Diamondback Energy (NASDAQ:FANG – Get Rating) had its price target lifted by investment analysts at Truist Financial from $203.00 to $209.00 in a report issued on Friday. The firm presently has a “buy” rating on the oil and natural gas company’s stock. Truist Financial’s price objective points to a potential upside of 33.79% from the company’s current price.
A number of other research analysts also recently commented on the company. Susquehanna Bancshares increased their target price on Diamondback Energy from $180.00 to $190.00 in a research report on Wednesday, November 9th. MKM Partners increased their target price on Diamondback Energy to $170.00 in a research report on Tuesday. StockNews.com began coverage on Diamondback Energy in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Raymond James increased their target price on Diamondback Energy from $190.00 to $200.00 and gave the company a “strong-buy” rating in a research report on Monday, October 24th. Finally, Mizuho increased their price target on Diamondback Energy from $203.00 to $211.00 and gave the company a “buy” rating in a report on Monday, October 24th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $181.10.
Diamondback Energy Price Performance
Shares of NASDAQ FANG traded down $5.56 during midday trading on Friday, reaching $156.22. 3,786,509 shares of the stock traded hands, compared to its average volume of 2,741,184. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.61 and a quick ratio of 0.58. The stock has a market capitalization of $27.49 billion, a PE ratio of 6.36, a P/E/G ratio of 0.29 and a beta of 2.06. Diamondback Energy has a one year low of $95.02 and a one year high of $168.95. The company’s 50 day moving average is $143.91 and its 200 day moving average is $135.29.
Diamondback Energy declared that its board has initiated a stock repurchase plan 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 buy up to 17.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Hedge Funds Weigh In On Diamondback Energy
Several institutional investors and hedge funds have recently added to or reduced their stakes in FANG. GSA Capital Partners LLP purchased a new stake in shares of Diamondback Energy during the first quarter worth about $790,000. Steward Partners Investment Advisory LLC grew its stake in shares of Diamondback Energy by 14.2% during the first quarter. Steward Partners Investment Advisory LLC now owns 29,882 shares of the oil and natural gas company’s stock worth $4,096,000 after acquiring an additional 3,723 shares during the last quarter. Scotia Capital Inc. grew its stake in shares of Diamondback Energy by 46.2% during the first quarter. Scotia Capital Inc. now owns 3,166 shares of the oil and natural gas company’s stock worth $434,000 after acquiring an additional 1,001 shares during the last quarter. MAI Capital Management grew its stake in shares of Diamondback Energy by 13.2% during the second quarter. MAI Capital Management now owns 5,452 shares of the oil and natural gas company’s stock worth $661,000 after acquiring an additional 635 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of Diamondback Energy by 22.7% during the second quarter. Envestnet Asset Management Inc. now owns 210,746 shares of the oil and natural gas company’s stock worth $25,532,000 after acquiring an additional 38,973 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.
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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