Diamondback Energy (NASDAQ:FANG) PT Raised to $170.00

Diamondback Energy (NASDAQ:FANGGet Rating) had its price target boosted by analysts at MKM Partners to $170.00 in a research report issued to clients and investors on Tuesday, Stock Target Advisor reports. MKM Partners’ price objective indicates a potential upside of 6.93% from the stock’s previous close.

FANG has been the subject of a number of other reports. StockNews.com initiated coverage on shares of Diamondback Energy in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Jefferies Financial Group started coverage on shares of Diamondback Energy in a research note on Wednesday, October 19th. They issued a “hold” rating and a $159.00 price objective on the stock. Citigroup upped their price objective on shares of Diamondback Energy from $148.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday, September 21st. Susquehanna boosted their target price on shares of Diamondback Energy from $180.00 to $190.00 in a research report on Wednesday, November 9th. Finally, Piper Sandler boosted their target price on shares of Diamondback Energy from $195.00 to $209.00 and gave the company an “overweight” rating in a research report on Tuesday, October 18th. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Diamondback Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.30.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $158.98 on Tuesday. The firm has a 50 day moving average of $142.89 and a 200-day moving average of $134.90. The stock has a market capitalization of $27.98 billion, a PE ratio of 6.48, a PEG ratio of 0.30 and a beta of 2.06. The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 0.37. Diamondback Energy has a 12 month low of $95.02 and a 12 month high of $168.95.

Diamondback Energy declared that its board has initiated a stock repurchase program on Monday, August 1st that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the oil and natural gas company to buy up to 17.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Diamondback Energy

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Diamondback Energy by 2.8% in the 3rd quarter. Vanguard Group Inc. now owns 21,771,852 shares of the oil and natural gas company’s stock worth $2,622,637,000 after buying an additional 584,025 shares during the last quarter. State Street Corp grew its stake in shares of Diamondback Energy by 7.0% during the 3rd quarter. State Street Corp now owns 11,524,297 shares of the oil and natural gas company’s stock valued at $1,388,217,000 after acquiring an additional 755,625 shares during the period. FMR LLC grew its stake in shares of Diamondback Energy by 9.8% during the 2nd quarter. FMR LLC now owns 8,686,863 shares of the oil and natural gas company’s stock valued at $1,052,413,000 after acquiring an additional 775,843 shares during the period. Boston Partners grew its stake in shares of Diamondback Energy by 1.4% during the 3rd quarter. Boston Partners now owns 3,383,551 shares of the oil and natural gas company’s stock valued at $408,686,000 after acquiring an additional 46,024 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Diamondback Energy by 18.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,685,441 shares of the oil and natural gas company’s stock valued at $323,487,000 after acquiring an additional 412,521 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Diamondback Energy Company Profile

(Get Rating)

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.

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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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