Royal Bank of Canada Reaffirms “Outperform” Rating for Diamondback Energy (NASDAQ:FANG)

Diamondback Energy (NASDAQ:FANG)‘s stock had its “outperform” rating reiterated by research analysts at Royal Bank of Canada in a report released on Tuesday, Benzinga reports. They currently have a $220.00 price objective on the oil and natural gas company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 23.51% from the company’s current price.

Other research analysts have also issued research reports about the stock. StockNews.com lowered shares of Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Saturday, July 6th. Truist Financial increased their price target on Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Susquehanna dropped their price objective on Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Bank of America increased their target price on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Finally, Scotiabank dropped their price target on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $209.71.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $178.12 on Tuesday. The firm has a market cap of $31.77 billion, a P/E ratio of 10.04, a price-to-earnings-growth ratio of 1.06 and a beta of 1.89. The business’s 50 day moving average is $193.26 and its 200-day moving average is $195.65. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. Diamondback Energy has a 1-year low of $143.08 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, topping the consensus estimate of $4.51 by $0.01. The firm had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The company’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter last year, the business earned $3.68 EPS. Equities research analysts predict that Diamondback Energy will post 19.08 earnings per share for the current year.

Institutional Investors Weigh In On Diamondback Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Founders Capital Management boosted its stake in shares of Diamondback Energy by 404.0% during the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after purchasing an additional 101 shares in the last quarter. First Community Trust NA acquired a new stake in Diamondback Energy during the 2nd quarter worth approximately $26,000. Carolinas Wealth Consulting LLC grew its holdings in Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares during the last quarter. Logan Capital Management Inc. acquired a new position in Diamondback Energy in the 4th quarter valued at approximately $31,000. Finally, HHM Wealth Advisors LLC bought a new position in shares of Diamondback Energy during the second quarter valued at $40,000. Institutional investors own 90.01% of the company’s stock.

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.