Diamondback Energy (NASDAQ:FANG) PT Raised to $247.00 at Piper Sandler

Diamondback Energy (NASDAQ:FANG) had its price target increased by equities research analysts at Piper Sandler from $227.00 to $247.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the oil and natural gas company’s stock. Piper Sandler’s price objective would indicate a potential upside of 22.65% from the stock’s previous close.

A number of other analysts also recently commented on FANG. Bank Of America (Bofa) dropped their price objective on Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating on the stock in a research note on Thursday, January 18th. Truist Financial dropped their price objective on Diamondback Energy from $250.00 to $248.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. KeyCorp boosted their price objective on Diamondback Energy from $186.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $195.00 price objective on shares of Diamondback Energy in a research note on Monday, March 4th. Finally, Mizuho boosted their price objective on Diamondback Energy from $200.00 to $217.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $196.95.

Diamondback Energy Stock Performance

FANG stock traded up $1.78 during trading on Friday, reaching $201.38. 776,635 shares of the company’s stock were exchanged, compared to its average volume of 1,746,389. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 0.38. Diamondback Energy has a 1-year low of $123.41 and a 1-year high of $211.96. The company’s fifty day moving average price is $188.92 and its 200-day moving average price is $167.21. The firm has a market cap of $35.91 billion, a PE ratio of 11.65 and a beta of 1.93.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.61 by $0.13. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the previous year, the firm posted $5.29 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. On average, research analysts expect that Diamondback Energy will post 18.53 EPS for the current fiscal year.

Insider Transactions at Diamondback Energy

In other news, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief executive officer now owns 446,610 shares in the company, valued at approximately $89,322,000. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the transaction, the chief executive officer now owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total value of $1,153,020.00. Following the transaction, the chief operating officer now directly owns 78,218 shares of the company’s stock, valued at approximately $15,031,153.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 57,675 shares of company stock worth $11,311,096. 0.43% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Diamondback Energy

Several large investors have recently made changes to their positions in the business. Patriot Financial Group Insurance Agency LLC lifted its position in shares of Diamondback Energy by 3.7% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,797 shares of the oil and natural gas company’s stock worth $278,000 after purchasing an additional 64 shares during the last quarter. Coldstream Capital Management Inc. raised its holdings in Diamondback Energy by 1.8% in the 3rd quarter. Coldstream Capital Management Inc. now owns 3,655 shares of the oil and natural gas company’s stock valued at $566,000 after acquiring an additional 64 shares in the last quarter. MCF Advisors LLC raised its holdings in Diamondback Energy by 8.6% in the 4th quarter. MCF Advisors LLC now owns 846 shares of the oil and natural gas company’s stock valued at $131,000 after acquiring an additional 67 shares in the last quarter. Veracity Capital LLC raised its holdings in Diamondback Energy by 3.5% in the 3rd quarter. Veracity Capital LLC now owns 2,061 shares of the oil and natural gas company’s stock valued at $319,000 after acquiring an additional 70 shares in the last quarter. Finally, Bleakley Financial Group LLC raised its holdings in Diamondback Energy by 2.5% in the 4th quarter. Bleakley Financial Group LLC now owns 3,115 shares of the oil and natural gas company’s stock valued at $483,000 after acquiring an additional 75 shares in the last quarter. Institutional investors and hedge funds 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.