Diamondback Energy (NASDAQ:FANG) Given New $175.00 Price Target at Scotiabank

Diamondback Energy (NASDAQ:FANG) had its price objective reduced by research analysts at Scotiabank from $215.00 to $175.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the oil and natural gas company’s stock. Scotiabank’s target price would indicate a potential upside of 35.65% from the stock’s previous close.

Several other analysts have also issued reports on FANG. Royal Bank of Canada restated an “outperform” rating and issued a $210.00 price target on shares of Diamondback Energy in a research report on Thursday, January 23rd. UBS Group lifted 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. JPMorgan Chase & Co. cut their price target on Diamondback Energy from $167.00 to $166.00 and set an “overweight” rating for the company in a report on Thursday. Piper Sandler decreased their price objective on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Finally, Wells Fargo & Company cut their target price on Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating for the company in a research note on Wednesday, March 12th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $208.17.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $129.01 on Friday. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $150.06 and a 200-day simple moving average of $166.28. The stock has a market capitalization of $37.94 billion, a price-to-earnings ratio of 7.38, a PEG ratio of 1.24 and a beta of 1.44. Diamondback Energy has a 1-year low of $114.00 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping the consensus estimate of $3.57 by $0.07. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. On average, sell-side analysts expect that Diamondback Energy will post 15.49 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Frank D. Tsuru bought 2,000 shares of the stock in a transaction dated Friday, February 28th. The stock was bought at an average cost of $156.51 per share, with a total value of $313,020.00. Following the purchase, the director now owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. This represents a 53.62 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Hedge funds have recently added to or reduced their stakes in the company. QRG Capital Management Inc. boosted its stake in shares of Diamondback Energy by 38.4% in the 4th quarter. QRG Capital Management Inc. now owns 11,675 shares of the oil and natural gas company’s stock valued at $1,913,000 after purchasing an additional 3,238 shares during the last quarter. Swedbank AB boosted its stake in Diamondback Energy by 28.0% in the fourth quarter. Swedbank AB now owns 198,283 shares of the oil and natural gas company’s stock valued at $32,485,000 after acquiring an additional 43,361 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in Diamondback Energy by 631.1% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,148 shares of the oil and natural gas company’s stock worth $7,069,000 after acquiring an additional 37,246 shares during the period. Franklin Resources Inc. raised its position in shares of Diamondback Energy by 48.5% during the 3rd quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock valued at $28,008,000 after acquiring an additional 47,951 shares during the last quarter. Finally, Tectonic Advisors LLC lifted its stake in shares of Diamondback Energy by 38.2% in the 4th quarter. Tectonic Advisors LLC now owns 31,467 shares of the oil and natural gas company’s stock valued at $5,155,000 after purchasing an additional 8,704 shares during the period. 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.