Diamondback Energy (NASDAQ:FANG) Price Target Raised to $170.00 at Bank of America

Diamondback Energy (NASDAQ:FANG - Get Free Report) had its price objective lifted by stock analysts at Bank of America from $165.00 to $170.00 in a report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the oil and natural gas company's stock. Bank of America's target price indicates a potential upside of 23.65% from the company's current price.

Several other equities analysts have also issued reports on the company. Mizuho decreased their price target on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Truist Financial raised their price target on shares of Diamondback Energy from $238.00 to $242.00 and gave the company a "buy" rating in a research note on Thursday, April 17th. Barclays reduced their price target on shares of Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Piper Sandler reduced their price target on shares of Diamondback Energy from $234.00 to $225.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. Finally, Citigroup upgraded shares of Diamondback Energy from a "reduce" rating to a "buy" rating and raised their price target for the company from $157.00 to $180.00 in a research note on Monday, April 7th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Diamondback Energy presently has an average rating of "Buy" and a consensus target price of $193.09.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG traded up $1.63 on Friday, hitting $137.49. The company had a trading volume of 1,787,061 shares, compared to its average volume of 2,151,879. Diamondback Energy has a 1-year low of $114.00 and a 1-year high of $214.50. The stock has a market cap of $40.17 billion, a price-to-earnings ratio of 7.87, a P/E/G ratio of 1.24 and a beta of 1.06. The stock has a 50 day moving average price of $139.52 and a 200 day moving average price of $156.07. 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 - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, beating the consensus estimate of $3.67 by $0.87. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.58 billion. During the same period in the previous year, the company earned $4.50 earnings per share. The company's quarterly revenue was up 81.8% on a year-over-year basis. Analysts expect that Diamondback Energy will post 15.49 EPS for the current year.

Insider Transactions at Diamondback Energy

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $142.69, for a total value of $1,426,900.00. Following the transaction, the president now directly owns 120,645 shares in the company, valued at $17,214,835.05. This trade represents a 7.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank D. Tsuru acquired 2,000 shares of the stock in a transaction dated Friday, February 28th. The stock was acquired at an average price of $156.51 per share, for a total transaction of $313,020.00. Following the purchase, the director now directly owns 5,730 shares in the company, valued at approximately $896,802.30. This trade represents a 53.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.70% of the company's stock.

Institutional Investors Weigh In On Diamondback Energy

Institutional investors have recently added to or reduced their stakes in the stock. Magnolia Capital Advisors LLC boosted its stake in Diamondback Energy by 2.0% during the fourth quarter. Magnolia Capital Advisors LLC now owns 3,247 shares of the oil and natural gas company's stock worth $532,000 after buying an additional 64 shares during the period. Barden Capital Management Inc. boosted its stake in Diamondback Energy by 1.5% during the fourth quarter. Barden Capital Management Inc. now owns 4,380 shares of the oil and natural gas company's stock worth $718,000 after buying an additional 64 shares during the period. Greenleaf Trust boosted its stake in Diamondback Energy by 1.0% during the fourth quarter. Greenleaf Trust now owns 6,892 shares of the oil and natural gas company's stock worth $1,129,000 after buying an additional 66 shares during the period. Buckhead Capital Management LLC boosted its stake in Diamondback Energy by 0.3% during the fourth quarter. Buckhead Capital Management LLC now owns 19,830 shares of the oil and natural gas company's stock worth $3,249,000 after buying an additional 67 shares during the period. Finally, Center For Asset Management LLC boosted its stake in Diamondback Energy by 3.6% during the fourth quarter. Center For Asset Management LLC now owns 1,976 shares of the oil and natural gas company's stock worth $324,000 after buying an additional 68 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

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.