Diamondback Energy (NASDAQ:FANG) PT Lowered to $219.00

Diamondback Energy (NASDAQ:FANG) had its price objective dropped by analysts at Wells Fargo & Company from $230.00 to $219.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the oil and natural gas company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 23.33% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Benchmark reaffirmed a “buy” rating and set a $154.00 target price on shares of Diamondback Energy in a research note on Tuesday, August 6th. KeyCorp assumed coverage on shares of Diamondback Energy in a research note on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price objective for the company. Wolfe Research assumed coverage on shares of Diamondback Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Bank of America lifted their price objective on shares of Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Finally, Susquehanna dropped their price objective 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $207.24.

Diamondback Energy Price Performance

Shares of FANG stock traded up $5.17 on Tuesday, hitting $177.57. 1,948,168 shares of the stock traded hands, compared to its average volume of 1,644,519. The firm has a market cap of $31.67 billion, a price-to-earnings ratio of 10.01, a PEG ratio of 1.17 and a beta of 1.89. Diamondback Energy has a 52 week low of $143.08 and a 52 week high of $214.50. The firm has a 50 day simple moving average of $188.52 and a two-hundred day simple moving average of $195.43. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating the consensus estimate of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. Diamondback Energy’s quarterly revenue was up 29.4% on a year-over-year basis. During the same period last year, the company posted $3.68 earnings per share. As a group, equities research analysts predict that Diamondback Energy will post 18.97 earnings per share for the current fiscal year.

Insider Activity at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy 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 completion of the sale, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Diamondback Energy

Several large investors have recently modified their holdings of the business. Mattson Financial Services LLC bought a new stake in shares of Diamondback Energy in the 2nd quarter valued at about $74,000. Centaurus Financial Inc. raised its holdings in shares of Diamondback Energy by 52.2% in the 2nd quarter. Centaurus Financial Inc. now owns 1,513 shares of the oil and natural gas company’s stock valued at $303,000 after purchasing an additional 519 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Diamondback Energy by 1,320.0% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 69,578 shares of the oil and natural gas company’s stock worth $13,929,000 after acquiring an additional 64,678 shares in the last quarter. Newbridge Financial Services Group Inc. raised its stake in shares of Diamondback Energy by 31.5% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 2,062 shares of the oil and natural gas company’s stock worth $413,000 after acquiring an additional 494 shares in the last quarter. Finally, Heritage Wealth Management Inc. bought a new position in shares of Diamondback Energy during the 2nd quarter worth approximately $966,000. Institutional investors 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.