JPMorgan Chase & Co. Lowers Diamondback Energy (NASDAQ:FANG) Price Target to $167.00

Diamondback Energy (NASDAQ:FANG) had its target price lowered by investment analysts at JPMorgan Chase & Co. from $212.00 to $167.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and natural gas company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 11.19% from the company’s previous close.

FANG has been the topic of several other research reports. The Goldman Sachs Group began coverage on shares of Diamondback Energy in a research note on Monday, December 2nd. They set a “buy” rating and a $227.00 price objective on the stock. 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 report on Wednesday, February 19th. Piper Sandler lowered their price target on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. UBS Group raised their price target on shares of Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Raymond James reduced their price objective on shares of Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eighteen have issued a buy rating and two have assigned 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 target price of $211.92.

Diamondback Energy Stock Up 3.0 %

FANG stock opened at $150.20 on Thursday. The company has a market cap of $43.47 billion, a P/E ratio of 8.60, a P/E/G ratio of 1.24 and a beta of 1.84. Diamondback Energy has a 52 week low of $137.09 and a 52 week high of $214.50. The company’s 50-day moving average price is $162.00 and its 200 day moving average price is $171.85. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. On average, research analysts expect 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 acquired 2,000 shares of the stock in a transaction dated Friday, February 28th. The shares were bought at an average price of $156.51 per share, with a total value of $313,020.00. Following the purchase, the director now directly owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. This trade represents a 53.62 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Diamondback Energy

Hedge funds have recently made changes to their positions in the business. QRG Capital Management Inc. boosted its holdings in shares of Diamondback Energy by 38.4% in the fourth quarter. QRG Capital Management Inc. now owns 11,675 shares of the oil and natural gas company’s stock worth $1,913,000 after buying an additional 3,238 shares during the period. Swedbank AB lifted its stake in Diamondback Energy by 28.0% in the fourth quarter. Swedbank AB now owns 198,283 shares of the oil and natural gas company’s stock valued at $32,485,000 after acquiring an additional 43,361 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Diamondback Energy by 631.1% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,148 shares of the oil and natural gas company’s stock valued at $7,069,000 after purchasing an additional 37,246 shares during the period. Franklin Resources Inc. raised its position in shares of Diamondback Energy by 48.5% in the third quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock valued at $28,008,000 after purchasing an additional 47,951 shares during the period. Finally, Tectonic Advisors LLC increased its position in Diamondback Energy by 38.2% during the fourth quarter. Tectonic Advisors LLC now owns 31,467 shares of the oil and natural gas company’s stock worth $5,155,000 after acquiring an additional 8,704 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

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.