Diamondback Energy (NASDAQ:FANG) Now Covered by Analysts at Jefferies Financial Group

Research analysts at Jefferies Financial Group began coverage on shares of Diamondback Energy (NASDAQ:FANG) in a research note issued to investors on Monday, StockNewsAPI reports. The brokerage set a “hold” rating and a $185.00 price target on the oil and natural gas company’s stock. Jefferies Financial Group’s price objective indicates a potential upside of 8.01% from the company’s current price.

Several other brokerages have also recently weighed in on FANG. Wolfe Research began coverage on Diamondback Energy in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. StockNews.com cut Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 6th. UBS Group upped their target price on Diamondback Energy from $245.00 to $247.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Bank of America upped their target price on Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. Finally, Sanford C. Bernstein cut their target price on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $210.19.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $171.28 on Monday. The stock has a 50-day simple moving average of $194.77 and a two-hundred day simple moving average of $195.87. Diamondback Energy has a 52-week low of $143.08 and a 52-week high of $214.50. The firm has a market capitalization of $30.55 billion, a PE ratio of 9.66, a P/E/G ratio of 1.06 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, beating the consensus estimate of $4.51 by $0.01. The business had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business’s revenue was up 29.4% on a year-over-year basis. During the same period in the previous year, the business earned $3.68 earnings per share. Analysts forecast that Diamondback Energy will post 19.08 EPS for the current year.

Institutional Investors Weigh In On Diamondback Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quent Capital LLC grew its position in Diamondback Energy by 7.2% during the 2nd quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock worth $162,000 after purchasing an additional 54 shares during the period. Carolinas Wealth Consulting LLC increased its stake in shares of Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after purchasing an additional 55 shares in the last quarter. Sugarloaf Wealth Management LLC increased its stake in shares of Diamondback Energy by 0.3% in the 2nd 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 purchasing an additional 56 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Diamondback Energy by 16.1% in the 2nd quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock valued at $82,000 after purchasing an additional 57 shares in the last quarter. Finally, Confluence Investment Management LLC increased its stake in shares of Diamondback Energy by 1.6% in the 2nd quarter. Confluence Investment Management LLC now owns 3,667 shares of the oil and natural gas company’s stock valued at $734,000 after purchasing an additional 58 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

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.