Diamondback Energy (NASDAQ:FANG) Price Target Lowered to $216.00 at KeyCorp

Diamondback Energy (NASDAQ:FANG) had its target price decreased by analysts at KeyCorp from $225.00 to $216.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the oil and natural gas company’s stock. KeyCorp’s price objective suggests a potential upside of 20.15% from the company’s current price.

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. started coverage on Diamondback Energy in a report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price objective for the company. Piper Sandler increased their price objective on Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a report on Tuesday. Sanford C. Bernstein decreased their price objective on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Citigroup initiated coverage on Diamondback Energy in a report on Monday. They issued a “neutral” rating and a $195.00 price objective for the company. Finally, Susquehanna cut their target price on Diamondback Energy from $245.00 to $237.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. One equities 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $209.86.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $179.77 on Wednesday. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The company has a market cap of $32.06 billion, a PE ratio of 10.13, a P/E/G ratio of 1.22 and a beta of 1.89. The business has a 50 day moving average of $187.12 and a 200 day moving average of $195.08. Diamondback Energy has a 52 week low of $145.70 and a 52 week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.68 earnings per share. As a group, equities research analysts forecast that Diamondback Energy will post 19.08 earnings per share for the current year.

Insiders Place Their Bets

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction dated 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 approximately $181,732,485.09. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its stake in shares of Diamondback Energy by 38.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after buying an additional 2,381,488 shares during the period. Boston Partners raised its stake in shares of Diamondback Energy by 235.6% in the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after buying an additional 1,916,900 shares during the period. Homestead Advisers Corp bought a new position in shares of Diamondback Energy in the first quarter worth about $87,940,000. Bank of New York Mellon Corp raised its stake in shares of Diamondback Energy by 16.0% in the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after buying an additional 415,902 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake in shares of Diamondback Energy by 280.8% in the second quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company’s stock worth $109,144,000 after buying an additional 402,026 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.