Wells Fargo & Company Lowers Diamondback Energy (NASDAQ:FANG) Price Target to $207.00

Diamondback Energy (NASDAQ:FANG) had its price target reduced by equities research analysts at Wells Fargo & Company from $215.00 to $207.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and natural gas company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 51.60% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $210.00 target price on shares of Diamondback Energy in a research note on Thursday, January 23rd. Morgan Stanley reaffirmed an “overweight” rating on shares of Diamondback Energy in a report on Tuesday, April 15th. Truist Financial increased their price target on Diamondback Energy from $238.00 to $242.00 and gave the company a “buy” rating in a research note on Thursday, April 17th. Raymond James decreased their price objective on Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating for the company in a research note on Wednesday, March 12th. Finally, Scotiabank cut their target price on Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating on the stock in a research note on Friday, April 11th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.75.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock opened at $136.54 on Monday. The firm has a 50 day simple moving average of $146.28 and a 200 day simple moving average of $164.02. Diamondback Energy has a fifty-two week low of $114.00 and a fifty-two week high of $214.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The firm has a market cap of $40.15 billion, a P/E ratio of 7.82, a P/E/G ratio of 1.24 and a beta of 1.44.

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

Insider Activity

In related news, Director Frank D. Tsuru purchased 2,000 shares of Diamondback Energy stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the transaction, the director now owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. This trade represents a 53.62 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Diamondback Energy

A number of institutional investors and hedge funds have recently made changes to their positions in FANG. Lakewood Asset Management LLC increased its holdings in Diamondback Energy by 0.5% during the fourth quarter. Lakewood Asset Management LLC now owns 11,340 shares of the oil and natural gas company’s stock worth $1,858,000 after buying an additional 60 shares during the last quarter. Magnolia Capital Advisors LLC increased its stake in shares of Diamondback Energy by 2.0% during the 4th quarter. Magnolia Capital Advisors LLC now owns 3,247 shares of the oil and natural gas company’s stock worth $532,000 after purchasing an additional 64 shares during the last quarter. Barden Capital Management Inc. raised its holdings in shares of Diamondback Energy by 1.5% in the 4th quarter. Barden Capital Management Inc. now owns 4,380 shares of the oil and natural gas company’s stock valued at $718,000 after purchasing an additional 64 shares during the period. Greenleaf Trust lifted its stake in Diamondback Energy by 1.0% in the 4th quarter. Greenleaf Trust now owns 6,892 shares of the oil and natural gas company’s stock valued at $1,129,000 after purchasing an additional 66 shares during the last quarter. Finally, Buckhead Capital Management LLC increased its position in Diamondback Energy by 0.3% during the fourth quarter. Buckhead Capital Management LLC now owns 19,830 shares of the oil and natural gas company’s stock worth $3,249,000 after buying an additional 67 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

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.