Diamondback Energy (NASDAQ:FANG – Get Free Report)‘s stock had its “outperform” rating reiterated by analysts at Royal Bank Of Canada in a report issued on Wednesday, Benzinga reports. They presently have a $240.00 price objective on the oil and natural gas company’s stock. Royal Bank Of Canada’s target price would suggest a potential upside of 21.29% from the stock’s current price.
Other research analysts have also recently issued reports about the stock. The Goldman Sachs Group decreased their price objective on shares of Diamondback Energy from $220.00 to $215.00 and set a “buy” rating for the company in a report on Thursday, October 1st. Truist Financial increased their price objective on shares of Diamondback Energy from $220.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Morgan Stanley reiterated an “equal weight” rating and issued a $216.00 price objective on shares of Diamondback Energy in a report on Wednesday, August 19th. Seaport Research Partners started coverage on shares of Diamondback Energy in a report on Thursday, September 3rd. They issued a “neutral” rating for the company. Finally, Wells Fargo & Company raised their target price on shares of Diamondback Energy from $262.00 to $263.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $224.54.
Read Our Latest Analysis on Diamondback Energy
Diamondback Energy Price Performance
Diamondback Energy (NASDAQ:FANG – Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.08 by $0.40. The business had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business’s revenue was up 51.2% on a year-over-year basis. During the same period last year, the firm posted $2.38 earnings per share. Research analysts expect that Diamondback Energy will post 20.41 EPS for the current fiscal year.
Insider Activity at Diamondback Energy
In related news, Director Travis Stice sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $204.31, for a total value of $15,323,250.00. Following the completion of the sale, the director owned 49,727 shares in the company, valued at approximately $10,159,723.37. This represents a 60.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles Meloy sold 33,333 shares of the company’s stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $183.74, for a total transaction of $6,124,605.42. Following the completion of the sale, the director owned 759,864 shares of the company’s stock, valued at approximately $139,617,411.36. This trade represents a 4.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 141,666 shares of company stock valued at $28,061,456. 0.64% of the stock is owned by insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the business. Cedar Mountain Advisors LLC bought a new stake in shares of Diamondback Energy in the 1st quarter worth $26,000. Meeder Asset Management Inc. bought a new stake in shares of Diamondback Energy in the 2nd quarter worth $28,000. Burkett Financial Services LLC bought a new stake in shares of Diamondback Energy in the 3rd quarter worth $32,000. Global Assets Advisory LLC bought a new stake in shares of Diamondback Energy in the 1st quarter worth $40,000. Finally, J.Safra Asset Management Corp bought a new stake in shares of Diamondback Energy in the 2nd quarter worth $41,000. Institutional investors own 90.01% of the company’s stock.
About Diamondback Energy
Diamondback Energy, Inc is an independent oil and natural gas company headquartered in Midland, Texas. The company focuses primarily on the acquisition, development, exploration and production of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas and southeastern New Mexico.
Diamondback’s operations are concentrated in the Midland and Delaware sub-basins, where it develops properties using horizontal drilling and hydraulic fracturing. Its production includes crude oil, natural gas and natural gas liquids.
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