Diamondback Energy (NASDAQ:FANG) Price Target Raised to $216.00 at Barclays

Diamondback Energy (NASDAQ:FANG) had its price objective lifted by research analysts at Barclays from $214.00 to $216.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the oil and natural gas company’s stock. Barclays‘s price target would indicate a potential upside of 11.76% from the stock’s current price.

Other analysts have also issued reports about the stock. Wells Fargo & Company boosted their target price on shares of Diamondback Energy from $224.00 to $231.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. Wolfe Research started coverage on shares of Diamondback Energy in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. 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 report on Tuesday, July 23rd. Morgan Stanley dropped their price objective on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, April 15th. Finally, Stifel Nicolaus raised their price objective on Diamondback Energy from $224.00 to $229.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating, fourteen 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 has an average rating of “Moderate Buy” and an average price target of $210.00.

Diamondback Energy Stock Performance

Shares of FANG traded up $3.57 on Wednesday, reaching $193.27. The company’s stock had a trading volume of 499,730 shares, compared to its average volume of 1,570,000. Diamondback Energy has a 12-month low of $143.08 and a 12-month high of $214.50. The stock’s 50 day simple moving average is $197.92 and its two-hundred day simple moving average is $190.74. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89. The stock has a market capitalization of $34.47 billion, a P/E ratio of 11.00, a PEG ratio of 1.06 and a beta of 1.90.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the previous year, the business posted $3.68 earnings per share. The business’s revenue was up 29.4% compared to the same quarter last year. Research analysts forecast that Diamondback Energy will post 18.63 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the completion of the sale, the chief operating officer now owns 69,677 shares in the company, valued at $13,736,123.78. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Large investors have recently modified their holdings of the stock. CWM LLC raised its position in Diamondback Energy by 1.8% in the fourth quarter. CWM LLC now owns 19,717 shares of the oil and natural gas company’s stock worth $3,058,000 after acquiring an additional 354 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Diamondback Energy by 14.1% during the fourth quarter. Franklin Resources Inc. now owns 50,633 shares of the oil and natural gas company’s stock valued at $7,852,000 after acquiring an additional 6,240 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of Diamondback Energy by 748.0% during the fourth quarter. Larson Financial Group LLC now owns 15,221 shares of the oil and natural gas company’s stock valued at $2,361,000 after acquiring an additional 13,426 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Diamondback Energy by 613.7% during the fourth quarter. Sequoia Financial Advisors LLC now owns 15,401 shares of the oil and natural gas company’s stock valued at $2,388,000 after acquiring an additional 13,243 shares during the last quarter. Finally, abrdn plc boosted its stake in shares of Diamondback Energy by 70.9% during the fourth quarter. abrdn plc now owns 75,333 shares of the oil and natural gas company’s stock valued at $11,683,000 after acquiring an additional 31,241 shares during the last quarter. Hedge funds and other institutional investors 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.