Royal Bank of Canada Increases Diamondback Energy (NASDAQ:FANG) Price Target to $220.00

Diamondback Energy (NASDAQ:FANG) had its price objective hoisted by equities researchers at Royal Bank of Canada from $195.00 to $220.00 in a report released on Monday, Benzinga reports. The firm currently has an “outperform” rating on the oil and natural gas company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 8.01% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. Mizuho upped their price objective on Diamondback Energy from $200.00 to $217.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Bank Of America (Bofa) decreased their price objective on shares of Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating for the company in a report on Thursday, January 18th. Susquehanna boosted their target price on shares of Diamondback Energy from $212.00 to $245.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. UBS Group raised their price target on shares of Diamondback Energy from $183.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Finally, Raymond James dropped their price objective on Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $205.68.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $203.68 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89. The company has a fifty day moving average price of $196.55 and a 200-day moving average price of $171.35. Diamondback Energy has a 1 year low of $123.41 and a 1 year high of $211.96. The firm has a market cap of $36.32 billion, a price-to-earnings ratio of 11.48 and a beta of 1.91.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, beating the consensus estimate of $4.29 by $0.21. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.10 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter last year, the business posted $4.10 EPS. As a group, equities research analysts predict that Diamondback Energy will post 18.91 EPS for the current fiscal year.

Insider Transactions at Diamondback Energy

In other news, VP Jere W. Thompson III sold 900 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $199.90, for a total transaction of $179,910.00. Following the completion of the transaction, the vice president now owns 7,585 shares of the company’s stock, valued at $1,516,241.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Diamondback Energy news, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total value of $384,000.00. Following the completion of the sale, the chief accounting officer now owns 96,523 shares of the company’s stock, valued at $18,532,416. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jere W. Thompson III sold 900 shares of Diamondback Energy stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $199.90, for a total transaction of $179,910.00. Following the transaction, the vice president now directly owns 7,585 shares in the company, valued at $1,516,241.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 58,575 shares of company stock valued at $11,491,006. 0.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Founders Capital Management grew its stake in shares of Diamondback Energy by 404.0% during the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after buying an additional 101 shares during the last quarter. BKM Wealth Management LLC purchased a new stake in Diamondback Energy during the 4th quarter valued at about $27,000. BluePath Capital Management LLC bought a new position in Diamondback Energy during the 3rd quarter worth approximately $28,000. Logan Capital Management Inc. purchased a new position in Diamondback Energy in the 4th quarter worth approximately $31,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in Diamondback Energy in the fourth quarter valued at approximately $34,000. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Company Profile

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.