Diamondback Energy (NASDAQ:FANG) Price Target Increased to $230.00 by Analysts at Truist Financial

Diamondback Energy (NASDAQ:FANG) had its target price raised by Truist Financial from $220.00 to $230.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the oil and natural gas company’s stock. Truist Financial’s price target indicates a potential upside of 25.03% from the company’s previous close.

A number of other research analysts also recently weighed in on the company. Wolfe Research began coverage on Diamondback Energy in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. StockNews.com downgraded Diamondback Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 6th. Piper Sandler boosted their target price on shares of Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a report on Tuesday. KeyCorp reduced their target price on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Jefferies Financial Group started coverage on shares of Diamondback Energy in a research report on Monday, September 16th. They set a “hold” rating and a $185.00 price target for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $210.32.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $183.96 on Wednesday. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The firm’s fifty day simple moving average is $186.67 and its 200 day simple moving average is $194.92. The stock has a market cap of $32.81 billion, a P/E ratio of 10.37, a price-to-earnings-growth ratio of 1.22 and a beta of 1.89. Diamondback Energy has a twelve month low of $145.70 and a twelve month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its 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. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the previous year, the firm posted $3.68 EPS. The company’s revenue for the quarter was up 29.4% compared to the same quarter last year. As a group, research analysts predict that Diamondback Energy will post 19.08 EPS for the current year.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction that occurred on 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 completion of the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently modified their holdings of the company. Stratos Wealth Advisors LLC purchased a new stake in Diamondback Energy during the third quarter valued at $1,786,000. Aaron Wealth Advisors LLC grew its stake in shares of Diamondback Energy by 10.6% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 1,759 shares of the oil and natural gas company’s stock valued at $303,000 after purchasing an additional 169 shares during the period. V Square Quantitative Management LLC increased its position in shares of Diamondback Energy by 57.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 1,901 shares of the oil and natural gas company’s stock valued at $328,000 after purchasing an additional 696 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Diamondback Energy by 2.9% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,467 shares of the oil and natural gas company’s stock worth $3,184,000 after purchasing an additional 513 shares during the period. Finally, TruWealth Advisors LLC boosted its holdings in shares of Diamondback Energy by 3.4% in the third quarter. TruWealth Advisors LLC now owns 95,505 shares of the oil and natural gas company’s stock worth $16,465,000 after buying an additional 3,118 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.