Diamondback Energy (NASDAQ:FANG) Given New $215.00 Price Target at Wells Fargo & Company

Diamondback Energy (NASDAQ:FANG) had its price objective reduced by equities research analysts at Wells Fargo & Company from $219.00 to $215.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the oil and natural gas company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 47.49% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. Morgan Stanley boosted their price objective on shares of Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. StockNews.com raised Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, November 13th. Citigroup cut Diamondback Energy from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Raymond James lifted their target price on Diamondback Energy from $237.00 to $256.00 and gave the stock a “strong-buy” rating in a research note on Thursday, January 23rd. Finally, Truist Financial increased their price target on Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $214.83.

Diamondback Energy Stock Up 0.8 %

NASDAQ FANG traded up $1.13 during trading hours on Wednesday, hitting $145.78. 639,955 shares of the company traded hands, compared to its average volume of 2,428,304. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The business’s 50-day moving average is $163.18 and its 200-day moving average is $172.54. The stock has a market capitalization of $42.19 billion, a price-to-earnings ratio of 8.35, a P/E/G ratio of 1.24 and a beta of 1.84. Diamondback Energy has a twelve month low of $137.09 and a twelve month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data 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 the consensus estimate of $3.55 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. Sell-side analysts anticipate that Diamondback Energy will post 15.49 earnings per share for the current year.

Insiders Place Their Bets

In other Diamondback Energy news, Director Frank D. Tsuru acquired 2,000 shares of Diamondback Energy stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, the director now directly owns 5,730 shares of the company’s stock, valued at $896,802.30. This represents a 53.62 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors have recently added to or reduced their stakes in the stock. Demars Financial Group LLC bought a new stake in shares of Diamondback Energy during the fourth quarter worth $638,050,000. Raymond James Financial Inc. acquired a new stake in shares of Diamondback Energy during the 4th quarter valued at $298,327,000. Alyeska Investment Group L.P. bought a new stake in Diamondback Energy during the 4th quarter worth $185,193,000. Assenagon Asset Management S.A. increased its holdings in Diamondback Energy by 1,153.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company’s stock worth $185,606,000 after purchasing an additional 1,042,505 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Diamondback Energy by 11.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock valued at $1,496,859,000 after purchasing an additional 928,429 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.