Diamondback Energy (NASDAQ:FANG) Price Target Raised to $198.00

Diamondback Energy (NASDAQ:FANG) had its price target hoisted by stock analysts at Morgan Stanley from $185.00 to $198.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the oil and natural gas company’s stock. Morgan Stanley’s target price would suggest a potential upside of 10.14% from the company’s previous close.

A number of other research firms have also recently weighed in on FANG. StockNews.com cut shares of Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 6th. Sanford C. Bernstein decreased their target price on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 17th. Barclays raised their price target on Diamondback Energy from $214.00 to $216.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $220.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 13th. Finally, Piper Sandler cut their target price on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $210.86.

Diamondback Energy Stock Up 2.8 %

Shares of NASDAQ FANG opened at $179.77 on Monday. The stock has a market cap of $32.06 billion, a P/E ratio of 10.13, a PEG ratio of 1.06 and a beta of 1.89. The business’s fifty day simple moving average is $193.74 and its 200-day simple moving average is $195.78. Diamondback Energy has a 12-month low of $143.08 and a 12-month high of $214.50. 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 (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. The firm had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. Diamondback Energy’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.68 EPS. As a group, equities analysts predict that Diamondback Energy will post 19.08 EPS for the current fiscal year.

Institutional Trading of Diamondback Energy

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Diamondback Energy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock valued at $3,391,567,000 after buying an additional 176,208 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Diamondback Energy by 38.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after purchasing an additional 2,381,488 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Diamondback Energy by 16.0% in the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after purchasing an additional 415,902 shares in the last quarter. Boston Partners boosted its stake in shares of Diamondback Energy by 235.6% during the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after acquiring an additional 1,916,900 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Diamondback Energy by 10.1% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock valued at $538,547,000 after acquiring an additional 247,065 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.