TD Securities Boosts Diamondback Energy (NASDAQ:FANG) Price Target to $81.00


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Diamondback Energy (NASDAQ:FANG) had its price objective lifted by stock analysts at TD Securities from $67.00 to $81.00 in a report issued on Tuesday, BayStreet.CA reports. The firm presently has a “buy” rating on the oil and natural gas company’s stock. TD Securities’ target price would suggest a potential upside of 15.95% from the company’s previous close.

Several other analysts have also issued reports on the stock. Barclays boosted their price target on shares of Diamondback Energy from $46.00 to $68.00 and gave the company an “equal weight” rating in a research report on Thursday, January 14th. Scotiabank assumed coverage on shares of Diamondback Energy in a research report on Monday, February 1st. They issued a “sector outperform” rating and a $84.00 price target on the stock. Siebert Williams Shank reissued a “buy” rating and issued a $62.00 price target on shares of Diamondback Energy in a research report on Wednesday, January 13th. Zacks Investment Research raised shares of Diamondback Energy from a “hold” rating to a “strong-buy” rating and set a $57.00 price target on the stock in a research report on Thursday, December 31st. Finally, Truist upped their target price on shares of Diamondback Energy from $60.00 to $65.00 in a report on Wednesday, January 6th. Three investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have issued a strong buy rating to the stock. Diamondback Energy currently has a consensus rating of “Buy” and a consensus target price of $64.63.

FANG traded up $1.46 during midday trading on Tuesday, reaching $69.86. The company had a trading volume of 214,883 shares, compared to its average volume of 2,968,559. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.45. The stock has a market cap of $11.04 billion, a PE ratio of -2.61, a P/E/G ratio of 0.59 and a beta of 2.59. Diamondback Energy has a 12-month low of $14.55 and a 12-month high of $73.31. The business has a 50-day moving average price of $61.88 and a two-hundred day moving average price of $43.40.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Sunday, February 21st. The oil and natural gas company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. Diamondback Energy had a negative net margin of 135.48% and a positive return on equity of 5.10%. The company had revenue of $769.00 million for the quarter, compared to analyst estimates of $768.65 million. During the same quarter in the previous year, the firm posted $1.93 earnings per share. The company’s quarterly revenue was down 30.3% compared to the same quarter last year. On average, research analysts anticipate that Diamondback Energy will post 3.06 earnings per share for the current year.

Several institutional investors have recently modified their holdings of FANG. Morgan Stanley increased its stake in shares of Diamondback Energy by 332.4% in the 3rd quarter. Morgan Stanley now owns 2,305,623 shares of the oil and natural gas company’s stock worth $69,445,000 after acquiring an additional 1,772,450 shares in the last quarter. Boston Partners increased its stake in Diamondback Energy by 57.1% during the 3rd quarter. Boston Partners now owns 2,290,109 shares of the oil and natural gas company’s stock valued at $68,978,000 after purchasing an additional 832,808 shares in the last quarter. Wells Fargo & Company MN increased its stake in Diamondback Energy by 131.0% during the 4th quarter. Wells Fargo & Company MN now owns 1,028,050 shares of the oil and natural gas company’s stock valued at $49,757,000 after purchasing an additional 583,073 shares in the last quarter. Voloridge Investment Management LLC increased its stake in Diamondback Energy by 92.5% during the 3rd quarter. Voloridge Investment Management LLC now owns 1,027,859 shares of the oil and natural gas company’s stock valued at $30,959,000 after purchasing an additional 493,966 shares in the last quarter. Finally, Strs Ohio increased its stake in Diamondback Energy by 24,258.3% during the 4th quarter. Strs Ohio now owns 484,000 shares of the oil and natural gas company’s stock valued at $23,425,000 after purchasing an additional 482,013 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

About Diamondback Energy

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 primarily 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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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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