Diamondback Energy (NASDAQ:FANG) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Diamondback Energy (NASDAQ:FANG) had its price objective upped by Wells Fargo & Company from $218.00 to $219.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the oil and natural gas company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 40.31% from the stock’s current price.

A number of other equities analysts have also recently issued reports on FANG. The Goldman Sachs Group started coverage on Diamondback Energy in a report on Monday, December 2nd. They set a “buy” rating and a $227.00 price objective for the company. Scotiabank cut their price target 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. Truist Financial lifted their price objective on shares of Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. UBS Group lowered their price objective on shares of Diamondback Energy from $235.00 to $212.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Finally, Barclays raised shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $216.00 to $210.00 in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and an average price target of $210.70.

Diamondback Energy Trading Down 2.5 %

FANG stock opened at $156.08 on Tuesday. Diamondback Energy has a twelve month low of $147.93 and a twelve month high of $214.50. The stock has a market capitalization of $45.57 billion, a price-to-earnings ratio of 8.93, a price-to-earnings-growth ratio of 1.21 and a beta of 1.88. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The firm’s fifty day simple moving average is $177.26 and its two-hundred day simple moving average is $187.16.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing the consensus estimate of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the company posted $5.49 earnings per share. The business’s revenue for the quarter was up 13.0% on a year-over-year basis. As a group, analysts anticipate that Diamondback Energy will post 16.28 earnings per share for the current year.

Insider Activity

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following 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 92.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the transaction, the director now directly owns 4,712 shares in the company, valued at $852,872. This represents a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors have recently bought and sold shares of the business. Carolinas Wealth Consulting LLC raised its holdings in shares of 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 purchasing an additional 55 shares during the last quarter. HHM Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy in the second quarter worth about $40,000. Values First Advisors Inc. acquired a new stake in Diamondback Energy during the third quarter worth about $42,000. Oliver Lagore Vanvalin Investment Group raised its position in Diamondback Energy by 109.7% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock valued at $52,000 after acquiring an additional 136 shares in the last quarter. Finally, CVA Family Office LLC lifted its holdings in Diamondback Energy by 28.1% in the third quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock valued at $51,000 after acquiring an additional 65 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.