Royal Bank of Canada Raises Diamondback Energy (NASDAQ:FANG) Price Target to $220.00

Diamondback Energy (NASDAQ:FANG) had its target price raised by analysts at Royal Bank of Canada from $195.00 to $220.00 in a report released on Monday, Benzinga reports. The firm currently has an “outperform” rating on the oil and natural gas company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 8.01% from the company’s current price.

FANG has been the topic of a number of other reports. Evercore ISI increased their price objective on Diamondback Energy from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, March 25th. UBS Group raised their price target on shares of Diamondback Energy from $183.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. StockNews.com raised shares of Diamondback Energy from a “hold” rating to a “buy” rating in a report on Thursday, May 2nd. Morgan Stanley reduced their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, April 15th. Finally, Piper Sandler lifted their price objective on Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Diamondback Energy has an average rating of “Moderate Buy” and an average target price of $205.68.

Diamondback Energy Price Performance

Shares of FANG stock opened at $203.68 on Monday. The stock’s 50-day simple moving average is $196.55 and its 200-day simple moving average is $171.35. The firm has a market capitalization of $36.32 billion, a price-to-earnings ratio of 11.48 and a beta of 1.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. Diamondback Energy has a fifty-two week low of $123.41 and a fifty-two week high of $211.96.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same quarter last year, the company posted $4.10 earnings per share. The business’s quarterly revenue was up 15.7% on a year-over-year basis. As a group, equities analysts forecast that Diamondback Energy will post 18.91 earnings per share for the current fiscal year.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total value of $1,153,020.00. Following the transaction, the chief operating officer now owns 78,218 shares in the company, valued at approximately $15,031,153.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total value of $1,153,020.00. Following the transaction, the chief operating officer now directly owns 78,218 shares of the company’s stock, valued at $15,031,153.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the sale, the chief executive officer now directly owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The disclosure for this sale can be found here. Insiders have sold 58,575 shares of company stock valued at $11,491,006 over the last ninety days. Insiders own 0.43% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FANG. Massachusetts Financial Services Co. MA increased its stake in shares of Diamondback Energy by 39.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,007,599 shares of the oil and natural gas company’s stock worth $465,817,000 after buying an additional 858,446 shares during the period. Diamond Hill Capital Management Inc. acquired a new position in shares of Diamondback Energy during the third quarter worth $128,720,000. Wellington Management Group LLP raised its stake in Diamondback Energy by 4.8% in the third quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock valued at $2,209,617,000 after buying an additional 648,317 shares in the last quarter. Raymond James & Associates boosted its position in shares of Diamondback Energy by 143.0% during the 4th quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock worth $152,177,000 after acquiring an additional 577,514 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in shares of Diamondback Energy by 286.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 595,694 shares of the oil and natural gas company’s stock worth $92,380,000 after acquiring an additional 441,411 shares in the last quarter. Hedge funds and other institutional investors 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.