Diamondback Energy (NASDAQ:FANG) Price Target Lowered to $232.00 at Piper Sandler

Diamondback Energy (NASDAQ:FANG) had its price target lowered by research analysts at Piper Sandler from $252.00 to $232.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the oil and natural gas company’s stock. Piper Sandler’s target price would indicate a potential upside of 47.87% from the company’s current price.

Other analysts have also issued research reports about the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $210.00 price objective on shares of Diamondback Energy in a research note on Wednesday, November 6th. Jefferies Financial Group began coverage on Diamondback Energy in a report on Monday, September 16th. They set a “hold” rating and a $185.00 target price on the stock. Barclays upgraded Diamondback Energy from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $216.00 to $210.00 in a research report on Wednesday, October 2nd. UBS Group cut their target price on shares of Diamondback Energy from $235.00 to $212.00 and set a “buy” rating for the company in a report on Monday, December 9th. Finally, BMO Capital Markets upgraded shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and raised their price target for the company from $205.00 to $215.00 in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Diamondback Energy has an average rating of “Moderate Buy” and a consensus price target of $210.70.

Diamondback Energy Trading Down 1.3 %

Shares of NASDAQ:FANG traded down $2.04 during trading on Tuesday, reaching $156.89. The company’s stock had a trading volume of 928,296 shares, compared to its average volume of 1,773,850. The stock has a market capitalization of $45.81 billion, a PE ratio of 8.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.88. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The firm’s 50 day simple moving average is $178.68 and its two-hundred day simple moving average is $187.65. Diamondback Energy has a 12 month low of $147.93 and a 12 month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the firm posted $5.49 earnings per share. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year. On average, research analysts predict that Diamondback Energy will post 16.28 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the sale, the director now owns 4,712 shares in the company, valued at $852,872. This represents a 19.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction on 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 transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This represents a 92.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Carolinas Wealth Consulting LLC grew its position in Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after buying an additional 55 shares during the last quarter. HHM Wealth Advisors LLC acquired a new position in shares of Diamondback Energy during the second quarter worth about $40,000. Values First Advisors Inc. purchased a new position in Diamondback Energy during the third quarter worth about $42,000. CVA Family Office LLC boosted its holdings in Diamondback Energy by 28.1% in the 3rd quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock valued at $51,000 after purchasing an additional 65 shares in the last quarter. Finally, Oliver Lagore Vanvalin Investment Group raised its position in Diamondback Energy by 109.7% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock worth $52,000 after acquiring an additional 136 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other 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.