Diamondback Energy (NASDAQ:FANG) Price Target Cut to $223.00

Diamondback Energy (NASDAQ:FANG) had its price target lowered by stock analysts at UBS Group from $247.00 to $223.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the oil and natural gas company’s stock. UBS Group’s price target points to a potential upside of 24.01% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Barclays raised their target price on Diamondback Energy from $214.00 to $216.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. KeyCorp assumed coverage on Diamondback Energy in a report on Thursday, June 27th. They set an “overweight” rating and a $225.00 price target on the stock. Wolfe Research began coverage on Diamondback Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Benchmark reissued a “buy” rating and issued a $154.00 price target on shares of Diamondback Energy in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Diamondback Energy has an average rating of “Moderate Buy” and an average price target of $209.71.

Diamondback Energy Stock Performance

FANG traded up $0.05 during trading on Wednesday, hitting $179.82. The stock had a trading volume of 221,736 shares, compared to its average volume of 1,543,980. The company has a 50 day moving average price of $193.74 and a 200-day moving average price of $195.78. The firm has a market cap of $32.07 billion, a price-to-earnings ratio of 10.12, a P/E/G ratio of 1.06 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. Diamondback Energy has a one year low of $143.08 and a one year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $2.19 billion. During the same quarter in the previous year, the firm earned $3.68 EPS. Diamondback Energy’s revenue was up 29.4% on a year-over-year basis. As a group, research analysts predict that Diamondback Energy will post 19.08 EPS for the current year.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its position in Diamondback Energy by 38.2% in the first 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 buying an additional 2,381,488 shares in the last quarter. Boston Partners lifted its holdings in Diamondback Energy by 235.6% during the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after purchasing an additional 1,916,900 shares in the last quarter. Homestead Advisers Corp purchased a new position in Diamondback Energy during the first quarter valued at approximately $87,940,000. Bank of New York Mellon Corp boosted its position in shares of Diamondback Energy by 16.0% in the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after purchasing an additional 415,902 shares during the period. Finally, Canada Pension Plan Investment Board increased its stake in shares of Diamondback Energy by 280.8% in the second quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company’s stock worth $109,144,000 after purchasing an additional 402,026 shares in 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.