Scotiabank Boosts Diamondback Energy (NASDAQ:FANG) Price Target to $180.00

Diamondback Energy (NASDAQ:FANG - Get Free Report) had its price objective increased by investment analysts at Scotiabank from $175.00 to $180.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "sector outperform" rating on the oil and natural gas company's stock. Scotiabank's target price would indicate a potential upside of 24.71% from the stock's previous close.

A number of other equities analysts have also weighed in on the company. Mizuho lowered their target price 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 increased their target price on Diamondback Energy from $238.00 to $242.00 and gave the stock a "buy" rating in a research note on Thursday, April 17th. Wells Fargo & Company increased their target price on Diamondback Energy from $207.00 to $208.00 and gave the stock an "overweight" rating in a research note on Monday, June 16th. Evercore ISI began coverage on Diamondback Energy in a research note on Tuesday, May 6th. They set an "outperform" rating and a $165.00 target price on the stock. Finally, Susquehanna lowered their target price on Diamondback Energy from $219.00 to $194.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $193.35.

Diamondback Energy Stock Performance

NASDAQ:FANG traded up $1.30 on Friday, hitting $144.33. The company's stock had a trading volume of 1,333,363 shares, compared to its average volume of 2,292,204. The company has a current ratio of 0.86, a quick ratio of 0.83 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average of $141.09 and a two-hundred day moving average of $149.58. The firm has a market capitalization of $42.17 billion, a P/E ratio of 8.83 and a beta of 1.05. Diamondback Energy has a one year low of $114.00 and a one year high of $214.50.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.67 by $0.87. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.58 billion. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. The business's revenue for the quarter was up 81.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.50 earnings per share. Research analysts predict that Diamondback Energy will post 15.49 earnings per share for the current year.

Insider Activity

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of Diamondback Energy 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 owned 120,645 shares in the company, valued at approximately $17,214,835.05. This trade represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.70% of the company's stock.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds and other institutional investors have recently modified their holdings of FANG. BankPlus Trust Department bought a new position in shares of Diamondback Energy in the 1st quarter valued at $27,000. Wintrust Investments LLC bought a new position in shares of Diamondback Energy in the 4th quarter valued at $28,000. Pinnacle Bancorp Inc. increased its stake in shares of Diamondback Energy by 95.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock valued at $29,000 after purchasing an additional 88 shares during the last quarter. SouthState Corp increased its stake in shares of Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after purchasing an additional 167 shares during the last quarter. Finally, Grove Bank & Trust increased its stake in shares of Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock valued at $32,000 after purchasing an additional 80 shares during 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.