Scotiabank Issues Positive Forecast for Diamondback Energy (NASDAQ:FANG) Stock Price

Key Points

• Scotiabank has increased its price target for Diamondback Energy from $180.00 to $182.00, suggesting a potential upside of 24.91% from its previous close.
• Diamondback Energy's stock has a consensus rating of "Buy" and an average target price of $192.64, with two analysts giving it a "Strong Buy" rating.
• Despite a recent decline, Diamondback Energy reported a revenue increase of 48.1% year-over-year, reaching $3.68 billion for the quarter, although it missed earnings estimates by $0.05.

Diamondback Energy (NASDAQ:FANG - Get Free Report) had its price target boosted by Scotiabank from $180.00 to $182.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the oil and natural gas company's stock. Scotiabank's price objective suggests a potential upside of 24.91% from the company's previous close.

A number of other research analysts also recently weighed in on FANG. Weiss Ratings reiterated a "hold (c-)" rating on shares of Diamondback Energy in a report on Wednesday. Barclays reduced their target price on Diamondback Energy from $185.00 to $178.00 and set an "overweight" rating on the stock in a report on Tuesday. KeyCorp reduced their target price on Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating on the stock in a report on Wednesday, September 3rd. Morgan Stanley upped their target price on Diamondback Energy from $184.00 to $186.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, UBS Group upped their target price on Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $192.64.

Diamondback Energy Trading Down 2.3%

NASDAQ:FANG traded down $3.37 during mid-day trading on Thursday, reaching $145.70. 240,129 shares of the company's stock traded hands, compared to its average volume of 2,346,996. Diamondback Energy has a 12-month low of $114.00 and a 12-month high of $197.68. The company has a 50 day moving average price of $142.72 and a 200-day moving average price of $141.45. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. The firm has a market capitalization of $42.18 billion, a price-to-earnings ratio of 10.36 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 earnings per share for the quarter, missing analysts' consensus estimates 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 last year, the company posted $4.52 EPS. The firm's revenue was up 48.1% on a year-over-year basis. On average, sell-side analysts predict that Diamondback Energy will post 15.49 earnings per share for the current year.

Insider Buying and Selling at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction on 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 transaction, the chairman directly owned 102,145 shares of the company's stock, valued at $14,586,306. This represents a 16.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Diamondback Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. BankPlus Trust Department purchased a new stake in shares of Diamondback Energy in the 1st quarter worth $27,000. Creekmur Asset Management LLC purchased a new stake in shares of Diamondback Energy in the 2nd quarter worth $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 worth $29,000 after purchasing an additional 88 shares in the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in Diamondback Energy during the second quarter valued at about $29,000. Finally, SouthState Corp raised its holdings in Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after acquiring an additional 167 shares during the period. 90.01% of the stock is currently 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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