Diamondback Energy (NASDAQ:FANG) Price Target Cut to $207.00 by Analysts at Wells Fargo & Company

Diamondback Energy (NASDAQ:FANG) had its price objective reduced by equities researchers at Wells Fargo & Company from $215.00 to $207.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and natural gas company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 55.47% from the stock’s previous close.

A number of other equities analysts have also issued reports on the stock. Citigroup upgraded shares of Diamondback Energy from a “reduce” rating to a “buy” rating and upped their target price for the stock from $157.00 to $180.00 in a research report on Monday, April 7th. Royal Bank of Canada restated an “outperform” rating and set a $210.00 target price on shares of Diamondback Energy in a research report on Thursday, January 23rd. Morgan Stanley reiterated an “overweight” rating on shares of Diamondback Energy in a report on Tuesday, April 15th. UBS Group cut their target price on shares of Diamondback Energy from $175.00 to $163.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Raymond James dropped their price target on shares of Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating for the company in a research note on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $205.79.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock traded down $4.50 during midday trading on Monday, hitting $133.14. 295,831 shares of the company were exchanged, compared to its average volume of 2,079,022. The firm has a 50 day simple moving average of $147.14 and a 200-day simple moving average of $164.65. Diamondback Energy has a 52 week low of $114.00 and a 52 week high of $214.50. The firm has a market cap of $39.16 billion, a P/E ratio of 7.62, a PEG ratio of 1.24 and a beta of 1.44. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Research analysts forecast that Diamondback Energy will post 15.49 earnings per share for the current year.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru acquired 2,000 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $156.51 per share, with a total value of $313,020.00. Following the purchase, the director now directly owns 5,730 shares of the company’s stock, valued at $896,802.30. This trade represents a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Diamondback Energy

Several institutional investors have recently added to or reduced their stakes in FANG. Virtu Financial LLC bought a new stake in Diamondback Energy in the third quarter valued at $1,215,000. Fulcrum Equity Management bought a new stake in shares of Diamondback Energy during the third quarter valued at approximately $206,000. Pine Valley Investments Ltd Liability Co lifted its holdings in shares of Diamondback Energy by 11.3% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 2,027 shares of the oil and natural gas company’s stock worth $349,000 after purchasing an additional 205 shares in the last quarter. World Investment Advisors LLC acquired a new position in Diamondback Energy during the third quarter worth $3,935,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Diamondback Energy in the third quarter valued at $138,000. 90.01% of the stock is owned by institutional investors and hedge funds.

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.