in the last quarter. Boston Partners increased its holdings in Diamondback Energy by 235.6% during the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after purchasing an additional 1,916,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Diamondback Energy by 9.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,213,631 shares of the oil and natural gas company’s stock worth $343,296,000 after purchasing an additional 188,590 shares in the last quarter. 90.01% of the stock is owned by 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.