Raymond James Lowers Diamondback Energy (NASDAQ:FANG) Price Target to $214.00

Diamondback Energy (NASDAQ:FANG) had its price target dropped by equities researchers at Raymond James from $245.00 to $214.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “strong-buy” rating on the oil and natural gas company’s stock. Raymond James’ price objective suggests a potential upside of 46.42% from the company’s current price.

Several other equities analysts also recently weighed in on FANG. Piper Sandler dropped their target price on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Williams Trading set a $190.00 target price on Diamondback Energy in a report on Wednesday, March 5th. Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price target for the company in a report on Friday, January 3rd. Wells Fargo & Company dropped their price objective on Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Royal Bank of Canada restated an “outperform” rating and set a $210.00 target price on shares of Diamondback Energy in a research note on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $213.08.

Diamondback Energy Price Performance

Shares of NASDAQ FANG traded up $1.50 during midday trading on Wednesday, hitting $146.15. The stock had a trading volume of 868,877 shares, compared to its average volume of 2,434,042. Diamondback Energy has a 1 year low of $137.09 and a 1 year high of $214.50. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $42.30 billion, a PE ratio of 8.39, a P/E/G ratio of 1.24 and a beta of 1.84. The stock has a 50 day simple moving average of $163.18 and a 200-day simple moving average of $172.54.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.07. The company had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.55 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. On average, sell-side analysts expect that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Insider Transactions at Diamondback Energy

In other news, Director Frank D. Tsuru bought 2,000 shares of the business’s stock in a transaction on Friday, February 28th. The stock was purchased at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the transaction, the director now directly owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. This trade represents a 53.62 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

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