Wells Fargo & Company Lowers Diamondback Energy (NASDAQ:FANG) Price Target to $218.00

Diamondback Energy (NASDAQ:FANG) had its target price dropped by stock analysts at Wells Fargo & Company from $219.00 to $218.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the oil and natural gas company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 18.48% from the company’s current price.

FANG has been the topic of several other reports. Susquehanna lowered their target price on shares of Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a research note on Friday. Wolfe Research began coverage on Diamondback Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $205.00 to $215.00 in a research note on Friday, October 4th. Bank of America raised their price target on Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. Finally, Benchmark boosted their price objective on Diamondback Energy from $154.00 to $195.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and an average price target of $210.09.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $183.99 on Friday. The firm has a market capitalization of $32.81 billion, a P/E ratio of 10.37, a PEG ratio of 1.22 and a beta of 1.89. Diamondback Energy has a one year low of $145.70 and a one year high of $214.50. 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 business has a fifty day moving average price of $186.35 and a 200-day moving average price of $194.77.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the company earned $3.68 EPS. The firm’s revenue was up 29.4% compared to the same quarter last year. As a group, equities research analysts forecast that Diamondback Energy will post 19.08 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s 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 directly owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC boosted its position in Diamondback Energy by 178.1% during the 2nd 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 acquiring an additional 19,552 shares in the last quarter. Central Valley Advisors LLC bought a new position in shares of Diamondback Energy in the 1st quarter worth approximately $1,801,000. Cullen Investment Group LTD. lifted its stake in shares of Diamondback Energy by 33.5% in the 3rd quarter. Cullen Investment Group LTD. now owns 11,978 shares of the oil and natural gas company’s stock valued at $2,065,000 after purchasing an additional 3,008 shares during the period. ORG Partners LLC boosted its position in shares of Diamondback Energy by 2,768.9% during the second quarter. ORG Partners LLC now owns 4,332 shares of the oil and natural gas company’s stock valued at $883,000 after purchasing an additional 4,181 shares in the last quarter. Finally, Homestead Advisers Corp purchased a new stake in Diamondback Energy in the first quarter worth $87,940,000. Hedge funds and other 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.