Diamondback Energy (NASDAQ:FANG) Now Covered by JPMorgan Chase & Co.

Analysts at JPMorgan Chase & Co. began coverage on shares of Diamondback Energy (NASDAQ:FANG) in a research report issued on Wednesday, MarketBeat Ratings reports. The brokerage set an “overweight” rating and a $182.00 price target on the oil and natural gas company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 3.35% from the company’s previous close.

FANG has been the topic of a number of other research reports. UBS Group dropped their price target on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Evercore ISI cut their target price on shares of Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a research note on Monday. Piper Sandler decreased their price target on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Royal Bank of Canada restated an “outperform” rating and set a $220.00 price objective on shares of Diamondback Energy in a research report on Tuesday, September 17th. Finally, Barclays raised Diamondback Energy from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $216.00 to $210.00 in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $207.68.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $188.30 on Wednesday. The stock has a market capitalization of $33.58 billion, a PE ratio of 10.61, a P/E/G ratio of 1.17 and a beta of 1.89. Diamondback Energy has a 1-year low of $143.08 and a 1-year high of $214.50. The firm has a fifty day simple moving average of $187.52 and a 200 day simple moving average of $195.20. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65.

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 for the quarter, topping the consensus estimate of $4.51 by $0.01. The company had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. Diamondback Energy’s revenue for the quarter was up 29.4% compared to the same quarter last year. During the same period in the previous year, the business earned $3.68 EPS. On average, research analysts expect 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 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 owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FANG. Quent Capital LLC lifted its holdings in shares of Diamondback Energy by 7.2% in the second quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock worth $162,000 after acquiring an additional 54 shares during the last quarter. Carolinas Wealth Consulting LLC increased its position in Diamondback Energy by 67.1% during the 2nd 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 in the last quarter. Sugarloaf Wealth Management LLC lifted its stake in Diamondback Energy by 0.3% in the 2nd quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock valued at $3,999,000 after purchasing an additional 56 shares during the last quarter. Versant Capital Management Inc lifted its stake in Diamondback Energy by 16.1% in the 2nd quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock valued at $82,000 after purchasing an additional 57 shares during the last quarter. Finally, Confluence Investment Management LLC boosted its position in Diamondback Energy by 1.6% in the second quarter. Confluence Investment Management LLC now owns 3,667 shares of the oil and natural gas company’s stock valued at $734,000 after buying an additional 58 shares in the last quarter. 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.