Piper Sandler Boosts Diamondback Energy (NASDAQ:FANG) Price Target to $252.00

Diamondback Energy (NASDAQ:FANG) had its target price lifted by investment analysts at Piper Sandler from $240.00 to $252.00 in a report issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the oil and natural gas company’s stock. Piper Sandler’s target price would suggest a potential upside of 32.14% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Sanford C. Bernstein cut their target price on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 17th. Susquehanna cut their price objective on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Johnson Rice lowered shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, September 24th. Benchmark raised their price target on shares of Diamondback Energy from $154.00 to $195.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Finally, Wells Fargo & Company reduced their price objective on shares of Diamondback Energy from $230.00 to $219.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and an average price target of $210.27.

Diamondback Energy Price Performance

Shares of FANG opened at $190.70 on Tuesday. The stock has a market cap of $34.01 billion, a P/E ratio of 10.75, a P/E/G ratio of 1.22 and a beta of 1.89. The business’s fifty day moving average is $187.31 and its 200 day moving average is $195.21. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. Diamondback Energy has a 12-month low of $145.70 and a 12-month 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 earnings per share for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The company had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the prior year, the business posted $3.68 EPS. The firm’s revenue was up 29.4% compared to the same quarter last year. Sell-side analysts anticipate that Diamondback Energy will post 19.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction on Monday, September 23rd. The stock was 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 in the company, valued at $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Diamondback Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quent Capital LLC increased its holdings in Diamondback Energy by 7.2% during the 2nd 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 period. Carolinas Wealth Consulting LLC increased its holdings in shares of Diamondback Energy by 67.1% in 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 period. Sugarloaf Wealth Management LLC increased its holdings in shares of Diamondback Energy by 0.3% in the second quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock worth $3,999,000 after purchasing an additional 56 shares during the period. Versant Capital Management Inc raised its position in shares of Diamondback Energy by 16.1% in the second quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock worth $82,000 after buying an additional 57 shares in the last quarter. Finally, Confluence Investment Management LLC boosted its stake in Diamondback Energy by 1.6% during 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 during the period. 90.01% of the stock is currently owned by 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.