Diamondback Energy (NASDAQ:FANG) Price Target Raised to $230.00 at Citigroup

Diamondback Energy (NASDAQ:FANG) had its price objective lifted by stock analysts at Citigroup from $178.00 to $230.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the oil and natural gas company’s stock. Citigroup’s price target indicates a potential upside of 16.14% from the stock’s current price.

A number of other research analysts also recently weighed in on the stock. UBS Group raised their target price on shares of Diamondback Energy from $194.00 to $216.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Sanford C. Bernstein reduced their target price on Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating for the company in a research note on Monday, January 5th. Morgan Stanley raised their price target on Diamondback Energy from $171.00 to $220.00 and gave the company an “overweight” rating in a report on Friday. Truist Financial started coverage on shares of Diamondback Energy in a research note on Tuesday, March 24th. They set a “buy” rating and a $222.00 target price for the company. Finally, Wall Street Zen cut shares of Diamondback Energy from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. Four equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $199.29.

Diamondback Energy Stock Down 1.9%

FANG traded down $3.81 during trading on Monday, hitting $198.03. The company had a trading volume of 2,044,579 shares, compared to its average volume of 2,857,132. The company has a market capitalization of $55.71 billion, a PE ratio of 35.33 and a beta of 0.59. Diamondback Energy has a one year low of $114.00 and a one year high of $204.91. The firm’s 50-day moving average price is $173.12 and its 200 day moving average price is $156.02. The company has a quick ratio of 0.40, a current ratio of 0.42 and a debt-to-equity ratio of 0.32.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, February 23rd. The oil and natural gas company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.26). Diamondback Energy had a return on equity of 8.08% and a net margin of 11.07%.The firm had revenue of $3.38 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter in the previous year, the business posted $3.67 earnings per share. The firm’s quarterly revenue was down 9.0% compared to the same quarter last year. As a group, equities analysts expect that Diamondback Energy will post 15.49 earnings per share for the current year.

Insider Buying and Selling at Diamondback Energy

In related news, EVP Matt Zmigrosky sold 4,101 shares of the stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $190.51, for a total transaction of $781,281.51. Following the sale, the executive vice president owned 56,392 shares in the company, valued at approximately $10,743,239.92. This trade represents a 6.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven E. West sold 6,000 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $188.35, for a total value of $1,130,100.00. Following the sale, the director owned 4,484 shares of the company’s stock, valued at $844,561.40. The trade was a 57.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,209,212 shares of company stock valued at $199,689,401 over the last three months. 0.48% of the stock is owned by insiders.

Institutional Trading of Diamondback Energy

Large investors have recently bought and sold shares of the business. Flagship Harbor Advisors LLC bought a new position in Diamondback Energy in the 4th quarter valued at approximately $25,000. Richardson Financial Services Inc. increased its position in Diamondback Energy by 245.1% in the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock valued at $26,000 after acquiring an additional 125 shares during the period. Laurel Wealth Advisors LLC bought a new position in shares of Diamondback Energy during the fourth quarter valued at $26,000. JPL Wealth Management LLC bought a new position in shares of Diamondback Energy during the third quarter valued at $26,000. Finally, E Fund Management Hong Kong Co. Ltd. lifted its holdings in shares of Diamondback Energy by 106.3% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the oil and natural gas company’s stock worth $28,000 after purchasing an additional 102 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

About Diamondback Energy

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.