Wells Fargo & Co Cuts Diamondback Energy (NASDAQ:FANG) Price Target to $168.00

Diamondback Energy (NASDAQ:FANG) had its target price cut by Wells Fargo & Co from $171.00 to $168.00 in a research report report published on Friday morning, BenzingaRatingsTable reports. They currently have an outperform rating on the oil and natural gas company’s stock.

Several other equities analysts also recently commented on FANG. Oppenheimer cut their price objective on Diamondback Energy from $151.00 to $138.00 and set an outperform rating on the stock in a research report on Thursday, August 22nd. Credit Suisse Group began coverage on Diamondback Energy in a research report on Monday, June 17th. They issued an outperform rating and a $135.00 price objective on the stock. Royal Bank of Canada reaffirmed a buy rating and issued a $156.00 price objective on shares of Diamondback Energy in a research report on Sunday, August 11th. KeyCorp upped their price objective on Diamondback Energy from $125.00 to $133.00 and gave the company an overweight rating in a research report on Tuesday, July 16th. Finally, Morgan Stanley cut their price objective on Diamondback Energy from $143.00 to $140.00 and set an overweight rating on the stock in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $152.80.

NASDAQ FANG opened at $96.82 on Friday. The company has a market cap of $15.87 billion, a P/E ratio of 16.30, a P/E/G ratio of 0.48 and a beta of 0.83. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.79 and a current ratio of 0.82. The business’s 50 day moving average price is $96.97 and its 200-day moving average price is $102.35. Diamondback Energy has a fifty-two week low of $85.19 and a fifty-two week high of $140.78.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, August 6th. The oil and natural gas company reported $1.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.74 by ($0.04). The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.04 billion. Diamondback Energy had a net margin of 26.92% and a return on equity of 6.50%. The business’s revenue for the quarter was up 93.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.59 EPS. As a group, equities analysts predict that Diamondback Energy will post 7.13 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 16th were given a dividend of $0.188 per share. This represents a $0.75 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s payout ratio is 12.78%.

In other news, Director Michael P. Cross sold 1,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $104.75, for a total transaction of $104,750.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Travis D. Stice purchased 4,186 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were purchased at an average cost of $95.55 per share, for a total transaction of $399,972.30. The disclosure for this purchase can be found here. Insiders have sold a total of 16,000 shares of company stock worth $1,621,690 in the last three months. Corporate insiders own 0.47% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Archford Capital Strategies LLC lifted its stake in shares of Diamondback Energy by 1,100.0% during the 2nd quarter. Archford Capital Strategies LLC now owns 240 shares of the oil and natural gas company’s stock worth $26,000 after purchasing an additional 220 shares during the last quarter. Berman Capital Advisors LLC lifted its stake in shares of Diamondback Energy by 180.8% during the 1st quarter. Berman Capital Advisors LLC now owns 292 shares of the oil and natural gas company’s stock worth $29,000 after purchasing an additional 188 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in shares of Diamondback Energy during the 2nd quarter worth $32,000. Manchester Capital Management LLC purchased a new stake in shares of Diamondback Energy during the 1st quarter worth $34,000. Finally, Commonwealth Bank of Australia lifted its stake in shares of Diamondback Energy by 81.7% during the 2nd quarter. Commonwealth Bank of Australia now owns 338 shares of the oil and natural gas company’s stock worth $34,000 after purchasing an additional 152 shares during the last quarter. Hedge funds and other institutional investors own 99.17% 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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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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