Diamondback Energy (NASDAQ:FANG) Given New $252.00 Price Target at Piper Sandler

Diamondback Energy (NASDAQ:FANG) had its price objective raised by Piper Sandler from $240.00 to $252.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the oil and natural gas company’s stock. Piper Sandler’s price target suggests a potential upside of 38.11% from the stock’s previous close.

A number of other research firms have also commented on FANG. Benchmark upped their price objective on shares of Diamondback Energy from $154.00 to $195.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Bank of America upped their price objective on shares of Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. Sanford C. Bernstein reduced their price target on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. JPMorgan Chase & Co. began coverage on shares of Diamondback Energy in a research report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price target for the company. Finally, Johnson Rice lowered shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $210.32.

Diamondback Energy Price Performance

FANG stock opened at $182.46 on Tuesday. 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 has a one year low of $145.70 and a one year high of $214.50. The firm has a market capitalization of $32.54 billion, a PE ratio of 10.29, a P/E/G ratio of 1.22 and a beta of 1.89. The firm has a 50-day moving average of $186.94 and a two-hundred day moving average of $194.99.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the firm earned $3.68 earnings per share. The business’s quarterly revenue was up 29.4% on a year-over-year basis. On average, analysts forecast that Diamondback Energy will post 19.08 earnings per share for the current year.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the 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 transaction, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC grew its holdings in Diamondback Energy by 178.1% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock valued at $6,112,000 after purchasing an additional 19,552 shares during the last quarter. Central Valley Advisors LLC acquired a new stake in shares of Diamondback Energy in the first quarter worth $1,801,000. Cullen Investment Group LTD. grew its stake in shares of Diamondback Energy by 33.5% in the third quarter. Cullen Investment Group LTD. now owns 11,978 shares of the oil and natural gas company’s stock worth $2,065,000 after acquiring an additional 3,008 shares during the last quarter. ORG Partners LLC grew its stake in shares of Diamondback Energy by 2,768.9% in the second quarter. ORG Partners LLC now owns 4,332 shares of the oil and natural gas company’s stock worth $883,000 after acquiring an additional 4,181 shares during the last quarter. Finally, Homestead Advisers Corp acquired a new stake in shares of Diamondback Energy in the first quarter worth $87,940,000. Institutional investors and hedge funds 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.