Diamondback Energy (NASDAQ:FANG) Now Covered by Jefferies Financial Group

Equities researchers at Jefferies Financial Group initiated coverage on shares of Diamondback Energy (NASDAQ:FANG) in a research report issued on Monday, StockNewsAPI reports. The brokerage set a “hold” rating and a $185.00 price target on the oil and natural gas company’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 8.01% from the stock’s current price.

Several other equities research analysts have also commented on the company. Wells Fargo & Company cut their price objective on Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Truist Financial boosted their price objective on Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Sanford C. Bernstein lowered their target price on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. Bank of America boosted their target price on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Finally, Scotiabank lowered their target price on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Diamondback Energy presently has an average rating of “Moderate Buy” and an average price target of $210.19.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $171.28 on Monday. Diamondback Energy has a 12 month low of $143.08 and a 12 month high of $214.50. The stock has a 50 day moving average of $194.77 and a two-hundred day moving average of $195.87. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. The firm has a market cap of $30.55 billion, a P/E ratio of 9.66, a price-to-earnings-growth ratio of 1.06 and a beta of 1.89.

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, 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 company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period in the previous year, the business earned $3.68 EPS. Diamondback Energy’s quarterly revenue was up 29.4% on a year-over-year basis. On average, analysts expect that Diamondback Energy will post 19.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. increased its position in shares of Diamondback Energy by 31.5% during the second quarter. Newbridge Financial Services Group Inc. now owns 2,062 shares of the oil and natural gas company’s stock worth $413,000 after acquiring an additional 494 shares during the period. Heritage Wealth Management Inc. purchased a new stake in shares of Diamondback Energy during the second quarter worth $966,000. Sanctuary Advisors LLC purchased a new stake in shares of Diamondback Energy during the second quarter worth $10,229,000. Clearbridge Investments LLC increased its position in shares of Diamondback Energy by 45.1% during the second quarter. Clearbridge Investments LLC now owns 296,752 shares of the oil and natural gas company’s stock worth $59,407,000 after acquiring an additional 92,213 shares during the period. Finally, New Wave Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy during the second quarter worth $402,000. 90.01% of the stock is currently 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.