Diamondback Energy (NASDAQ:FANG) Price Target Cut to $166.00 by Analysts at JPMorgan Chase & Co.

Diamondback Energy (NASDAQ:FANG) had its price target reduced by equities researchers at JPMorgan Chase & Co. from $167.00 to $166.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and natural gas company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 28.67% from the company’s current price.

Several other brokerages have also issued reports on FANG. UBS Group increased their target price on Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Piper Sandler decreased their price objective on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Citigroup upgraded shares of Diamondback Energy from a “reduce” rating to a “buy” rating and boosted their target price for the company from $157.00 to $180.00 in a report on Monday. Wells Fargo & Company decreased their price target on shares of Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. Finally, Wolfe Research raised shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective on the stock in a research note on Friday, January 3rd. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Diamondback Energy has an average rating of “Moderate Buy” and an average target price of $208.17.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $129.01 on Thursday. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The firm’s fifty day simple moving average is $150.06 and its 200 day simple moving average is $166.28. The stock has a market cap of $37.94 billion, a P/E ratio of 7.38, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. Diamondback Energy has a twelve month low of $114.00 and a twelve month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, beating analysts’ consensus estimates of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.55 billion. As a group, research analysts predict that Diamondback Energy will post 15.49 EPS for the current year.

Insider Activity at Diamondback Energy

In related news, Director Frank D. Tsuru acquired 2,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $156.51 per share, with a total value of $313,020.00. Following the completion of the transaction, the director now owns 5,730 shares of the company’s stock, valued at $896,802.30. The trade was a 53.62 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Diamondback Energy

Hedge funds have recently bought and sold shares of the stock. Wintrust Investments LLC purchased a new stake in shares of Diamondback Energy during the fourth quarter worth approximately $28,000. R Squared Ltd acquired a new stake in shares of Diamondback Energy in the 4th quarter valued at $29,000. UMB Bank n.a. lifted its position in shares of Diamondback Energy by 247.3% during the 4th quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock worth $31,000 after purchasing an additional 136 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in shares of Diamondback Energy during the 4th quarter worth $33,000. Finally, Key Financial Inc grew its stake in shares of Diamondback Energy by 940.0% during the fourth quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company’s stock worth $34,000 after purchasing an additional 188 shares in the last quarter. Institutional investors and hedge funds 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.