Diamondback Energy (NASDAQ:FANG) Price Target Raised to $72.00 at Royal Bank of Canada


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Diamondback Energy (NASDAQ:FANG) had its price target lifted by research analysts at Royal Bank of Canada from $67.00 to $72.00 in a research report issued to clients and investors on Thursday, The Fly reports. The firm currently has an “outperform” rating on the oil and natural gas company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 14.92% from the company’s current price.

Several other equities analysts also recently weighed in on the stock. KeyCorp lifted their price target on shares of Diamondback Energy from $58.00 to $65.00 and gave the company an “overweight” rating in a report on Thursday. Barclays cut shares of Diamondback Energy from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $51.00 to $41.00 in a research report on Wednesday, October 28th. Stephens upped their price objective on shares of Diamondback Energy from $56.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 22nd. Raymond James decreased their price target on shares of Diamondback Energy from $47.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, October 21st. Finally, Zacks Investment Research raised shares of Diamondback Energy from a “hold” rating to a “strong-buy” rating and set a $57.00 price objective for the company in a research report on Thursday, December 31st. Three investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $59.98.

Shares of NASDAQ:FANG traded up $1.11 during trading on Thursday, reaching $62.65. The company had a trading volume of 35,730 shares, compared to its average volume of 3,521,938. The company has a fifty day moving average of $48.50 and a two-hundred day moving average of $38.80. The stock has a market capitalization of $9.90 billion, a P/E ratio of -2.34, a price-to-earnings-growth ratio of 0.70 and a beta of 2.57. Diamondback Energy has a 12 month low of $14.55 and a 12 month high of $92.74. The company has a current ratio of 0.45, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Saturday, November 7th. The oil and natural gas company reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.26. Diamondback Energy had a negative net margin of 135.48% and a positive return on equity of 5.10%. The firm had revenue of $720.00 million during the quarter, compared to analysts’ expectations of $712.27 million. During the same period last year, the company posted $1.47 EPS. The company’s quarterly revenue was down 26.2% compared to the same quarter last year. As a group, equities research analysts predict that Diamondback Energy will post 3.14 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC acquired a new position in Diamondback Energy during the third quarter worth $25,000. Rockbridge Investment Management LCC acquired a new stake in Diamondback Energy during the 2nd quarter valued at $30,000. Parkside Financial Bank & Trust increased its holdings in Diamondback Energy by 182.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,008 shares of the oil and natural gas company’s stock valued at $30,000 after purchasing an additional 651 shares in the last quarter. Jeppson Wealth Management LLC acquired a new stake in Diamondback Energy during the 3rd quarter valued at $47,000. Finally, Private Advisor Group LLC bought a new position in Diamondback Energy in the 2nd quarter valued at $170,000. 84.92% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily 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.

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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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