Diamondback Energy (NASDAQ:FANG) Upgraded to Outperform at Wolfe Research

Diamondback Energy (NASDAQ:FANG) was upgraded by Wolfe Research from a “peer perform” rating to an “outperform” rating in a research report issued on Friday,Briefing.com Automated Import reports. The firm currently has a $190.00 price target on the oil and natural gas company’s stock. Wolfe Research’s price target would indicate a potential upside of 13.92% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Morgan Stanley increased their price objective on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Raymond James raised their price target on Diamondback Energy from $232.00 to $237.00 and gave the stock a “strong-buy” rating in a report on Tuesday, November 19th. Truist Financial raised their target price on Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. BMO Capital Markets upgraded shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and raised their price target for the company from $205.00 to $215.00 in a research note on Friday, October 4th. Finally, Susquehanna lowered their target price on Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $209.83.

Diamondback Energy Price Performance

FANG opened at $166.78 on Friday. The company has a market capitalization of $48.70 billion, a P/E ratio of 9.55, a PEG ratio of 1.21 and a beta of 1.88. The company has a 50-day moving average of $171.52 and a 200-day moving average of $184.77. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy has a 1-year low of $147.93 and a 1-year 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 EPS for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the business earned $5.49 EPS. The company’s quarterly revenue was up 13.0% on a year-over-year basis. Equities analysts expect that Diamondback Energy will post 16.28 EPS for the current fiscal year.

Insider Activity

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,150 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the transaction, the director now owns 4,712 shares in the company, valued at $852,872. This trade represents a 19.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.48% of the stock is owned by company insiders.

Institutional Investors Weigh In On Diamondback Energy

A number of hedge funds have recently made changes to their positions in FANG. Carolinas Wealth Consulting LLC boosted its holdings in shares of Diamondback Energy by 67.1% in 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 in the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at $40,000. Values First Advisors Inc. acquired a new position in Diamondback Energy during the 3rd quarter worth about $42,000. CVA Family Office LLC increased its position in Diamondback Energy by 28.1% in the 3rd quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock valued at $51,000 after acquiring an additional 65 shares in the last quarter. Finally, Oliver Lagore Vanvalin Investment Group raised its stake in shares of Diamondback Energy by 109.7% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock worth $52,000 after acquiring an additional 136 shares during the last quarter. Institutional investors and hedge funds 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.