Diamondback Energy (NASDAQ:FANG) PT Lowered to $220.00 at Truist Financial

Diamondback Energy (NASDAQ:FANG) had its price target decreased by investment analysts at Truist Financial from $255.00 to $220.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the oil and natural gas company’s stock. Truist Financial’s price objective suggests a potential upside of 29.21% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Benchmark reissued a “buy” rating and issued a $154.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 6th. Scotiabank dropped their target price on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Sanford C. Bernstein lowered their target price on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. Jefferies Financial Group began coverage on Diamondback Energy in a research note on Monday, September 16th. They issued a “hold” rating and a $185.00 price objective on the stock. Finally, Susquehanna decreased their price objective on Diamondback Energy from $245.00 to $237.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $208.05.

Diamondback Energy Trading Down 0.2 %

FANG traded down $0.36 on Monday, reaching $170.27. 366,066 shares of the company traded hands, compared to its average volume of 1,630,125. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The company has a market cap of $30.37 billion, a P/E ratio of 9.63, a price-to-earnings-growth ratio of 1.17 and a beta of 1.89. The firm has a fifty day simple moving average of $189.17 and a two-hundred day simple moving average of $195.55. Diamondback Energy has a one year low of $143.08 and a one year high of $214.50.

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

Insider Transactions at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was 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 of the company’s stock, valued at $181,732,485.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Diamondback Energy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock worth $3,391,567,000 after buying an additional 176,208 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Diamondback Energy by 38.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after buying an additional 2,381,488 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Diamondback Energy by 16.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after purchasing an additional 415,902 shares during the last quarter. Boston Partners raised its stake in Diamondback Energy by 235.6% in the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after buying an additional 1,916,900 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Diamondback Energy by 10.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock valued at $538,547,000 after purchasing an additional 247,065 shares during the period. Hedge funds and other 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.