Royal Bank of Canada Reaffirms “Outperform” Rating for Diamondback Energy (NASDAQ:FANG)

Diamondback Energy (NASDAQ:FANG)‘s stock had its “outperform” rating restated by Royal Bank of Canada in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $220.00 price target on the oil and natural gas company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 25.32% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley upped their price objective on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a research report on Monday. Bank of America increased their price target on Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. UBS Group increased their price target on Diamondback Energy from $245.00 to $247.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Wolfe Research initiated coverage on Diamondback Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, KeyCorp initiated coverage on Diamondback Energy in a report on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $210.86.

Diamondback Energy Stock Up 0.4 %

Shares of FANG traded up $0.74 during midday trading on Tuesday, reaching $175.55. 29,415 shares of the company were exchanged, compared to its average volume of 1,541,378. Diamondback Energy has a 1-year low of $143.08 and a 1-year high of $214.50. The stock has a 50-day moving average price of $194.20 and a 200-day moving average price of $195.81. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. The company has a market cap of $31.31 billion, a price-to-earnings ratio of 9.87, a P/E/G ratio of 1.06 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the company earned $3.68 earnings per share. Diamondback Energy’s revenue for the quarter was up 29.4% on a year-over-year basis. Research analysts expect that Diamondback Energy will post 19.08 earnings per share for the current year.

Institutional Investors Weigh In On Diamondback Energy

Several large investors have recently modified their holdings of FANG. Newbridge Financial Services Group Inc. increased its stake in 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 purchasing an additional 494 shares in the last quarter. Heritage Wealth Management Inc. acquired a new stake in shares of Diamondback Energy during the second quarter valued at approximately $966,000. Sanctuary Advisors LLC purchased a new stake in shares of Diamondback Energy in the 2nd quarter valued at approximately $10,229,000. Clearbridge Investments LLC grew its position in Diamondback Energy by 45.1% during the 2nd quarter. Clearbridge Investments LLC now owns 296,752 shares of the oil and natural gas company’s stock worth $59,407,000 after purchasing an additional 92,213 shares in the last quarter. Finally, New Wave Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy in the second quarter valued at $402,000. 90.01% of the stock is owned by 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.