Diamondback Energy (NASDAQ:FANG) Coverage Initiated at Truist Financial

Research analysts at Truist Financial started coverage on shares of Diamondback Energy (NASDAQ:FANG) in a research report issued on Tuesday. The firm set a “buy” rating and a $222.00 price target on the oil and natural gas company’s stock. Truist Financial’s price target indicates a potential upside of 15.73% from the stock’s current price.

Several other equities research analysts have also issued reports on FANG. Citigroup decreased their price target on shares of Diamondback Energy from $180.00 to $178.00 and set a “buy” rating for the company in a research note on Tuesday, January 6th. UBS Group upped their price objective on Diamondback Energy from $194.00 to $216.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Roth Mkm reissued a “buy” rating and set a $180.00 price objective on shares of Diamondback Energy in a report on Tuesday, February 24th. Freedom Capital raised Diamondback Energy to a “strong-buy” rating in a research report on Tuesday, March 10th. Finally, Barclays boosted their target price on Diamondback Energy from $185.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, March 16th. Three analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $194.48.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $191.83 on Tuesday. The company has a market capitalization of $53.96 billion, a P/E ratio of 34.20 and a beta of 0.59. The company’s 50-day moving average is $169.32 and its 200 day moving average is $154.29. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.40 and a current ratio of 0.42. Diamondback Energy has a fifty-two week low of $114.00 and a fifty-two week high of $194.68.

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). The company had revenue of $3.38 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Diamondback Energy had a return on equity of 8.08% and a net margin of 11.07%.The business’s quarterly revenue was down 9.0% on a year-over-year basis. During the same quarter last year, the business posted $3.67 EPS. On average, equities research analysts forecast that Diamondback Energy will post 15.49 earnings per share for the current year.

Insider Buying and Selling at Diamondback Energy

In other news, EVP Matt Zmigrosky sold 4,101 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $190.51, for a total value of $781,281.51. Following the completion of the transaction, the executive vice president directly owned 56,392 shares of the company’s stock, valued at $10,743,239.92. This trade represents a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Albert Barkmann sold 4,000 shares of Diamondback Energy stock in a transaction on Friday, March 13th. The shares were sold at an average price of $182.90, for a total value of $731,600.00. Following the completion of the transaction, the vice president owned 27,571 shares of the company’s stock, valued at approximately $5,042,735.90. This trade represents a 12.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,209,212 shares of company stock worth $199,689,401. Company insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Ensign Peak Advisors Inc grew its holdings in Diamondback Energy by 24.3% during the 2nd quarter. Ensign Peak Advisors Inc now owns 51,405 shares of the oil and natural gas company’s stock valued at $7,063,000 after buying an additional 10,061 shares in the last quarter. Prudential PLC purchased a new stake in shares of Diamondback Energy in the second quarter worth about $523,000. Journey Strategic Wealth LLC boosted its position in shares of Diamondback Energy by 13.0% in the second quarter. Journey Strategic Wealth LLC now owns 1,501 shares of the oil and natural gas company’s stock valued at $206,000 after acquiring an additional 173 shares during the period. American Century Companies Inc. boosted its position in shares of Diamondback Energy by 44.8% in the second quarter. American Century Companies Inc. now owns 985,844 shares of the oil and natural gas company’s stock valued at $135,456,000 after acquiring an additional 305,207 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Diamondback Energy by 2.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,153,135 shares of the oil and natural gas company’s stock valued at $158,441,000 after acquiring an additional 31,137 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

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.