Truist Financial Increases Diamondback Energy (NASDAQ:FANG) Price Target to $250.00

Diamondback Energy (NASDAQ:FANG) had its price objective lifted by Truist Financial from $248.00 to $250.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the oil and natural gas company’s stock. Truist Financial’s price target suggests a potential upside of 22.33% from the stock’s current price.

A number of other brokerages also recently weighed in on FANG. Scotiabank boosted their price target on shares of Diamondback Energy from $210.00 to $255.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Morgan Stanley cut their price target on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, April 15th. Mizuho upped their price objective on shares of Diamondback Energy from $200.00 to $217.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Piper Sandler upped their price objective on shares of Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, BMO Capital Markets upped their price objective on shares of Diamondback Energy from $167.00 to $175.00 and gave the company a “market perform” rating in a report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $202.53.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $204.37 on Monday. The firm has a market capitalization of $36.45 billion, a PE ratio of 11.79 and a beta of 1.93. The firm has a fifty day simple moving average of $191.41 and a two-hundred day simple moving average of $168.61. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 0.38. Diamondback Energy has a 12 month low of $123.41 and a 12 month high of $211.96.

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

Insider Buying and Selling at Diamondback Energy

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

Hedge Funds Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Founders Capital Management lifted its position in Diamondback Energy by 404.0% during the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after buying an additional 101 shares during the period. BKM Wealth Management LLC bought a new stake in Diamondback Energy in the 4th quarter worth about $27,000. BluePath Capital Management LLC purchased a new position in Diamondback Energy in the third quarter worth about $28,000. Logan Capital Management Inc. purchased a new position in Diamondback Energy in the fourth quarter worth about $31,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in Diamondback Energy in the fourth quarter worth about $34,000. Hedge funds and other institutional investors 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.