Diamondback Energy (NASDAQ:FANG) Given New $230.00 Price Target at Truist Financial

Diamondback Energy (NASDAQ:FANG) had its price objective raised by equities researchers at Truist Financial from $220.00 to $230.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the oil and natural gas company’s stock. Truist Financial’s price objective indicates a potential upside of 26.84% from the stock’s current price.

Several other equities research analysts have also issued reports on FANG. KeyCorp reduced their price objective on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research note on Wednesday. Royal Bank of Canada reissued an “outperform” rating and set a $220.00 target price on shares of Diamondback Energy in a research report on Tuesday, September 17th. Wolfe Research began coverage on shares of Diamondback Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Scotiabank dropped their price objective on shares of Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, Benchmark boosted their price objective on shares of Diamondback Energy from $154.00 to $195.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $210.32.

Diamondback Energy Stock Up 0.9 %

Shares of NASDAQ FANG traded up $1.56 during mid-day trading on Wednesday, reaching $181.33. The company had a trading volume of 123,444 shares, compared to its average volume of 1,728,698. The stock has a fifty day moving average of $187.12 and a two-hundred day moving average of $195.08. Diamondback Energy has a 12-month low of $145.70 and a 12-month high of $214.50. The company has a market capitalization of $32.34 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 1.22 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the previous year, the business earned $3.68 EPS. Diamondback Energy’s quarterly revenue was up 29.4% compared to the same quarter last year. As a group, equities research analysts expect that Diamondback Energy will post 19.08 EPS for the current year.

Insider Transactions at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the transaction, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FANG. SeaCrest Wealth Management LLC increased its position in shares of Diamondback Energy by 5.2% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,732 shares of the oil and natural gas company’s stock worth $471,000 after purchasing an additional 135 shares during the last quarter. Swedbank AB increased its position in shares of Diamondback Energy by 69.2% during the 3rd quarter. Swedbank AB now owns 154,922 shares of the oil and natural gas company’s stock worth $26,709,000 after purchasing an additional 63,360 shares during the last quarter. Creative Planning increased its position in shares of Diamondback Energy by 3.0% during the 3rd quarter. Creative Planning now owns 34,391 shares of the oil and natural gas company’s stock worth $5,929,000 after purchasing an additional 1,004 shares during the last quarter. Wesbanco Bank Inc. increased its position in shares of Diamondback Energy by 6.4% during the 3rd quarter. Wesbanco Bank Inc. now owns 75,755 shares of the oil and natural gas company’s stock worth $13,060,000 after purchasing an additional 4,543 shares during the last quarter. Finally, Wedge Capital Management L L P NC increased its position in shares of Diamondback Energy by 6.3% during the 3rd quarter. Wedge Capital Management L L P NC now owns 40,692 shares of the oil and natural gas company’s stock worth $7,015,000 after purchasing an additional 2,394 shares during the last quarter. 90.01% of the stock is 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.