Diamondback Energy (NASDAQ:FANG) Now Covered by Royal Bank of Canada

Royal Bank of Canada began coverage on shares of Diamondback Energy (NASDAQ:FANG) in a report issued on Thursday morning, BenzingaRatingsTable reports. The brokerage issued an outperform rating and a $156.00 target price on the oil and natural gas company’s stock.

FANG has been the topic of a number of other research reports. Morgan Stanley set a $207.00 target price on Alibaba Group and gave the company a buy rating in a research report on Friday, July 12th. Credit Suisse Group set a €21.78 ($25.33) target price on Deutsche Lufthansa and gave the company a buy rating in a research report on Monday, June 17th. TD Securities lifted their target price on Diamondback Energy from $155.00 to $160.00 and gave the company an action list buy rating in a research report on Thursday, June 20th. Northland Securities began coverage on THUNDER BRDG AC/SH SH in a research report on Thursday, June 20th. They set an outperform rating on the stock. Finally, Williams Capital set a $165.00 price target on Diamondback Energy and gave the stock a buy rating in a research report on Thursday, May 23rd. Three analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $158.71.

NASDAQ:FANG opened at $104.61 on Thursday. The company has a current ratio of 0.62, a quick ratio of 0.59 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average of $104.08. The firm has a market capitalization of $17.23 billion, a P/E ratio of 17.82, a P/E/G ratio of 0.65 and a beta of 0.85. Diamondback Energy has a 52-week low of $85.19 and a 52-week high of $140.78.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, May 7th. The oil and natural gas company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The business had revenue of $864.00 million for the quarter, compared to the consensus estimate of $893.16 million. Diamondback Energy had a return on equity of 6.81% and a net margin of 27.05%. Diamondback Energy’s quarterly revenue was up 80.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.64 earnings per share. Research analysts anticipate that Diamondback Energy will post 7.8 EPS for the current year.

In related news, CFO Hof Matthew Kaes Van’t sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $107.47, for a total value of $161,205.00. Following the completion of the sale, the chief financial officer now directly owns 27,465 shares in the company, valued at $2,951,663.55. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Russell Pantermuehl sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $107.28, for a total value of $536,400.00. Following the completion of the sale, the vice president now owns 112,107 shares of the company’s stock, valued at $12,026,838.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,500 shares of company stock valued at $1,258,505. 0.47% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Advisor Group Inc. boosted its stake in shares of Diamondback Energy by 26.7% in the fourth quarter. Advisor Group Inc. now owns 2,733 shares of the oil and natural gas company’s stock valued at $253,000 after buying an additional 576 shares during the period. GSA Capital Partners LLP increased its holdings in shares of Diamondback Energy by 7.8% during the fourth quarter. GSA Capital Partners LLP now owns 2,205 shares of the oil and natural gas company’s stock worth $204,000 after buying an additional 159 shares in the last quarter. United Services Automobile Association increased its holdings in shares of Diamondback Energy by 186.4% during the fourth quarter. United Services Automobile Association now owns 51,681 shares of the oil and natural gas company’s stock worth $4,791,000 after buying an additional 33,638 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Diamondback Energy by 60.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,374,465 shares of the oil and natural gas company’s stock worth $127,413,000 after buying an additional 517,292 shares in the last quarter. Finally, Brown Advisory Inc. increased its holdings in shares of Diamondback Energy by 66.0% during the fourth quarter. Brown Advisory Inc. now owns 5,221 shares of the oil and natural gas company’s stock worth $483,000 after buying an additional 2,075 shares in the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily 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.

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