Diamondback Energy’s (FANG) Buy Rating Reaffirmed at Benchmark

Diamondback Energy (NASDAQ:FANG)‘s stock had its “buy” rating reiterated by investment analysts at Benchmark in a note issued to investors on Tuesday, Benzinga reports. They presently have a $195.00 price objective on the oil and natural gas company’s stock. Benchmark’s price objective would indicate a potential upside of 10.39% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Piper Sandler raised their price target on shares of Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $220.00 price target on shares of Diamondback Energy in a research note on Tuesday, September 17th. Johnson Rice cut Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, September 24th. Morgan Stanley increased their price objective on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Finally, Wolfe Research initiated coverage on Diamondback Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $210.09.

Diamondback Energy Trading Up 0.6 %

Shares of FANG opened at $176.65 on Tuesday. The company has a market capitalization of $31.50 billion, a PE ratio of 9.96, a price-to-earnings-growth ratio of 1.27 and a beta of 1.89. Diamondback Energy has a fifty-two week low of $145.70 and a fifty-two week high of $214.50. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66. The stock has a fifty day moving average of $183.98 and a two-hundred day moving average of $193.38.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results 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. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period last year, the company posted $3.68 EPS. The business’s quarterly revenue was up 29.4% on a year-over-year basis. As a group, analysts forecast that Diamondback Energy will post 17.37 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the sale, the insider now directly owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The trade was 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 the SEC website. Corporate insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealthcare Advisory Partners LLC bought a new position in shares of Diamondback Energy during the 1st quarter worth approximately $233,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Diamondback Energy by 9.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 10,980 shares of the oil and natural gas company’s stock worth $2,176,000 after purchasing an additional 967 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Diamondback Energy by 0.8% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 429,164 shares of the oil and natural gas company’s stock worth $85,047,000 after purchasing an additional 3,582 shares in the last quarter. Valley National Advisers Inc. increased its position in shares of Diamondback Energy by 25.0% during the 1st quarter. Valley National Advisers Inc. now owns 721 shares of the oil and natural gas company’s stock worth $142,000 after purchasing an additional 144 shares in the last quarter. Finally, Norden Group LLC bought a new position in Diamondback Energy during the 1st quarter valued at about $3,095,000. 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.