Royal Bank of Canada Reiterates Outperform Rating for Diamondback Energy (NASDAQ:FANG)

Diamondback Energy (NASDAQ:FANG)‘s stock had its “outperform” rating reaffirmed by equities researchers at Royal Bank of Canada in a report issued on Wednesday,Benzinga reports. They currently have a $210.00 price objective on the oil and natural gas company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 15.65% from the company’s current price.

A number of other brokerages have also recently issued reports on FANG. JPMorgan Chase & Co. began coverage on Diamondback Energy in a research note on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price objective on the stock. Susquehanna dropped their price target on shares of Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Barclays upgraded shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $216.00 to $210.00 in a research note on Wednesday, October 2nd. Citigroup began coverage on Diamondback Energy in a research report on Monday, October 14th. They set a “neutral” rating and a $195.00 target price on the stock. Finally, Jefferies Financial Group assumed coverage on Diamondback Energy in a research report on Monday, September 16th. They issued a “hold” rating and a $185.00 price target for the company. Two analysts have rated the stock with a sell rating, four have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Diamondback Energy has an average rating of “Moderate Buy” and a consensus target price of $209.64.

Diamondback Energy Trading Down 1.1 %

Shares of FANG stock opened at $181.59 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 has a market cap of $53.52 billion, a P/E ratio of 10.39, a PEG ratio of 1.26 and a beta of 1.89. The company has a 50 day moving average of $182.34 and a 200-day moving average of $192.55. Diamondback Energy has a 12-month low of $145.70 and a 12-month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 17.64% and a net margin of 33.64%. The firm had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the business earned $5.49 earnings per share. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. Sell-side analysts anticipate that Diamondback Energy will post 17.1 earnings per share for the current year.

Insider Buying and Selling at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quent Capital LLC raised its holdings in Diamondback Energy by 7.2% in the 2nd quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock worth $162,000 after purchasing an additional 54 shares in the last quarter. Carolinas Wealth Consulting LLC raised its stake in Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after buying an additional 55 shares in the last quarter. Financial Advocates Investment Management raised its stake in Diamondback Energy by 3.0% in the third quarter. Financial Advocates Investment Management now owns 1,907 shares of the oil and natural gas company’s stock worth $329,000 after buying an additional 55 shares in the last quarter. Sugarloaf Wealth Management LLC lifted its holdings in Diamondback Energy by 0.3% in the second quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock worth $3,999,000 after buying an additional 56 shares during the period. Finally, Versant Capital Management Inc boosted its position 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 valued at $82,000 after acquiring an additional 57 shares in 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.