Diamondback Energy (NASDAQ:FANG) Price Target Cut to $230.00 by Analysts at Wells Fargo & Company

Diamondback Energy (NASDAQ:FANG) had its price target lowered by equities researchers at Wells Fargo & Company from $231.00 to $230.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the oil and natural gas company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 17.26% from the stock’s current price.

Several other analysts have also recently commented on the stock. Bank of America raised their price objective on shares of Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. Wolfe Research initiated coverage on shares of Diamondback Energy in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Susquehanna raised their target price on shares of Diamondback Energy from $212.00 to $245.00 and gave the company a “positive” rating in a report on Monday, April 22nd. KeyCorp initiated coverage on shares of Diamondback Energy in a report on Thursday, June 27th. They set an “overweight” rating and a $225.00 target price for the company. Finally, Piper Sandler raised their target price on shares of Diamondback Energy from $247.00 to $249.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $212.20.

Diamondback Energy Trading Down 2.6 %

Shares of Diamondback Energy stock opened at $196.14 on Wednesday. Diamondback Energy has a 1 year low of $143.08 and a 1 year high of $214.50. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The company has a market capitalization of $34.98 billion, a P/E ratio of 11.06, a PEG ratio of 1.06 and a beta of 1.90. The company’s fifty day moving average is $198.21 and its two-hundred day moving average is $192.26.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The company had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period last year, the firm posted $3.68 EPS. Diamondback Energy’s revenue for the quarter was up 29.4% on a year-over-year basis. Analysts forecast that Diamondback Energy will post 18.63 earnings per share for the current year.

Insider Activity at Diamondback Energy

In related news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the completion of the sale, the chief operating officer now directly owns 69,677 shares in the company, valued at $13,736,123.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Diamondback Energy

A number of institutional investors have recently bought and sold shares of the stock. Quent Capital LLC grew its holdings in Diamondback Energy by 7.2% in the second quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock valued at $162,000 after purchasing an additional 54 shares during the period. Carolinas Wealth Consulting LLC lifted its position in Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after buying an additional 55 shares in the last quarter. Sugarloaf Wealth Management LLC lifted its position in Diamondback Energy by 0.3% during the second quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock valued at $3,999,000 after buying an additional 56 shares in the last quarter. Versant Capital Management Inc lifted its position in Diamondback Energy by 16.1% during the second quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock valued at $82,000 after buying an additional 57 shares in the last quarter. Finally, Confluence Investment Management LLC lifted its position in Diamondback Energy by 1.6% during the second quarter. Confluence Investment Management LLC now owns 3,667 shares of the oil and natural gas company’s stock valued at $734,000 after buying an additional 58 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.