Diamondback Energy (NASDAQ:FANG) Price Target Cut to $220.00

Diamondback Energy (NASDAQ:FANG) had its price target cut by equities researchers at Truist Financial from $255.00 to $220.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the oil and natural gas company’s stock. Truist Financial’s target price suggests a potential upside of 29.21% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Barclays upped their price target on Diamondback Energy from $214.00 to $216.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. 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 report on Monday, September 16th. Susquehanna dropped their price objective on Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Scotiabank dropped their price objective 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. Finally, Johnson Rice cut Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus price target of $208.05.

Diamondback Energy Trading Down 0.2 %

Diamondback Energy stock traded down $0.36 during trading on Monday, reaching $170.27. 366,066 shares of the company were exchanged, compared to its average volume of 1,630,125. Diamondback Energy has a 52-week low of $143.08 and a 52-week high of $214.50. The company has a market capitalization of $30.37 billion, a P/E ratio of 9.63, a PEG ratio of 1.17 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. The stock’s 50 day simple moving average is $189.17 and its two-hundred day simple moving average is $195.55.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.51 by $0.01. The company had revenue of $2.48 billion during 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 firm’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.68 earnings per share. On average, equities research analysts expect that Diamondback Energy will post 18.97 earnings per share for the current fiscal year.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

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

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.