Diamondback Energy (NASDAQ:FANG) Stock Gets Price Target Bump from Barclays

Diamondback Energy (NASDAQ:FANG) had its price target boosted by Barclays from $221.00 to $223.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the oil and natural gas company’s stock. Barclays‘s price objective suggests a potential upside of 20.37% from the company’s current price.

A number of other brokerages have also weighed in on FANG. Scotiabank assumed coverage on Diamondback Energy in a research report on Wednesday, October 14th. They issued a “sector outperform” rating and a $250.00 price objective on the stock. Wall Street Zen downgraded Diamondback Energy from a “buy” rating to a “hold” rating in a report on Saturday, November 7th. Morgan Stanley lifted their price target on shares of Diamondback Energy from $216.00 to $222.00 and gave the company an “equal weight” rating in a report on Thursday, October 15th. BMO Capital Markets boosted their price objective on shares of Diamondback Energy from $215.00 to $224.00 and gave the company an “outperform” rating in a research report on Friday, October 2nd. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $206.00 target price on shares of Diamondback Energy in a research report on Tuesday, August 4th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $226.75.

Diamondback Energy Trading Up 1.7%

Shares of FANG stock traded up $3.07 during mid-day trading on Friday, reaching $185.27. The stock had a trading volume of 146,619 shares, compared to its average volume of 2,568,111. The stock’s 50-day moving average price is $194.01 and its two-hundred day moving average price is $190.49. Diamondback Energy has a 52-week low of $139.41 and a 52-week high of $216.90. The firm has a market capitalization of $51.72 billion, a PE ratio of 25.26 and a beta of 0.49. The company has a current ratio of 0.55, a quick ratio of 0.54 and a debt-to-equity ratio of 0.26.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, November 2nd. The oil and natural gas company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.72 by $0.14. Diamondback Energy had a return on equity of 11.86% and a net margin of 11.03%. The company had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $4.60 billion. During the same period last year, the firm earned $3.08 earnings per share. Diamondback Energy’s quarterly revenue was up 38.4% on a year-over-year basis. Equities analysts expect that Diamondback Energy will post 22.40 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Charles Meloy sold 33,333 shares of the firm’s stock in a transaction on Monday, October 5th. The stock was sold at an average price of $183.74, for a total value of $6,124,605.42. Following the completion of the sale, the director owned 759,864 shares of the company’s stock, valued at $139,617,411.36. This trade represents a 4.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis Stice sold 75,000 shares of Diamondback Energy stock in a transaction on Friday, September 11th. The stock was sold at an average price of $204.31, for a total transaction of $15,323,250.00. Following the sale, the director owned 49,727 shares of the company’s stock, valued at $10,159,723.37. The trade was a 60.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.64% of the stock is owned by insiders.

Hedge Funds Weigh In On Diamondback Energy

A number of large investors have recently added to or reduced their stakes in the stock. Wealth Alliance LLC purchased a new position in Diamondback Energy during the third quarter worth approximately $203,000. Trivium Point Advisory LLC boosted its holdings in Diamondback Energy by 53.0% during the 3rd quarter. Trivium Point Advisory LLC now owns 41,911 shares of the oil and natural gas company’s stock valued at $7,704,000 after acquiring an additional 14,522 shares during the period. AlphaGrep UK Ltd purchased a new stake in Diamondback Energy during the third quarter worth about $330,000. Benjamin Edwards Inc. lifted its position in shares of Diamondback Energy by 2.7% during the third quarter. Benjamin Edwards Inc. now owns 3,655 shares of the oil and natural gas company’s stock worth $672,000 after purchasing an additional 95 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Diamondback Energy by 45.2% in the third quarter. First Trust Advisors LP now owns 500,199 shares of the oil and natural gas company’s stock valued at $91,942,000 after purchasing an additional 155,617 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

About Diamondback Energy

Diamondback Energy is an independent oil and natural gas company focused on the development and production of energy resources in the Permian Basin, primarily in West Texas and southeastern New Mexico. Its operations include exploration, drilling and production. The company produces crude oil, natural gas and natural gas liquids. Its activities are concentrated in the Midland and Delaware Basin regions, where it develops oil and gas properties and related reserves. Founded in 2007 and headquartered in Midland, Texas, Diamondback has expanded its Permian Basin operations over time, including through acquisitions.