Scotiabank Increases Diamondback Energy (NASDAQ:FANG) Price Target to $255.00

Diamondback Energy (NASDAQ:FANG) had its target price upped by equities researchers at Scotiabank from $210.00 to $255.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “sector outperform” rating on the oil and natural gas company’s stock. Scotiabank’s price target would suggest a potential upside of 23.58% from the stock’s current price.

A number of other analysts also recently issued reports on FANG. Piper Sandler increased their price target on shares of Diamondback Energy from $222.00 to $227.00 and gave the stock an “overweight” rating in a report on Thursday, March 7th. Morgan Stanley increased their price objective on shares of Diamondback Energy from $177.00 to $186.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $195.00 price objective on shares of Diamondback Energy in a report on Monday, March 4th. Raymond James decreased their price target on shares of Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Finally, KeyCorp raised their price target on shares of Diamondback Energy from $186.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $196.05.

Diamondback Energy Trading Down 0.9 %

Shares of Diamondback Energy stock opened at $206.34 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 0.38. Diamondback Energy has a 12-month low of $123.41 and a 12-month high of $211.96. The firm has a market capitalization of $36.80 billion, a price-to-earnings ratio of 11.90 and a beta of 1.93. The firm’s 50 day simple moving average is $184.85 and its two-hundred day simple moving average is $165.91.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share for the quarter, topping analysts’ consensus estimates of $4.61 by $0.13. The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.16 billion. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.29 earnings per share. Analysts predict that Diamondback Energy will post 18.52 EPS for the current year.

Insider Buying and Selling at Diamondback Energy

In other news, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total transaction of $384,000.00. Following the transaction, the chief accounting officer now directly owns 96,523 shares of the company’s stock, valued at approximately $18,532,416. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CAO Teresa L. Dick sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total value of $384,000.00. Following the sale, the chief accounting officer now directly owns 96,523 shares in the company, valued at approximately $18,532,416. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Jere W. Thompson III sold 2,675 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $192.35, for a total transaction of $514,536.25. Following the completion of the sale, the vice president now owns 8,485 shares in the company, valued at $1,632,089.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,675 shares of company stock valued at $11,311,096. 0.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Patriot Financial Group Insurance Agency LLC lifted its holdings in Diamondback Energy by 3.7% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,797 shares of the oil and natural gas company’s stock valued at $278,000 after purchasing an additional 64 shares in the last quarter. Coldstream Capital Management Inc. lifted its holdings in Diamondback Energy by 1.8% in the 3rd quarter. Coldstream Capital Management Inc. now owns 3,655 shares of the oil and natural gas company’s stock valued at $566,000 after purchasing an additional 64 shares in the last quarter. MCF Advisors LLC boosted its position in shares of Diamondback Energy by 8.6% in the fourth quarter. MCF Advisors LLC now owns 846 shares of the oil and natural gas company’s stock worth $131,000 after acquiring an additional 67 shares during the last quarter. Veracity Capital LLC boosted its position in shares of Diamondback Energy by 3.5% in the third quarter. Veracity Capital LLC now owns 2,061 shares of the oil and natural gas company’s stock worth $319,000 after acquiring an additional 70 shares during the last quarter. Finally, Bleakley Financial Group LLC boosted its position in shares of Diamondback Energy by 2.5% in the fourth quarter. Bleakley Financial Group LLC now owns 3,115 shares of the oil and natural gas company’s stock worth $483,000 after acquiring an additional 75 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.