Diamondback Energy (NASDAQ:FANG) PT Raised to $255.00 at Truist Financial

Diamondback Energy (NASDAQ:FANG) had its price target raised by investment analysts at Truist Financial from $249.00 to $255.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the oil and natural gas company’s stock. Truist Financial’s price objective indicates a potential upside of 26.76% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Benchmark reissued a “buy” rating and issued a $154.00 price target on shares of Diamondback Energy in a report on Tuesday. Scotiabank cut their price target on shares of Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Bank of America boosted their price target on shares of Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Sanford C. Bernstein cut their price target on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Finally, Morgan Stanley cut their price target on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $210.00.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG traded up $3.68 during trading on Wednesday, hitting $201.17. 672,850 shares of the stock traded hands, compared to its average volume of 1,568,743. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The company has a market cap of $35.88 billion, a price-to-earnings ratio of 11.16, a P/E/G ratio of 1.06 and a beta of 1.90. The company has a fifty day moving average price of $197.85 and a two-hundred day moving average price of $190.79. Diamondback Energy has a 52-week low of $143.08 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating the consensus estimate of $4.51 by $0.01. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The business’s quarterly revenue was up 29.4% on a year-over-year basis. During the same period in the previous year, the firm earned $3.68 EPS. As a group, equities analysts predict that Diamondback Energy will post 18.63 EPS for the current year.

Insider Activity

In other news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the transaction, the chief operating officer now owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of FANG. Founders Capital Management lifted its position in Diamondback Energy by 404.0% in 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 last quarter. First Community Trust NA acquired a new stake in shares of Diamondback Energy during the second quarter worth about $26,000. Logan Capital Management Inc. purchased a new stake in shares of Diamondback Energy during the fourth quarter worth approximately $31,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy during the fourth quarter worth approximately $34,000. Finally, HHM Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy during the second quarter worth approximately $40,000. 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.