Diamondback Energy (NASDAQ:FANG) Price Target Cut to $157.00 by Analysts at Citigroup

Diamondback Energy (NASDAQ:FANG) had its target price lowered by Citigroup from $195.00 to $157.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the oil and natural gas company’s stock. Citigroup’s price objective points to a potential upside of 2.14% from the company’s current price.

Several other brokerages have also recently weighed in on FANG. 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. Royal Bank of Canada reiterated an “outperform” rating and set a $210.00 target price on shares of Diamondback Energy in a research note on Thursday, January 23rd. Piper Sandler lowered their target price on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. UBS Group upped their price target on shares of Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Finally, Wells Fargo & Company decreased their price target on shares of Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating on the stock in a report on Wednesday, March 12th. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average price target of $210.33.

Diamondback Energy Trading Up 2.3 %

NASDAQ:FANG traded up $3.51 during trading hours on Monday, hitting $153.71. The stock had a trading volume of 1,144,079 shares, compared to its average volume of 2,449,338. The business’s 50 day moving average is $162.00 and its 200-day moving average is $171.53. The company has a market cap of $44.49 billion, a price-to-earnings ratio of 8.79, a P/E/G ratio of 1.24 and a beta of 1.85. Diamondback Energy has a one year low of $137.09 and a one year high of $214.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 33.64% and a return on equity of 13.68%. Sell-side analysts anticipate that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Insider Transactions at Diamondback Energy

In related news, Director Frank D. Tsuru acquired 2,000 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average price of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the acquisition, 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. QRG Capital Management Inc. boosted its holdings in shares of Diamondback Energy by 38.4% during the fourth quarter. QRG Capital Management Inc. now owns 11,675 shares of the oil and natural gas company’s stock worth $1,913,000 after purchasing an additional 3,238 shares during the period. Swedbank AB increased its stake in Diamondback Energy by 28.0% in the 4th quarter. Swedbank AB now owns 198,283 shares of the oil and natural gas company’s stock worth $32,485,000 after buying an additional 43,361 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. increased its holdings in Diamondback Energy by 631.1% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,148 shares of the oil and natural gas company’s stock valued at $7,069,000 after acquiring an additional 37,246 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Diamondback Energy by 48.5% in the 3rd quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock worth $28,008,000 after buying an additional 47,951 shares during the last quarter. Finally, Tectonic Advisors LLC boosted its stake in shares of Diamondback Energy by 38.2% during the 4th quarter. Tectonic Advisors LLC now owns 31,467 shares of the oil and natural gas company’s stock worth $5,155,000 after purchasing an additional 8,704 shares during the period. 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.