Diamondback Energy (NASDAQ:FANG) Raised to Hold at Wall Street Zen

Diamondback Energy (NASDAQ:FANG) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other brokerages also recently issued reports on FANG. UBS Group raised their price target on shares of Diamondback Energy from $171.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday, November 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Diamondback Energy in a research note on Monday. Melius initiated coverage on Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 price objective on the stock. Piper Sandler reduced their price objective on Diamondback Energy from $222.00 to $219.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 18th. Finally, Melius Research began coverage on Diamondback Energy in a report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $186.95.

Diamondback Energy Stock Down 0.6%

FANG stock opened at $158.60 on Friday. Diamondback Energy has a one year low of $114.00 and a one year high of $180.91. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.60 and a current ratio of 0.62. The firm’s fifty day moving average is $145.91 and its 200 day moving average is $143.48. The firm has a market cap of $45.42 billion, a PE ratio of 11.02 and a beta of 0.63.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share for the quarter, topping the consensus estimate of $2.94 by $0.14. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.48 billion. Diamondback Energy had a return on equity of 9.57% and a net margin of 27.32%.The business’s quarterly revenue was up 48.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.19 EPS. On average, research analysts forecast that Diamondback Energy will post 15.49 EPS for the current year.

Hedge Funds Weigh In On Diamondback Energy

Several institutional investors have recently added to or reduced their stakes in the business. JPL Wealth Management LLC acquired a new position in shares of Diamondback Energy in the 3rd quarter valued at $26,000. Creekmur Asset Management LLC acquired a new position in Diamondback Energy in the second quarter valued at $28,000. E Fund Management Hong Kong Co. Ltd. grew its position in Diamondback Energy by 106.3% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the oil and natural gas company’s stock valued at $28,000 after acquiring an additional 102 shares during the period. Twin Peaks Wealth Advisors LLC purchased a new stake in Diamondback Energy during the second quarter valued at about $29,000. Finally, SouthState Corp increased its stake in Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock worth $31,000 after acquiring an additional 167 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.