Wells Fargo & Company Issues Positive Forecast for Diamondback Energy (NASDAQ:FANG) Stock Price

Diamondback Energy (NASDAQ:FANG) had its target price upped by stock analysts at Wells Fargo & Company from $218.00 to $219.00 in a research note issued on Tuesday,Benzinga reports. The firm currently 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 40.38% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Barclays upgraded Diamondback Energy from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $216.00 to $210.00 in a research note on Wednesday, October 2nd. Piper Sandler raised their price target on Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Mizuho cut their price objective on shares of Diamondback Energy from $219.00 to $207.00 and set an “outperform” rating for the company in a research report on Monday. Truist Financial raised their target price on shares of Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, BMO Capital Markets raised shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $205.00 to $215.00 in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $211.57.

Diamondback Energy Stock Performance

NASDAQ FANG traded down $2.92 on Tuesday, reaching $156.01. The stock had a trading volume of 366,393 shares, compared to its average volume of 1,771,229. The firm has a fifty day moving average of $178.68 and a two-hundred day moving average of $187.65. The company has a market cap of $45.55 billion, a P/E ratio of 8.93, a price-to-earnings-growth ratio of 1.21 and a beta of 1.88. Diamondback Energy has a 1-year low of $147.93 and a 1-year high of $214.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing the consensus estimate of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter last year, the firm earned $5.49 EPS. Diamondback Energy’s revenue for the quarter was up 13.0% compared to the same quarter last year. On average, equities research analysts anticipate that Diamondback Energy will post 16.28 EPS for the current year.

Insider Buying and Selling

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The trade was a 92.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the transaction, the director now owns 4,712 shares in the company, valued at $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

Institutional Trading of Diamondback Energy

Several hedge funds have recently modified their holdings of the stock. Benjamin Edwards Inc. grew its holdings in Diamondback Energy by 368.1% in the third quarter. Benjamin Edwards Inc. now owns 9,784 shares of the oil and natural gas company’s stock worth $1,687,000 after purchasing an additional 7,694 shares during the period. Atria Investments Inc grew its stake in shares of Diamondback Energy by 18.5% in the 3rd quarter. Atria Investments Inc now owns 42,678 shares of the oil and natural gas company’s stock valued at $7,358,000 after buying an additional 6,672 shares during the period. Geode Capital Management LLC increased its position in Diamondback Energy by 6.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company’s stock valued at $793,611,000 after buying an additional 266,299 shares in the last quarter. Cullen Investment Group LTD. increased its position in Diamondback Energy by 33.5% in the 3rd quarter. Cullen Investment Group LTD. now owns 11,978 shares of the oil and natural gas company’s stock valued at $2,065,000 after buying an additional 3,008 shares in the last quarter. Finally, Integrated Investment Consultants LLC acquired a new position in Diamondback Energy during the 3rd quarter worth approximately $4,464,000. 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.