Evercore ISI Trims Diamondback Energy (NASDAQ:FANG) Target Price to $209.00

Diamondback Energy (NASDAQ:FANG) had its price target dropped by analysts at Evercore ISI from $235.00 to $209.00 in a report released on Monday, Benzinga reports. The firm currently has an “outperform” rating on the oil and natural gas company’s stock. Evercore ISI’s price target indicates a potential upside of 17.73% from the company’s current price.

FANG has been the subject of several other research reports. Truist Financial decreased their price target on Diamondback Energy from $255.00 to $220.00 and set a “buy” rating for the company in a research note on Monday. Wells Fargo & Company decreased their target price on Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, August 14th. Piper Sandler dropped their price target on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Sanford C. Bernstein decreased their price objective on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Finally, Morgan Stanley increased their price objective on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $207.24.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $177.52 on Monday. The company has a market capitalization of $31.66 billion, a price-to-earnings ratio of 10.01, a price-to-earnings-growth ratio of 1.17 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66. Diamondback Energy has a one year low of $143.08 and a one year high of $214.50. The company’s 50-day moving average is $188.11 and its 200 day moving average is $195.35.

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

Insider Buying and Selling at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, 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 filing with the SEC, which is accessible through this hyperlink. Insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FANG. TD Asset Management Inc lifted its holdings in shares of Diamondback Energy by 3.8% in the fourth quarter. TD Asset Management Inc now owns 118,201 shares of the oil and natural gas company’s stock worth $18,331,000 after buying an additional 4,358 shares in the last quarter. Scotia Capital Inc. lifted its stake in Diamondback Energy by 1.8% in the 4th quarter. Scotia Capital Inc. now owns 12,105 shares of the oil and natural gas company’s stock worth $1,877,000 after purchasing an additional 218 shares in the last quarter. NEOS Investment Management LLC boosted its holdings in shares of Diamondback Energy by 3.8% during the 4th quarter. NEOS Investment Management LLC now owns 8,050 shares of the oil and natural gas company’s stock valued at $1,248,000 after purchasing an additional 295 shares during the last quarter. Rafferty Asset Management LLC grew its position in shares of Diamondback Energy by 10.8% during the fourth quarter. Rafferty Asset Management LLC now owns 164,801 shares of the oil and natural gas company’s stock valued at $25,557,000 after purchasing an additional 16,083 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in shares of Diamondback Energy by 2.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 198,126 shares of the oil and natural gas company’s stock valued at $30,725,000 after purchasing an additional 5,163 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

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.