Truist Financial Increases Diamondback Energy (NASDAQ:FANG) Price Target to $200.00

Diamondback Energy (NASDAQ:FANGGet Rating) had its price target boosted by investment analysts at Truist Financial from $170.00 to $200.00 in a research report issued to clients and investors on Thursday, The Fly reports. Truist Financial’s price target would indicate a potential upside of 53.73% from the company’s previous close.

FANG has been the topic of a number of other reports. Wells Fargo & Company upped their price target on shares of Diamondback Energy from $198.00 to $204.00 and gave the company an “overweight” rating in a research note on Tuesday. Bank of America cut shares of Diamondback Energy from a “buy” rating to a “neutral” rating and increased their target price for the stock from $165.00 to $170.00 in a research note on Tuesday, March 8th. TD Securities increased their target price on shares of Diamondback Energy from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 23rd. Citigroup increased their target price on shares of Diamondback Energy from $109.00 to $122.00 in a research note on Monday, January 3rd. Finally, Credit Suisse Group increased their target price on shares of Diamondback Energy from $138.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 23rd. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $159.53.

Shares of FANG stock opened at $130.10 on Thursday. The stock has a market capitalization of $23.08 billion, a P/E ratio of 10.72, a PEG ratio of 0.28 and a beta of 2.30. The company has a current ratio of 1.01, a quick ratio of 0.96 and a debt-to-equity ratio of 0.50. The firm’s 50 day moving average is $135.20 and its 200 day moving average is $121.58. Diamondback Energy has a 12 month low of $65.93 and a 12 month high of $147.99.

Diamondback Energy (NASDAQ:FANGGet Rating) last announced its quarterly earnings results on Tuesday, February 22nd. The oil and natural gas company reported $3.63 EPS for the quarter, beating the Zacks’ consensus estimate of $3.38 by $0.25. The company had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Diamondback Energy had a net margin of 32.10% and a return on equity of 16.33%. Diamondback Energy’s revenue was up 162.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.82 EPS. On average, equities analysts predict that Diamondback Energy will post 22.47 EPS for the current year.

In related news, CAO Teresa L. Dick sold 2,500 shares of the stock in a transaction on Monday, March 21st. The shares were sold at an average price of $140.03, for a total transaction of $350,075.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael P. Cross sold 4,000 shares of the stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $139.00, for a total transaction of $556,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,000 shares of company stock worth $3,319,960. 0.43% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the business. State Street Corp grew its holdings in Diamondback Energy by 5.8% in the 4th quarter. State Street Corp now owns 11,173,356 shares of the oil and natural gas company’s stock worth $1,205,046,000 after acquiring an additional 607,766 shares during the last quarter. Boston Partners lifted its position in shares of Diamondback Energy by 14.9% in the 3rd quarter. Boston Partners now owns 4,813,539 shares of the oil and natural gas company’s stock worth $455,818,000 after purchasing an additional 625,959 shares during the period. Geode Capital Management LLC lifted its position in Diamondback Energy by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 3,428,928 shares of the oil and natural gas company’s stock valued at $368,917,000 after acquiring an additional 96,622 shares during the period. Invesco Ltd. lifted its position in Diamondback Energy by 38.9% during the 4th quarter. Invesco Ltd. now owns 3,311,337 shares of the oil and natural gas company’s stock valued at $357,129,000 after acquiring an additional 927,878 shares during the period. Finally, Wellington Management Group LLP lifted its position in Diamondback Energy by 3.4% during the 3rd quarter. Wellington Management Group LLP now owns 3,265,395 shares of the oil and natural gas company’s stock valued at $309,135,000 after acquiring an additional 107,392 shares during the period. 89.27% of the stock is currently owned by institutional investors and hedge funds.

About Diamondback Energy (Get Rating)

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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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