Diamondback Energy (NASDAQ:FANG) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

Stock analysts at JPMorgan Chase & Co. initiated coverage on shares of Diamondback Energy (NASDAQ:FANG) in a research note issued on Wednesday, FinViz reports. The brokerage set an “overweight” rating and a $182.00 price target on the oil and natural gas company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 2.52% from the stock’s previous close.

FANG has been the subject of a number of other research reports. Royal Bank of Canada restated an “outperform” rating and set a $220.00 price objective on shares of Diamondback Energy in a report on Tuesday, September 17th. StockNews.com lowered shares of Diamondback Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 6th. KeyCorp began coverage on shares of Diamondback Energy in a research note on Thursday, June 27th. They issued an “overweight” rating and a $225.00 target price on the stock. Susquehanna decreased their price target on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Finally, Piper Sandler dropped their price objective on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $205.82.

Diamondback Energy Price Performance

FANG stock opened at $177.52 on Wednesday. Diamondback Energy has a 52 week low of $143.08 and a 52 week high of $214.50. The firm has a market capitalization of $31.66 billion, a P/E ratio of 10.01, a price-to-earnings-growth ratio of 1.17 and a beta of 1.89. The company has a fifty day simple moving average of $188.11 and a two-hundred day simple moving average of $195.35. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results 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. The company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm’s revenue was up 29.4% on a year-over-year basis. During the same quarter last year, the business posted $3.68 earnings per share. Analysts anticipate that Diamondback Energy will post 18.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Large investors have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC lifted its stake in Diamondback Energy by 2.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 198,126 shares of the oil and natural gas company’s stock valued at $30,725,000 after acquiring an additional 5,163 shares during the period. Royal London Asset Management Ltd. lifted its position in Diamondback Energy by 12.1% during the fourth quarter. Royal London Asset Management Ltd. now owns 83,520 shares of the oil and natural gas company’s stock valued at $12,952,000 after purchasing an additional 9,034 shares during the period. First Trust Advisors LP boosted its holdings in Diamondback Energy by 14.2% in the fourth quarter. First Trust Advisors LP now owns 602,830 shares of the oil and natural gas company’s stock valued at $93,487,000 after purchasing an additional 74,886 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Diamondback Energy by 180.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 30,193 shares of the oil and natural gas company’s stock valued at $4,682,000 after purchasing an additional 19,434 shares during the last quarter. Finally, Crossmark Global Holdings Inc. raised its stake in shares of Diamondback Energy by 1.9% during the 4th quarter. Crossmark Global Holdings Inc. now owns 6,732 shares of the oil and natural gas company’s stock valued at $1,044,000 after buying an additional 128 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.