Wells Fargo & Company Cuts Diamondback Energy (NASDAQ:FANG) Price Target to $219.00

Diamondback Energy (NASDAQ:FANG) had its price target decreased by Wells Fargo & Company from $230.00 to $219.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the oil and natural gas company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 20.80% from the company’s previous close.

FANG has been the topic of a number of other research reports. Susquehanna decreased their target price on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Benchmark reaffirmed a “buy” rating and issued a $154.00 target price on shares of Diamondback Energy in a report on Tuesday, August 6th. UBS Group dropped their target price on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Piper Sandler reduced their price target on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Finally, Jefferies Financial Group assumed coverage on shares of Diamondback Energy in a report on Monday, September 16th. They issued a “hold” rating and a $185.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $205.82.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $181.29 on Tuesday. Diamondback Energy has a twelve month low of $143.08 and a twelve month high of $214.50. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The stock’s 50-day simple moving average is $187.75 and its 200 day simple moving average is $195.25. The firm has a market capitalization of $32.33 billion, a PE ratio of 10.22, a price-to-earnings-growth ratio of 1.17 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. The company had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same period last year, the company posted $3.68 EPS. On average, analysts anticipate that Diamondback Energy will post 18.97 EPS for the current fiscal year.

Insider Buying and Selling

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Park National Corp OH increased its position in shares of Diamondback Energy by 107.2% during the third quarter. Park National Corp OH now owns 40,701 shares of the oil and natural gas company’s stock valued at $7,017,000 after acquiring an additional 21,055 shares during the last quarter. Mattson Financial Services LLC bought a new position in Diamondback Energy in the 2nd quarter valued at $74,000. Centaurus Financial Inc. increased its position in shares of Diamondback Energy by 52.2% during the 2nd quarter. Centaurus Financial Inc. now owns 1,513 shares of the oil and natural gas company’s stock valued at $303,000 after purchasing an additional 519 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Diamondback Energy by 1,320.0% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 69,578 shares of the oil and natural gas company’s stock worth $13,929,000 after purchasing an additional 64,678 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its holdings in shares of Diamondback Energy by 31.5% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 2,062 shares of the oil and natural gas company’s stock worth $413,000 after buying an additional 494 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.