Diamondback Energy (NASDAQ:FANG) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Diamondback Energy (NASDAQ:FANG) had its target price increased by equities research analysts at JPMorgan Chase & Co. from $191.00 to $195.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and natural gas company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 8.23% from the company’s current price.

FANG has been the topic of a number of other research reports. BMO Capital Markets upgraded shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $205.00 to $215.00 in a research report on Friday, October 4th. Mizuho lowered their price objective on Diamondback Energy from $219.00 to $207.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Barclays raised Diamondback Energy from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $216.00 to $210.00 in a report on Wednesday, October 2nd. UBS Group reduced their target price on Diamondback Energy from $235.00 to $212.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Finally, Scotiabank dropped their price target on Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $214.17.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $180.18 on Friday. The stock has a 50 day simple moving average of $170.60 and a 200 day simple moving average of $183.08. The stock has a market cap of $52.61 billion, a P/E ratio of 10.31, a PEG ratio of 1.33 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 current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the business posted $5.49 EPS. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. Research analysts anticipate that Diamondback Energy will post 16.08 earnings per share for the current year.

Insider Buying and Selling at Diamondback Energy

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the sale, the director now directly owns 4,712 shares of the company’s stock, valued at $852,872. The trade was a 19.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

A number of hedge funds have recently added to or reduced their stakes in FANG. Assenagon Asset Management S.A. lifted its holdings in shares of Diamondback Energy by 1,153.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company’s stock worth $185,606,000 after purchasing an additional 1,042,505 shares in the last quarter. Zimmer Partners LP acquired a new position in Diamondback Energy during the third quarter worth $87,924,000. Holocene Advisors LP lifted its stake in shares of Diamondback Energy by 95.3% in the third quarter. Holocene Advisors LP now owns 938,474 shares of the oil and natural gas company’s stock valued at $161,793,000 after buying an additional 457,896 shares in the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of Diamondback Energy by 25.6% during the third quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company’s stock valued at $372,196,000 after buying an additional 439,579 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Diamondback Energy by 280.8% during the second quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company’s stock worth $109,144,000 after acquiring an additional 402,026 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

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.