Raymond James Lowers Diamondback Energy (NASDAQ:FANG) Price Target to $214.00

Diamondback Energy (NASDAQ:FANG) had its price objective cut by equities researchers at Raymond James from $245.00 to $214.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “strong-buy” rating on the oil and natural gas company’s stock. Raymond James’ price objective would indicate a potential upside of 46.78% from the stock’s previous close.

A number of other brokerages also recently weighed in on FANG. Piper Sandler lowered their price target on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Wolfe Research upgraded shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 target price for the company in a research note on Friday, January 3rd. Morgan Stanley raised their price target on shares of Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Mizuho lifted their price target on shares of Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a report on Tuesday, February 25th. Finally, Truist Financial increased their price objective on shares of Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.92.

Diamondback Energy Stock Down 0.5 %

FANG stock opened at $145.80 on Wednesday. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The firm has a 50 day simple moving average of $162.41 and a 200-day simple moving average of $172.18. The company has a market capitalization of $42.20 billion, a P/E ratio of 8.35, a PEG ratio of 1.24 and a beta of 1.84. Diamondback Energy has a twelve month low of $137.09 and a twelve month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.07. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. On average, equities research analysts predict that Diamondback Energy will post 15.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru purchased 2,000 shares of the company’s stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the transaction, the director now owns 5,730 shares in the company, valued at $896,802.30. The trade was a 53.62 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds have recently made changes to their positions in FANG. State Street Corp boosted its holdings in Diamondback Energy by 1.3% during the third quarter. State Street Corp now owns 11,858,555 shares of the oil and natural gas company’s stock worth $2,044,415,000 after buying an additional 149,871 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Diamondback Energy by 11.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock valued at $1,496,859,000 after acquiring an additional 928,429 shares during the last quarter. Boston Partners boosted its stake in shares of Diamondback Energy by 12.4% during the 4th quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company’s stock worth $849,202,000 after acquiring an additional 571,820 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Diamondback Energy by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,710,165 shares of the oil and natural gas company’s stock worth $769,706,000 after acquiring an additional 91,605 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Diamondback Energy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock worth $682,036,000 after acquiring an additional 502,916 shares during the last quarter. Institutional investors and hedge funds 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.