Diamondback Energy (NASDAQ:FANG) Coverage Initiated by Analysts at Royal Bank of Canada

Royal Bank of Canada initiated coverage on shares of Diamondback Energy (NASDAQ:FANG - Get Free Report) in a research note issued on Friday, Marketbeat.com reports. The firm set an "outperform" rating and a $180.00 price target on the oil and natural gas company's stock. Royal Bank of Canada's price objective would indicate a potential upside of 36.38% from the stock's current price.

Several other equities research analysts have also issued reports on FANG. Bank of America raised Diamondback Energy from a "neutral" rating to a "buy" rating and dropped their price target for the company from $202.00 to $170.00 in a research report on Tuesday, April 29th. Truist Financial raised their price target on shares of Diamondback Energy from $238.00 to $242.00 and gave the stock a "buy" rating in a research report on Thursday, April 17th. Wells Fargo & Company lowered their price objective on shares of Diamondback Energy from $215.00 to $207.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Williams Trading set a $190.00 target price on shares of Diamondback Energy in a report on Wednesday, March 5th. Finally, UBS Group lowered their target price on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy currently has an average rating of "Buy" and an average price target of $195.78.

Diamondback Energy Stock Down 0.8 %

NASDAQ FANG traded down $1.10 during trading hours on Friday, reaching $131.98. 3,762,441 shares of the company traded hands, compared to its average volume of 2,108,659. The stock has a market capitalization of $38.81 billion, a PE ratio of 7.55, a PEG ratio of 1.24 and a beta of 1.06. 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 has a 12 month low of $114.00 and a 12 month high of $214.50. The company has a 50 day moving average of $142.50 and a two-hundred day moving average of $160.43.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, topping the consensus estimate of $3.67 by $0.87. The business had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $3.58 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company's quarterly revenue was up 81.8% compared to the same quarter last year. During the same quarter last year, the company posted $4.50 earnings per share. As a group, equities analysts expect that Diamondback Energy will post 15.49 earnings per share for the current year.

Insider Activity

In other news, Director Frank D. Tsuru bought 2,000 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average price of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, the director now directly owns 5,730 shares of the company's stock, valued at $896,802.30. This represents a 53.62 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds have recently made changes to their positions in the business. Demars Financial Group LLC bought a new position in shares of Diamondback Energy in the fourth quarter valued at $638,050,000. Raymond James Financial Inc. acquired a new position in shares of Diamondback Energy in the 4th quarter worth $298,327,000. Alyeska Investment Group L.P. acquired a new stake in shares of Diamondback Energy during the fourth quarter worth $185,193,000. Assenagon Asset Management S.A. lifted its holdings in shares of Diamondback Energy by 1,153.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company's stock valued at $185,606,000 after purchasing an additional 1,042,505 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Diamondback Energy by 11.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company's stock valued at $1,496,859,000 after purchasing an additional 928,429 shares during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

About Diamondback Energy

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.