Diamondback Energy (NASDAQ:FANG) PT Lowered to $209.00

Diamondback Energy (NASDAQ:FANG) had its target price cut by research analysts at Evercore ISI from $235.00 to $209.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an “outperform” rating on the oil and natural gas company’s stock. Evercore ISI’s price objective suggests a potential upside of 17.73% from the company’s current price.

A number of other equities research analysts also recently weighed in on the stock. Morgan Stanley raised their target price on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Jefferies Financial Group began coverage on shares of Diamondback Energy in a report on Monday, September 16th. They set a “hold” rating and a $185.00 price objective for the company. Johnson Rice cut Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, September 24th. Barclays lifted their price target on Diamondback Energy from $214.00 to $216.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company reduced their price objective on Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 14th. One analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $207.24.

Diamondback Energy Stock Up 3.0 %

Shares of NASDAQ:FANG opened at $177.52 on Monday. The firm has a fifty day moving average price of $188.11 and a two-hundred day moving average price of $195.35. The company has a market cap of $31.66 billion, a price-to-earnings ratio of 10.01, a PEG ratio of 1.17 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. Diamondback Energy has a one year low of $143.08 and a one year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the business earned $3.68 earnings per share. The firm’s revenue was up 29.4% on a year-over-year basis. Analysts anticipate that Diamondback Energy will post 18.97 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Founders Capital Management lifted its position in Diamondback Energy by 404.0% during the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after buying an additional 101 shares during the period. First Community Trust NA purchased a new position in Diamondback Energy during the 2nd quarter valued at about $26,000. Carolinas Wealth Consulting LLC boosted its stake in Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares in the last quarter. Logan Capital Management Inc. purchased a new stake in Diamondback Energy in the fourth quarter worth about $31,000. Finally, HHM Wealth Advisors LLC bought a new position in shares of Diamondback Energy during the second quarter valued at approximately $40,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.