Diamondback Energy (NASDAQ:FANG) Now Covered by KeyCorp

Analysts at KeyCorp started coverage on shares of Diamondback Energy (NASDAQ:FANG) in a note issued to investors on Thursday, Benzinga reports. The firm set an “overweight” rating and a $225.00 price target on the oil and natural gas company’s stock. KeyCorp’s price objective indicates a potential upside of 13.17% from the company’s current price.

A number of other research analysts have also recently commented on the company. Mizuho boosted their price target on Diamondback Energy from $217.00 to $222.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Royal Bank of Canada upped their price objective on Diamondback Energy from $195.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. Susquehanna increased their price target on Diamondback Energy from $212.00 to $245.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Truist Financial raised their price objective on Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Finally, Wells Fargo & Company lowered their price target on Diamondback Energy from $227.00 to $224.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $209.35.

Diamondback Energy Price Performance

Shares of FANG stock traded up $1.86 during trading on Thursday, hitting $198.82. The company had a trading volume of 368,920 shares, compared to its average volume of 1,634,981. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. Diamondback Energy has a 52 week low of $125.69 and a 52 week high of $211.96. The stock has a market capitalization of $35.46 billion, a price-to-earnings ratio of 11.21, a price-to-earnings-growth ratio of 1.07 and a beta of 1.90. The stock’s 50-day moving average is $196.87 and its two-hundred day moving average is $180.68.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, beating the consensus estimate of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.10 billion. During the same quarter last year, the firm posted $4.10 earnings per share. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, analysts predict that Diamondback Energy will post 19.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other Diamondback Energy news, VP Jere W. Thompson III sold 900 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $199.90, for a total value of $179,910.00. Following the completion of the transaction, the vice president now owns 7,585 shares of the company’s stock, valued at approximately $1,516,241.50. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, VP Jere W. Thompson III sold 900 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $199.90, for a total transaction of $179,910.00. Following the completion of the sale, the vice president now directly owns 7,585 shares in the company, valued at approximately $1,516,241.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction on 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 sale, the chief operating officer now owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,900 shares of company stock valued at $7,362,750. Company insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds and other institutional investors have recently bought and sold shares of FANG. Price T Rowe Associates Inc. MD raised its stake in Diamondback Energy by 38.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after acquiring an additional 2,381,488 shares during the period. Boston Partners boosted its stake in Diamondback Energy by 235.6% during the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after buying an additional 1,916,900 shares during the period. Wellington Management Group LLP boosted its stake in Diamondback Energy by 4.8% during the third quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock worth $2,209,617,000 after buying an additional 648,317 shares during the period. Raymond James & Associates lifted its position in shares of Diamondback Energy by 143.0% during the fourth quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock worth $152,177,000 after purchasing an additional 577,514 shares during the last quarter. Finally, Homestead Advisers Corp bought a new stake in shares of Diamondback Energy during the first quarter worth $87,940,000. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Company Profile

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.