Diamondback Energy (NASDAQ:FANG) Coverage Initiated at Melius

Key Points

• Melius initiated coverage on Diamondback Energy (NASDAQ:FANG) with a "buy" rating and a target price of $213.00, indicating a potential upside of 53.28% from the current stock price.
• Other research analysts have issued varying target prices for the stock, with a consensus rating of "Buy" and an average target price of $192.52.
• Diamondback Energy reported earnings of $2.67 per share for the last quarter, slightly missing consensus estimates, but their revenue increased by 48.1% year-over-year.

Equities research analysts at Melius initiated coverage on shares of Diamondback Energy (NASDAQ:FANG - Get Free Report) in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $213.00 price target on the oil and natural gas company's stock. Melius' target price suggests a potential upside of 53.28% from the stock's current price.

Several other research analysts have also recently issued reports on FANG. Mizuho cut their target price on shares of Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Evercore ISI started coverage on shares of Diamondback Energy in a report on Tuesday, May 6th. They set an "outperform" rating and a $165.00 target price on the stock. Raymond James Financial lifted their price target on Diamondback Energy from $204.00 to $221.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. lowered their price target on Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Finally, Piper Sandler decreased their target price on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $192.52.

Diamondback Energy Price Performance

FANG opened at $138.96 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The firm has a market cap of $40.23 billion, a P/E ratio of 9.88 and a beta of 1.09. Diamondback Energy has a fifty-two week low of $114.00 and a fifty-two week high of $200.47. The firm has a 50-day moving average of $143.47 and a 200 day moving average of $144.18.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing the consensus estimate of $2.72 by ($0.05). The business had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.Diamondback Energy's revenue for the quarter was up 48.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.52 EPS. On average, research analysts expect that Diamondback Energy will post 15.49 EPS for the current year.

Insiders Place Their Bets

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the sale, the chairman owned 102,145 shares in the company, valued at $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Diamondback Energy

A number of institutional investors have recently added to or reduced their stakes in FANG. Transce3nd LLC bought a new stake in Diamondback Energy during the fourth quarter valued at about $38,000. TD Waterhouse Canada Inc. boosted its holdings in Diamondback Energy by 8.9% in the fourth quarter. TD Waterhouse Canada Inc. now owns 7,915 shares of the oil and natural gas company's stock worth $1,297,000 after acquiring an additional 647 shares in the last quarter. Stifel Financial Corp boosted its holdings in Diamondback Energy by 23.2% in the fourth quarter. Stifel Financial Corp now owns 260,307 shares of the oil and natural gas company's stock worth $42,650,000 after acquiring an additional 48,991 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in Diamondback Energy by 17.7% in the fourth quarter. Hsbc Holdings PLC now owns 561,935 shares of the oil and natural gas company's stock worth $92,041,000 after acquiring an additional 84,464 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Diamondback Energy by 11.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company's stock worth $1,496,859,000 after acquiring an additional 928,429 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.