Truist Raises Diamondback Energy (NASDAQ:FANG) Price Target to $130.00

Diamondback Energy (NASDAQ:FANG) had its price objective boosted by investment analysts at Truist from $122.00 to $130.00 in a research note issued on Wednesday, The Fly reports. The brokerage currently has a “buy” rating on the oil and natural gas company’s stock. Truist’s target price indicates a potential upside of 60.97% from the company’s previous close.

A number of other equities analysts have also weighed in on FANG. Johnson Rice upgraded Diamondback Energy from a “hold” rating to an “accumulate” rating and increased their target price for the stock from $92.00 to $114.00 in a research note on Tuesday, June 8th. Truist Securities increased their target price on Diamondback Energy from $122.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday. Scotiabank upgraded Diamondback Energy from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $86.00 to $95.00 in a research note on Friday, May 21st. Capital One Financial reiterated an “overweight” rating on shares of Diamondback Energy in a research note on Wednesday, May 26th. Finally, Barclays increased their price target on Diamondback Energy from $82.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 3rd. Three investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Diamondback Energy has an average rating of “Buy” and an average target price of $98.84.

NASDAQ:FANG traded up $5.08 on Wednesday, hitting $80.76. The company’s stock had a trading volume of 163,457 shares, compared to its average volume of 2,660,289. The company has a current ratio of 0.58, a quick ratio of 0.55 and a debt-to-equity ratio of 0.62. The stock has a fifty day moving average of $77.66 and a two-hundred day moving average of $80.32. The firm has a market capitalization of $14.62 billion, a P/E ratio of -9.29, a price-to-earnings-growth ratio of 0.34 and a beta of 2.78. Diamondback Energy has a one year low of $23.63 and a one year high of $102.53.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Sunday, August 1st. The oil and natural gas company reported $2.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.19 by $0.21. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.33 billion. Diamondback Energy had a positive return on equity of 9.49% and a negative net margin of 30.34%. The firm’s quarterly revenue was up 295.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.15 earnings per share. As a group, sell-side analysts anticipate that Diamondback Energy will post 10.08 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FANG. Texas Permanent School Fund boosted its holdings in shares of Diamondback Energy by 12.3% during the 1st quarter. Texas Permanent School Fund now owns 30,191 shares of the oil and natural gas company’s stock valued at $2,219,000 after acquiring an additional 3,313 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Diamondback Energy by 0.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 233,061 shares of the oil and natural gas company’s stock valued at $17,128,000 after acquiring an additional 1,606 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Diamondback Energy by 7.3% during the 1st quarter. Victory Capital Management Inc. now owns 621,662 shares of the oil and natural gas company’s stock valued at $45,686,000 after acquiring an additional 42,336 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of Diamondback Energy by 1.5% during the 1st quarter. Commonwealth Equity Services LLC now owns 51,354 shares of the oil and natural gas company’s stock valued at $3,774,000 after acquiring an additional 774 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Diamondback Energy by 150.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 151,929 shares of the oil and natural gas company’s stock valued at $11,165,000 after acquiring an additional 91,230 shares in the last quarter. 89.61% of the stock is currently owned by institutional investors.

Diamondback Energy Company Profile

Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.

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