Diamondback Energy (NASDAQ:FANG) Given New $206.00 Price Target at Morgan Stanley

Diamondback Energy (NASDAQ:FANG) had its price objective decreased by Morgan Stanley from $227.00 to $206.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and natural gas company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 30.76% from the stock’s current price.

Several other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $210.00 price target on shares of Diamondback Energy in a research note on Thursday, January 23rd. Mizuho increased their price objective on shares of Diamondback Energy from $201.00 to $204.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 25th. Truist Financial lifted their target price on Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Finally, Piper Sandler reduced their price target on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.33.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $157.54 on Thursday. The company has a fifty day moving average price of $158.66 and a 200 day moving average price of $169.73. The firm has a market cap of $45.60 billion, a PE ratio of 9.02, a PEG ratio of 1.24 and a beta of 1.85. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. Diamondback Energy has a 1-year low of $137.09 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.07. The company had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. Research analysts predict that Diamondback Energy will post 15.49 earnings per share for the current fiscal year.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $156.51 per share, with a total value of $313,020.00. Following the transaction, the director now directly owns 5,730 shares in the company, valued at $896,802.30. This trade represents a 53.62 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors have recently added to or reduced their stakes in the stock. Demars Financial Group LLC purchased a new position in Diamondback Energy in the fourth quarter valued at about $638,050,000. Raymond James Financial Inc. bought a new stake in shares of Diamondback Energy in the 4th quarter worth approximately $298,327,000. Alyeska Investment Group L.P. purchased a new position in Diamondback Energy in the fourth quarter valued at approximately $185,193,000. Assenagon Asset Management S.A. grew its holdings in Diamondback Energy by 1,153.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company’s stock valued at $185,606,000 after purchasing an additional 1,042,505 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in Diamondback Energy by 11.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock worth $1,496,859,000 after buying an additional 928,429 shares during the last quarter. 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.