Diamondback Energy (NASDAQ:FANG) Rating Increased to Buy at Bank of America

Diamondback Energy (NASDAQ:FANG) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Tuesday,Briefing.com Automated Import reports. The brokerage currently has a $170.00 price objective on the oil and natural gas company’s stock. Bank of America‘s price objective would suggest a potential upside of 23.35% from the company’s previous close.

Several other research analysts have also recently weighed in on the company. Scotiabank cut their price objective on Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. Williams Trading set a $190.00 price objective on Diamondback Energy in a research report on Wednesday, March 5th. Susquehanna cut their price objective on Diamondback Energy from $219.00 to $194.00 and set a “positive” rating on the stock in a research report on Tuesday, April 22nd. Piper Sandler cut their price objective on Diamondback Energy from $240.00 to $234.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Finally, UBS Group lowered their target price on Diamondback Energy from $175.00 to $163.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Two research 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. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $199.00.

Diamondback Energy Stock Up 0.8 %

Shares of NASDAQ:FANG opened at $137.82 on Tuesday. The stock has a market cap of $40.53 billion, a price-to-earnings ratio of 7.89, a PEG ratio of 1.24 and a beta of 1.44. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. Diamondback Energy has a 12-month low of $114.00 and a 12-month high of $214.50. The business’s 50 day moving average is $144.59 and its 200 day moving average is $162.17.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.07. The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations 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 forecast that Diamondback Energy will post 15.49 earnings per share for the current fiscal year.

Insider Transactions at Diamondback Energy

In other news, Director Frank D. Tsuru acquired 2,000 shares of the business’s stock in a transaction dated 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 acquisition, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

A number of hedge funds and other institutional investors have recently modified their holdings of FANG. QRG Capital Management Inc. boosted its stake in shares of Diamondback Energy by 38.4% during the fourth quarter. QRG Capital Management Inc. now owns 11,675 shares of the oil and natural gas company’s stock valued at $1,913,000 after purchasing an additional 3,238 shares during the period. Swedbank AB increased its stake in shares of Diamondback Energy by 28.0% in the fourth quarter. Swedbank AB now owns 198,283 shares of the oil and natural gas company’s stock worth $32,485,000 after buying an additional 43,361 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its stake in shares of Diamondback Energy by 631.1% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,148 shares of the oil and natural gas company’s stock worth $7,069,000 after buying an additional 37,246 shares during the period. Franklin Resources Inc. increased its stake in shares of Diamondback Energy by 48.5% in the third quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock worth $28,008,000 after buying an additional 47,951 shares during the period. Finally, Tectonic Advisors LLC increased its stake in shares of Diamondback Energy by 38.2% in the fourth quarter. Tectonic Advisors LLC now owns 31,467 shares of the oil and natural gas company’s stock worth $5,155,000 after buying an additional 8,704 shares during the period. 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.