Diamondback Energy (NASDAQ:FANG) Given New $220.00 Price Target at Citigroup

Key Points

• Citigroup lowered Diamondback Energy’s price target to $220 from $221 while maintaining a “buy” rating, implying 12.58% upside from the previous close. Analysts overall rate the stock “Buy,” with an average target of $222.30.
• Diamondback Energy shares rose 3.9% to $195.41 in Monday trading. The company recently beat quarterly estimates, reporting $6.48 in EPS and $5.56 billion in revenue, up 51.2% year over year.
• Insiders sold 139,167 shares worth approximately $26.75 million over the past three months, while institutional investors and hedge funds own 90.01% of the company.

Diamondback Energy (NASDAQ:FANG - Get Free Report) had its price target decreased by equities researchers at Citigroup from $221.00 to $220.00 in a report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the oil and natural gas company's stock. Citigroup's price target would suggest a potential upside of 12.58% from the stock's previous close.

Other equities analysts also recently issued research reports about the company. Zacks Research downgraded Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 28th. Jefferies Financial Group reissued a "hold" rating and issued a $205.00 price objective on shares of Diamondback Energy in a report on Sunday. Sanford C. Bernstein boosted their target price on shares of Diamondback Energy from $237.00 to $241.00 and gave the company an "outperform" rating in a report on Monday, May 11th. Truist Financial raised their price target on shares of Diamondback Energy from $220.00 to $224.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Wells Fargo & Company raised their target price on Diamondback Energy from $262.00 to $263.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. Four analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $222.30.

Diamondback Energy Stock Up 3.9%

Diamondback Energy stock traded up $7.37 during mid-day trading on Monday, reaching $195.41. 245,590 shares of the company were exchanged, compared to its average volume of 2,659,522. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. The firm has a market cap of $54.97 billion, a P/E ratio of 38.08 and a beta of 0.43. The business has a fifty day moving average of $190.39 and a 200 day moving average of $186.03. Diamondback Energy has a 12-month low of $134.30 and a 12-month high of $214.51.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, beating analysts' consensus estimates of $6.08 by $0.40. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The company had revenue of $5.56 billion during the quarter, compared to analysts' expectations of $4.89 billion. During the same period last year, the business posted $2.38 earnings per share. The firm's revenue was up 51.2% compared to the same quarter last year. Research analysts anticipate that Diamondback Energy will post 19.73 earnings per share for the current fiscal year.

Insider Transactions at Diamondback Energy

In other news, EVP Matt Zmigrosky sold 5,000 shares of the business's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the sale, the executive vice president directly owned 46,392 shares of the company's stock, valued at approximately $9,303,451.68. The trade was a 9.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Teresa L. Dick sold 7,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the transaction, the chief accounting officer directly owned 85,755 shares in the company, valued at approximately $17,228,179.50. This trade represents a 7.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 139,167 shares of company stock worth $26,749,809 over the last three months. 0.64% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Flagship Harbor Advisors LLC purchased a new stake in Diamondback Energy during the fourth quarter worth $25,000. Laurel Wealth Advisors LLC acquired a new stake in Diamondback Energy in the 4th quarter valued at about $26,000. Cedar Mountain Advisors LLC acquired a new position in Diamondback Energy during the first quarter worth about $26,000. JPL Wealth Management LLC acquired a new position in Diamondback Energy during the third quarter worth about $26,000. Finally, Wellington Shields & Co. LLC lifted its holdings in shares of Diamondback Energy by 264.7% in the fourth quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company's stock valued at $28,000 after purchasing an additional 135 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Company Profile

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

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