Diamondback Energy (NASDAQ:FANG) Price Target Lowered to $233.00 at Susquehanna

Diamondback Energy (NASDAQ:FANG) had its target price reduced by stock analysts at Susquehanna from $237.00 to $233.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “positive” rating on the oil and natural gas company’s stock. Susquehanna’s target price would indicate a potential upside of 26.64% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. UBS Group reduced their price objective on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. 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. Evercore ISI dropped their target price on shares of Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a report on Monday, September 30th. BMO Capital Markets raised shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and upped their price target for the company from $205.00 to $215.00 in a report on Friday, October 4th. Finally, Wolfe Research began coverage on shares of Diamondback Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $210.09.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $183.99 on Friday. The firm’s fifty day simple moving average is $186.35 and its 200-day simple moving average is $194.77. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The stock has a market cap of $32.81 billion, a PE ratio of 10.37, a price-to-earnings-growth ratio of 1.22 and a beta of 1.89. Diamondback Energy has a fifty-two week low of $145.70 and a fifty-two week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (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 analysts’ expectations of $2.19 billion. During the same period last year, the company posted $3.68 earnings per share. The firm’s quarterly revenue was up 29.4% compared to the same quarter last year. Analysts expect that Diamondback Energy will post 19.08 earnings per share for the current fiscal year.

Insider Activity 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 shares were 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 of the company’s stock, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Diamondback Energy

A number of large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in Diamondback Energy by 38.2% during the 1st 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 raised its stake in shares of Diamondback Energy by 16.0% in the 2nd 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 acquiring an additional 415,902 shares during the period. Boston Partners lifted its holdings 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 valued at $541,844,000 after acquiring an additional 1,916,900 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Diamondback Energy by 10.1% during the 2nd 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. Finally, Pacer Advisors Inc. increased its holdings in Diamondback Energy by 7.1% in the 2nd quarter. Pacer Advisors Inc. now owns 2,473,831 shares of the oil and natural gas company’s stock valued at $495,236,000 after purchasing an additional 164,732 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.