Wells Fargo & Company Issues Pessimistic Forecast for Diamondback Energy (NASDAQ:FANG) Stock Price

Diamondback Energy (NASDAQ:FANG) had its price objective cut by equities research analysts at Wells Fargo & Company from $219.00 to $215.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the oil and natural gas company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 47.46% from the company’s previous close.

Several other brokerages also recently issued reports on FANG. Royal Bank of Canada restated an “outperform” rating and set a $210.00 price objective on shares of Diamondback Energy in a report on Thursday, January 23rd. Piper Sandler dropped their price target on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Truist Financial boosted their price target on Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. StockNews.com raised Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, November 13th. Finally, Wolfe Research upgraded Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 target price on the stock in a research note on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Diamondback Energy currently has a consensus rating of “Moderate Buy” and an average price target of $211.92.

Diamondback Energy Trading Down 0.5 %

NASDAQ:FANG 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. Diamondback Energy has a 1-year low of $137.09 and a 1-year high of $214.50. The firm has a market capitalization of $42.20 billion, a price-to-earnings ratio of 8.35, a PEG ratio of 1.24 and a beta of 1.84. The business’s 50-day moving average price is $162.41 and its two-hundred day moving average price is $172.18.

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 for the quarter, beating analysts’ consensus estimates of $3.57 by $0.07. The business had revenue of $3.71 billion for 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 analysts expect that Diamondback Energy will post 15.49 earnings per share for the current year.

Insider Buying and Selling at Diamondback Energy

In related news, Director Frank D. Tsuru purchased 2,000 shares of the stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $156.51 per share, with a total value of $313,020.00. Following the acquisition, the director now directly 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 acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

A number of institutional investors have recently made changes to their positions in the company. Wintrust Investments LLC acquired a new stake in Diamondback Energy during the 4th quarter worth approximately $28,000. R Squared Ltd bought a new position in Diamondback Energy during the 4th quarter worth $29,000. UMB Bank n.a. lifted its holdings in shares of Diamondback Energy by 247.3% during the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock worth $31,000 after buying an additional 136 shares in the last quarter. Fourth Dimension Wealth LLC bought a new stake in shares of Diamondback Energy in the fourth quarter valued at about $33,000. Finally, Key Financial Inc grew its stake in shares of Diamondback Energy by 940.0% in the fourth quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company’s stock valued at $34,000 after acquiring an additional 188 shares in the last quarter. Institutional investors 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.