Diamondback Energy (NASDAQ:FANG) Given New $220.00 Price Target at Royal Bank of Canada

Diamondback Energy (NASDAQ:FANG) had its price objective upped by analysts at Royal Bank of Canada from $195.00 to $220.00 in a report issued on Monday, Benzinga reports. The firm presently has an “outperform” rating on the oil and natural gas company’s stock. Royal Bank of Canada’s price target points to a potential upside of 7.68% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. UBS Group boosted their price objective on Diamondback Energy from $183.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Scotiabank lifted their target price on Diamondback Energy from $210.00 to $255.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Piper Sandler lifted their target price on Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Truist Financial lifted their target price on Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Finally, Evercore ISI lifted their target price on Diamondback Energy from $185.00 to $215.00 and gave the company an “outperform” rating in a research report on Monday, March 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $205.68.

Diamondback Energy Price Performance

NASDAQ:FANG traded up $2.81 during trading hours on Monday, reaching $204.31. The stock had a trading volume of 658,155 shares, compared to its average volume of 1,732,010. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. Diamondback Energy has a 52 week low of $123.41 and a 52 week high of $211.96. The company has a 50 day moving average price of $195.49 and a two-hundred day moving average price of $170.84. The stock has a market capitalization of $36.44 billion, a PE ratio of 11.51 and a beta of 1.91.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, topping analysts’ consensus estimates of $4.29 by $0.21. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The company’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.10 EPS. As a group, sell-side analysts anticipate that Diamondback Energy will post 18.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the transaction, the chief executive officer now owns 446,610 shares in the company, valued at $89,322,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the transaction, the chief executive officer now owns 446,610 shares of the company’s stock, valued at $89,322,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Teresa L. Dick sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were 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 directly owns 96,523 shares of the company’s stock, valued at approximately $18,532,416. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 57,675 shares of company stock worth $11,311,096. 0.43% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Diamondback Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Diamondback Energy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock valued at $3,391,567,000 after purchasing an additional 176,208 shares during the period. Wellington Management Group LLP grew its stake in shares of Diamondback Energy by 4.8% in the third quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock valued at $2,209,617,000 after buying an additional 648,317 shares in the last quarter. Morgan Stanley grew its stake in Diamondback Energy by 2.6% during the 3rd quarter. Morgan Stanley now owns 3,494,159 shares of the oil and natural gas company’s stock worth $541,175,000 after purchasing an additional 89,663 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Diamondback Energy by 6.6% in the 3rd quarter. Invesco Ltd. now owns 3,320,567 shares of the oil and natural gas company’s stock valued at $514,289,000 after purchasing an additional 206,189 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Diamondback Energy by 39.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,007,599 shares of the oil and natural gas company’s stock valued at $465,817,000 after purchasing an additional 858,446 shares during the last quarter. Institutional investors and hedge funds 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.