Diamondback Energy (NASDAQ:FANG) Stock Price Expected to Rise, Evercore ISI Analyst Says

Key Points

• Diamondback Energy had its target price increased from $165.00 to $175.00 by Evercore ISI, indicating a potential upside of 17.20% from the previous closing price.
• The company reported mixed earnings results for the previous quarter, with a net revenue of $3.68 billion, surpassing estimates, but missed EPS expectations by $0.05.
• Diamondback Energy currently has an average rating of "Buy" among analysts, with a consensus target price of $192.86, reflecting widespread positive sentiment about its stock performance.

Diamondback Energy (NASDAQ:FANG - Get Free Report) had its target price increased by Evercore ISI from $165.00 to $175.00 in a report issued on Monday,Benzinga reports. The firm currently has an "outperform" rating on the oil and natural gas company's stock. Evercore ISI's price target would suggest a potential upside of 17.20% from the company's previous close.

A number of other research analysts also recently issued reports on FANG. Mizuho dropped their price target on shares of Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Wells Fargo & Company lifted their price objective on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Scotiabank reiterated an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. Susquehanna lowered their price objective on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a research note on Wednesday, July 23rd. Finally, Melius Research assumed coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $192.86.

Diamondback Energy Stock Up 1.2%

NASDAQ:FANG opened at $149.31 on Monday. The firm's 50 day simple moving average is $142.86 and its 200 day simple moving average is $141.41. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. Diamondback Energy has a one year low of $114.00 and a one year high of $200.47. The company has a market cap of $43.22 billion, a PE ratio of 10.58 and a beta of 1.04.

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 EPS for the quarter, missing the consensus estimate of $2.72 by ($0.05). The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The firm's quarterly revenue was up 48.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.52 earnings per share. On average, research analysts anticipate that Diamondback Energy will post 15.49 earnings per share for the current year.

Insider Buying and Selling at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares of the company's stock, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.70% of the company's stock.

Hedge Funds Weigh In On Diamondback Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Uhlmann Price Securities LLC boosted its holdings in shares of Diamondback Energy by 1.3% in the 2nd quarter. Uhlmann Price Securities LLC now owns 5,090 shares of the oil and natural gas company's stock worth $699,000 after buying an additional 67 shares during the last quarter. Investor s Fiduciary Advisor Network LLC lifted its holdings in Diamondback Energy by 2.1% during the first quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company's stock valued at $569,000 after purchasing an additional 74 shares during the last quarter. Mesirow Financial Investment Management Inc. lifted its holdings in Diamondback Energy by 5.6% during the first quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company's stock valued at $226,000 after purchasing an additional 75 shares during the last quarter. FourThought Financial Partners LLC lifted its holdings in Diamondback Energy by 2.9% during the first quarter. FourThought Financial Partners LLC now owns 2,779 shares of the oil and natural gas company's stock valued at $444,000 after purchasing an additional 78 shares during the last quarter. Finally, Grove Bank & Trust lifted its holdings in Diamondback Energy by 65.0% during the first 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. 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.

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