Diamondback Energy (NASDAQ:FANG – Get Free Report) was upgraded by investment analysts at Bank of America from an “underperform” rating to a “neutral” rating in a report issued on Monday, Briefing.com reports. The brokerage presently has a $170.00 target price on the oil and natural gas company’s stock, up from their prior target price of $129.00. Bank of America‘s price objective points to a potential upside of 1.91% from the company’s current price.
Several other research firms also recently commented on FANG. Citigroup downgraded shares of Diamondback Energy from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $160.00 to $170.00 in a research note on Monday, October 23rd. Truist Financial boosted their price objective on shares of Diamondback Energy from $215.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. Bank Of America (Bofa) reduced their price objective on shares of Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating on the stock in a research report on Thursday, January 18th. Morgan Stanley reduced their price objective on shares of Diamondback Energy from $171.00 to $169.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 17th. Finally, KeyCorp reduced their price objective on shares of Diamondback Energy from $183.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, January 11th. One analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $177.59.
View Our Latest Research Report on Diamondback Energy
Diamondback Energy Price Performance
Shares of FANG stock traded up $15.07 during trading hours on Monday, reaching $166.81. The stock had a trading volume of 3,280,168 shares, compared to its average volume of 1,681,379. The stock’s fifty day simple moving average is $153.32 and its 200 day simple moving average is $154.21. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37. Diamondback Energy has a 12 month low of $119.01 and a 12 month high of $171.40. The firm has a market capitalization of $29.86 billion, a PE ratio of 9.43, a PEG ratio of 0.37 and a beta of 1.89.
Institutional Investors Weigh In On Diamondback Energy
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AlphaCrest Capital Management LLC boosted its stake in Diamondback Energy by 6.0% in the 1st quarter. AlphaCrest Capital Management LLC now owns 3,156 shares of the oil and natural gas company’s stock worth $433,000 after purchasing an additional 178 shares during the period. Raymond James Trust N.A. boosted its stake in Diamondback Energy by 8.2% in the 1st quarter. Raymond James Trust N.A. now owns 4,932 shares of the oil and natural gas company’s stock worth $676,000 after purchasing an additional 374 shares during the period. Cibc World Market Inc. boosted its stake in Diamondback Energy by 13.6% in the 1st quarter. Cibc World Market Inc. now owns 34,403 shares of the oil and natural gas company’s stock worth $4,716,000 after purchasing an additional 4,129 shares during the period. Vontobel Holding Ltd. bought a new position in Diamondback Energy in the 1st quarter worth approximately $223,000. Finally, Blair William & Co. IL bought a new position in Diamondback Energy in the 1st quarter worth approximately $205,000. 87.84% of the stock is owned by hedge funds and other institutional investors.
Diamondback Energy Company Profile
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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