Diamondback Energy (NASDAQ:FANG) Price Target Raised to $242.00 at Truist Financial

Diamondback Energy (NASDAQ:FANG) had its target price upped by stock analysts at Truist Financial from $238.00 to $242.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the oil and natural gas company’s stock. Truist Financial’s price target suggests a potential upside of 78.53% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Royal Bank of Canada restated an “outperform” rating and issued a $210.00 price objective on shares of Diamondback Energy in a report on Thursday, January 23rd. Barclays lowered their price objective on Diamondback Energy from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Tuesday, March 18th. Morgan Stanley reissued an “overweight” rating on shares of Diamondback Energy in a research report on Tuesday. JPMorgan Chase & Co. lowered their price target on Diamondback Energy from $167.00 to $166.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Finally, Citigroup raised shares of Diamondback Energy from a “reduce” rating to a “buy” rating and raised their price objective for the stock from $157.00 to $180.00 in a report on Monday, April 7th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus target price of $208.33.

Diamondback Energy Stock Up 4.1 %

FANG traded up $5.33 during trading hours on Thursday, hitting $135.55. 545,576 shares of the company’s stock were exchanged, compared to its average volume of 2,648,027. The firm has a market cap of $39.86 billion, a P/E ratio of 7.76, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. Diamondback Energy has a 12-month low of $114.00 and a 12-month high of $214.50. 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 has a 50 day moving average of $148.10 and a 200 day moving average of $165.44.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. The business had revenue of $3.71 billion for 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%. Analysts predict that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Insider Buying and Selling

In other Diamondback Energy news, Director Frank D. Tsuru purchased 2,000 shares of the stock in a transaction dated Friday, February 28th. The shares were acquired 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 $896,802.30. This trade represents a 53.62 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors have recently made changes to their positions in the stock. Dynamic Advisor Solutions LLC boosted its position in Diamondback Energy by 14.0% during the first quarter. Dynamic Advisor Solutions LLC now owns 4,030 shares of the oil and natural gas company’s stock worth $644,000 after acquiring an additional 494 shares during the last quarter. Tcfg Wealth Management LLC acquired a new stake in Diamondback Energy in the 1st quarter worth about $405,000. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Diamondback Energy during the 1st quarter valued at about $22,252,000. Elevation Point Wealth Partners LLC boosted its position in shares of Diamondback Energy by 162.4% in the first quarter. Elevation Point Wealth Partners LLC now owns 5,109 shares of the oil and natural gas company’s stock worth $817,000 after acquiring an additional 3,162 shares during the last quarter. Finally, Opinicus Capital Inc. increased its position in Diamondback Energy by 75.6% during the first quarter. Opinicus Capital Inc. now owns 2,806 shares of the oil and natural gas company’s stock worth $449,000 after purchasing an additional 1,208 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

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.