Mizuho Issues Pessimistic Forecast for Diamondback Energy (NASDAQ:FANG) Stock Price

Key Points

• Mizuho has reduced Diamondback Energy's target price from $183.00 to $176.00, while maintaining an "outperform" rating, which suggests a potential upside of 30.49% from the current stock price.
• Recent reports indicate a general trend of decreasing target prices among other brokerages, including Piper Sandler and KeyCorp, while the average target price remains at $193.04 with a consensus rating of "Buy."
• Diamondback Energy reported a quarterly revenue increase of 48.1% year-over-year, although its earnings per share fell short of analysts' expectations.

Diamondback Energy (NASDAQ:FANG - Get Free Report) had its target price decreased by investment analysts at Mizuho from $183.00 to $176.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the oil and natural gas company's stock. Mizuho's price objective would indicate a potential upside of 30.49% from the stock's current price.

Several other brokerages have also recently weighed in on FANG. Piper Sandler reduced their target price on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. Melius 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 target for the company. UBS Group lifted their price target on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. William Blair began coverage on Diamondback Energy in a report on Monday, August 25th. They set an "outperform" rating for the company. Finally, KeyCorp decreased their price target on Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating for the company in a report on Wednesday, September 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Diamondback Energy has an average rating of "Buy" and a consensus price target of $193.04.

Diamondback Energy Trading Down 1.5%

Shares of FANG traded down $2.01 during midday trading on Monday, hitting $134.87. 805,248 shares of the stock were exchanged, compared to its average volume of 2,366,666. Diamondback Energy has a 52-week low of $114.00 and a 52-week high of $200.47. The stock has a fifty day simple moving average of $142.68 and a 200 day simple moving average of $142.05. The firm has a market cap of $39.04 billion, a P/E ratio of 9.62 and a beta of 1.14. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly 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). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.35 billion. During the same quarter in the prior year, the business earned $4.52 earnings per share. The company's quarterly revenue was up 48.1% on a year-over-year basis. On average, research analysts anticipate that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.70% of the company's stock.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors have recently added to or reduced their stakes in the stock. BankPlus Trust Department purchased a new stake in Diamondback Energy in the 1st quarter valued at approximately $27,000. Creekmur Asset Management LLC purchased a new stake in Diamondback Energy in the 2nd quarter valued at approximately $28,000. Pinnacle Bancorp Inc. boosted its holdings in 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 in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new stake in Diamondback Energy in the 2nd quarter valued at approximately $29,000. Finally, SouthState Corp boosted its holdings in 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 in the last quarter. Institutional investors and hedge funds 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.

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