JPMorgan Chase & Co. Lowers Diamondback Energy (NASDAQ:FANG) Price Target to $161.00

Diamondback Energy (NASDAQ:FANG - Get Free Report) had its price objective lowered by stock analysts at JPMorgan Chase & Co. from $167.00 to $161.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the oil and natural gas company's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 21.99% from the company's current price.

A number of other equities analysts have also recently commented on FANG. KeyCorp dropped their target price on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Bank of America raised shares of Diamondback Energy from a "neutral" rating to a "buy" rating and reduced their target price for the company from $202.00 to $170.00 in a research note on Tuesday, April 29th. Scotiabank lowered their target price on shares of Diamondback Energy from $215.00 to $175.00 and set a "sector outperform" rating for the company in a report on Friday, April 11th. Piper Sandler cut their price target on shares of Diamondback Energy from $240.00 to $234.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Wells Fargo & Company decreased 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 note on Monday, April 21st. Two equities research 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. Based on data from MarketBeat.com, Diamondback Energy presently has an average rating of "Buy" and an average price target of $195.57.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $131.98 on Wednesday. Diamondback Energy has a 52-week low of $114.00 and a 52-week high of $214.50. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The firm's fifty day moving average is $142.03 and its 200 day moving average is $160.24. The company has a market cap of $38.81 billion, a price-to-earnings ratio of 7.55, a PEG ratio of 1.24 and a beta of 1.06.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its earnings results 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 analysts' expectations of $3.58 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business's revenue was up 81.8% compared to the same quarter last year. During the same period in the prior year, the company earned $4.50 EPS. Sell-side analysts forecast that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Insider Activity at Diamondback Energy

In related news, Director Frank D. Tsuru bought 2,000 shares of the company's stock in a transaction on Friday, February 28th. The shares were acquired at an average price of $156.51 per share, with a total value of $313,020.00. Following the transaction, the director now owns 5,730 shares of the company's stock, valued at $896,802.30. The trade was a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Diamondback Energy

A number of hedge funds have recently made changes to their positions in the stock. BankPlus Trust Department purchased a new stake in shares of Diamondback Energy during the first quarter valued at about $27,000. Wintrust Investments LLC purchased a new stake in Diamondback Energy during the fourth quarter valued at approximately $28,000. R Squared Ltd acquired a new stake in Diamondback Energy in the fourth quarter valued at approximately $29,000. Pinnacle Bancorp Inc. grew its holdings in Diamondback Energy by 95.7% in the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after purchasing an additional 88 shares during the last quarter. Finally, UMB Bank n.a. increased its position in shares of Diamondback Energy by 247.3% during the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company's stock worth $31,000 after purchasing an additional 136 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

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.

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.