Wall Street Zen Upgrades Diamondback Energy (NASDAQ:FANG) to “Hold”

Diamondback Energy (NASDAQ:FANG) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

A number of other equities research analysts have also commented on FANG. Royal Bank Of Canada restated an “outperform” rating and set a $173.00 price objective on shares of Diamondback Energy in a report on Friday, October 10th. UBS Group upped their target price on shares of Diamondback Energy from $171.00 to $174.00 and gave the stock a “buy” rating in a research note on Tuesday, November 11th. Scotiabank reissued an “outperform” rating on shares of Diamondback Energy in a research note on Thursday, October 9th. Melius initiated coverage on Diamondback Energy in a report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price target on the stock. Finally, Piper Sandler reduced their price objective on Diamondback Energy from $222.00 to $219.00 and set an “overweight” rating for the company in a research report on Tuesday, November 18th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $186.95.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG opened at $158.60 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.35. Diamondback Energy has a 1-year low of $114.00 and a 1-year high of $180.91. The stock has a market capitalization of $45.42 billion, a P/E ratio of 11.02 and a beta of 0.63. The business has a 50-day moving average price of $145.91 and a two-hundred day moving average price of $143.56.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.94 by $0.14. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.48 billion. Diamondback Energy had a return on equity of 9.57% and a net margin of 27.32%.The firm’s revenue was up 48.4% on a year-over-year basis. During the same period last year, the company earned $3.19 EPS. Equities analysts predict that Diamondback Energy will post 15.49 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Allworth Financial LP lifted its holdings in shares of Diamondback Energy by 8.8% in the third quarter. Allworth Financial LP now owns 2,159 shares of the oil and natural gas company’s stock worth $309,000 after acquiring an additional 174 shares during the last quarter. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Diamondback Energy in the 3rd quarter valued at approximately $38,000. CIBC Bancorp USA Inc. bought a new stake in shares of Diamondback Energy during the 3rd quarter valued at approximately $5,240,000. Centaurus Financial Inc. increased its position in Diamondback Energy by 11.9% during the 3rd quarter. Centaurus Financial Inc. now owns 9,184 shares of the oil and natural gas company’s stock worth $1,314,000 after purchasing an additional 977 shares in the last quarter. Finally, Aspire Private Capital LLC increased its position in Diamondback Energy by 3.2% during the 3rd quarter. Aspire Private Capital LLC now owns 9,702 shares of the oil and natural gas company’s stock worth $1,388,000 after purchasing an additional 302 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

About Diamondback Energy

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.