Diamondback Energy (NASDAQ:FANG – Get Rating) had its target price raised by research analysts at Morgan Stanley from $170.00 to $175.00 in a research report issued to clients and investors on Monday, Stock Target Advisor reports. The brokerage currently has an “overweight” rating on the oil and natural gas company’s stock. Morgan Stanley’s target price points to a potential upside of 25.66% from the stock’s previous close.
Several other brokerages also recently commented on FANG. Bank of America cut their target price on Diamondback Energy from $170.00 to $143.00 and set a “neutral” rating for the company in a research note on Tuesday, July 19th. Citigroup lifted their price target on Diamondback Energy to $148.00 in a research report on Monday, July 4th. StockNews.com downgraded Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Friday, August 12th. Wells Fargo & Company dropped their price target on Diamondback Energy from $200.00 to $192.00 and set an “overweight” rating for the company in a research report on Monday, July 11th. Finally, Truist Financial lifted their price target on Diamondback Energy from $185.00 to $203.00 in a research report on Tuesday, July 19th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $168.58.
Diamondback Energy Price Performance
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NASDAQ FANG traded up $5.34 during trading hours on Monday, hitting $139.27. The company had a trading volume of 48,387 shares, compared to its average volume of 2,836,887. Diamondback Energy has a 52 week low of $73.26 and a 52 week high of $162.24. The firm has a 50 day simple moving average of $122.47 and a 200 day simple moving average of $131.94. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.69 and a current ratio of 0.73. The firm has a market capitalization of $24.16 billion, a price-to-earnings ratio of 6.51, a PEG ratio of 0.24 and a beta of 2.12.
Diamondback Energy (NASDAQ:FANG – Get Rating) last issued its earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 EPS for the quarter, topping the consensus estimate of $6.66 by $0.41. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter last year, the company earned $2.40 EPS. The firm’s revenue was up 64.7% compared to the same quarter last year. Equities research analysts expect that Diamondback Energy will post 26.05 earnings per share for the current year.
Diamondback Energy declared that its Board of Directors has approved a share buyback program on Monday, August 1st that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the oil and natural gas company to purchase up to 17.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
Insiders Place Their Bets
In other news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $160.00, for a total value of $960,000.00. Following the sale, the chief financial officer now directly owns 61,334 shares in the company, valued at approximately $9,813,440. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.42% of the company’s stock.
Institutional Investors Weigh In On Diamondback Energy
A number of large investors have recently made changes to their positions in the business. Wetherby Asset Management Inc. grew its position in shares of Diamondback Energy by 1.4% in the 4th quarter. Wetherby Asset Management Inc. now owns 5,774 shares of the oil and natural gas company’s stock worth $622,000 after buying an additional 77 shares during the last quarter. Brown Brothers Harriman & Co. boosted its position in shares of Diamondback Energy by 14.5% during the second quarter. Brown Brothers Harriman & Co. now owns 624 shares of the oil and natural gas company’s stock valued at $76,000 after purchasing an additional 79 shares in the last quarter. Hodges Capital Management Inc. boosted its position in shares of Diamondback Energy by 2.3% during the second quarter. Hodges Capital Management Inc. now owns 3,721 shares of the oil and natural gas company’s stock valued at $451,000 after purchasing an additional 82 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its position in shares of Diamondback Energy by 2.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 3,697 shares of the oil and natural gas company’s stock valued at $507,000 after purchasing an additional 83 shares in the last quarter. Finally, Biltmore Wealth Management LLC boosted its position in shares of Diamondback Energy by 1.6% during the first quarter. Biltmore Wealth Management LLC now owns 5,410 shares of the oil and natural gas company’s stock valued at $742,000 after purchasing an additional 84 shares in the last quarter. 89.97% of the stock is currently owned by institutional investors.
About Diamondback Energy
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.
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