Diamondback Energy (NASDAQ:FANG) Stock Price Target Raised at Barclays

Key Points

• Barclays raised its price target on Diamondback Energy from $221 to $223 and maintained an “overweight” rating, implying 20.37% upside from the prior close.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $226.75, with 3 Strong Buy, 23 Buy, and 5 Hold ratings.
• Diamondback beat quarterly expectations, reporting $5.86 in EPS versus a $5.72 estimate and $5.43 billion in revenue versus $4.60 billion expected; revenue rose 38.4% year over year.

Diamondback Energy (NASDAQ:FANG - Get Free Report) had its target price upped by analysts at Barclays from $221.00 to $223.00 in a report released on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the oil and natural gas company's stock. Barclays's price target would suggest a potential upside of 20.37% from the company's previous close.

A number of other research firms also recently weighed in on FANG. Seaport Research Partners initiated coverage on Diamondback Energy in a research note on Thursday, September 3rd. They issued a "neutral" rating on the stock. Susquehanna upped their price target on shares of Diamondback Energy from $255.00 to $265.00 in a report on Wednesday, August 5th. Raymond James Financial reissued a "strong-buy" rating on shares of Diamondback Energy in a research report on Thursday, September 17th. JPMorgan Chase & Co. boosted their target price on shares of Diamondback Energy from $211.00 to $233.00 in a research note on Wednesday, August 5th. Finally, Citigroup lowered their price target on Diamondback Energy from $221.00 to $220.00 and set a "buy" rating on the stock in a report on Monday, August 10th. Three investment 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 stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $226.75.

Diamondback Energy Trading Up 1.7%

Diamondback Energy stock traded up $3.07 during trading hours on Friday, hitting $185.27. The company had a trading volume of 146,619 shares, compared to its average volume of 2,568,111. The firm has a market cap of $51.72 billion, a P/E ratio of 25.26 and a beta of 0.49. The company has a 50-day moving average price of $194.01 and a two-hundred day moving average price of $190.49. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 0.55. Diamondback Energy has a 1 year low of $139.41 and a 1 year high of $216.90.

Diamondback Energy (NASDAQ:FANG - Get Free Report) 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, beating the consensus estimate of $5.72 by $0.14. Diamondback Energy had a net margin of 11.03% and a return on equity of 11.86%. The firm had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $4.60 billion. During the same period in the previous year, the business posted $3.08 EPS. The business's revenue was up 38.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Diamondback Energy will post 22.40 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Travis D. Stice sold 75,000 shares of Diamondback Energy stock in a transaction that occurred 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 completion of the transaction, the director directly owned 49,727 shares in the company, valued at approximately $10,159,723.37. The trade was a 60.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles Meloy sold 33,333 shares of the company's stock in a transaction on Monday, October 5th. The shares were sold at an average price of $183.74, for a total value of $6,124,605.42. Following the completion of the transaction, the director directly owned 759,864 shares in the company, valued at approximately $139,617,411.36. This represents a 4.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.64% of the company's stock.

Hedge Funds Weigh In On Diamondback Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. bought a new stake in shares of Diamondback Energy in the 2nd quarter valued at $28,000. Burkett Financial Services LLC purchased a new position in shares of Diamondback Energy in the 3rd quarter worth about $32,000. Laurel Wealth Advisors LLC purchased a new stake in Diamondback Energy in the third quarter worth $32,000. J.Safra Asset Management Corp bought a new position in Diamondback Energy during the second quarter worth about $41,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in shares of Diamondback Energy in the second quarter valued at $42,000. Institutional investors and hedge funds own 90.01% of the company's stock.

Diamondback Energy Company Profile

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.

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