Diamondback Energy (NASDAQ:FANG) Stock Gets Downgrade from Sanford C. Bernstein

Diamondback Energy (NASDAQ:FANG) was downgraded by stock analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, MarketBeat.com reports. They currently have a $192.00 price target on the oil and natural gas company’s stock, down from their previous price target of $221.00. Sanford C. Bernstein‘s target price would suggest a potential upside of 6.09% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley boosted their target price on Diamondback Energy from $216.00 to $222.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 15th. Royal Bank Of Canada restated an “outperform” rating and set a $240.00 target price on shares of Diamondback Energy in a research note on Wednesday, October 14th. Capital One Financial boosted their target price on Diamondback Energy from $272.00 to $283.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Wall Street Zen cut Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Saturday, November 7th. Finally, Wolfe Research restated an “outperform” rating and set a $206.00 target price on shares of Diamondback Energy in a research note on Tuesday, August 4th. Three analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $226.68.

Diamondback Energy Stock Performance

Shares of FANG opened at $180.98 on Wednesday. The stock has a 50-day simple moving average of $194.43 and a 200-day simple moving average of $190.34. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.54 and a current ratio of 0.55. The stock has a market capitalization of $50.52 billion, a PE ratio of 24.76 and a beta of 0.49. Diamondback Energy has a 1 year low of $139.41 and a 1 year high of $216.90.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, November 2nd. The oil and natural gas company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.72 by $0.14. The business had revenue of $5.43 billion during the quarter, compared to analysts’ expectations of $4.60 billion. Diamondback Energy had a return on equity of 11.86% and a net margin of 11.03%. The business’s quarterly revenue was up 38.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.08 EPS. On average, analysts predict that Diamondback Energy will post 22.52 earnings per share for the current fiscal year.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Charles Meloy sold 33,333 shares of Diamondback Energy stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $183.74, for a total transaction of $6,124,605.42. Following the transaction, the director owned 759,864 shares of the company’s stock, valued at $139,617,411.36. The trade was a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis D. Stice sold 75,000 shares of Diamondback Energy stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $204.31, for a total value of $15,323,250.00. Following the transaction, the director directly owned 49,727 shares in the company, valued at approximately $10,159,723.37. This trade represents a 60.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.64% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. increased its position in Diamondback Energy by 4.8% during the third quarter. Resona Asset Management Co. Ltd. now owns 56,065 shares of the oil and natural gas company’s stock worth $10,307,000 after buying an additional 2,593 shares during the period. E Fund Management Hong Kong Co. Ltd. increased its position in Diamondback Energy by 48.1% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 2,315 shares of the oil and natural gas company’s stock worth $426,000 after buying an additional 752 shares during the period. TIAA CREF Individual & Institutional Services LLC increased its position in Diamondback Energy by 8.5% during the third quarter. TIAA CREF Individual & Institutional Services LLC now owns 2,811 shares of the oil and natural gas company’s stock worth $517,000 after buying an additional 221 shares during the period. Whittier Trust Co. increased its position in Diamondback Energy by 43.3% during the third quarter. Whittier Trust Co. now owns 404 shares of the oil and natural gas company’s stock worth $78,000 after buying an additional 122 shares during the period. Finally, Advisors Asset Management Inc. acquired a new position in Diamondback Energy during the third quarter worth approximately $5,702,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Company Profile

Diamondback Energy is an independent oil and natural gas company focused on the development and production of energy resources in the Permian Basin, primarily in West Texas and southeastern New Mexico. Its operations include exploration, drilling and production. The company produces crude oil, natural gas and natural gas liquids. Its activities are concentrated in the Midland and Delaware Basin regions, where it develops oil and gas properties and related reserves. Founded in 2007 and headquartered in Midland, Texas, Diamondback has expanded its Permian Basin operations over time, including through acquisitions.