Diamondback Energy (NASDAQ:FANG) Raised to “Strong-Buy” at TD Cowen

Diamondback Energy (NASDAQ:FANG) was upgraded by equities researchers at TD Cowen to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

FANG has been the topic of a number of other research reports. Scotiabank set a $175.00 price target on shares of Diamondback Energy in a research note on Friday, January 16th. Roth Mkm set a $162.00 price target on Diamondback Energy and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Morgan Stanley decreased their price objective on Diamondback Energy from $183.00 to $171.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Susquehanna dropped their target price on shares of Diamondback Energy to $188.00 and set a “positive” rating for the company in a report on Monday, October 20th. Finally, Sanford C. Bernstein cut their price objective on shares of Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Diamondback Energy currently has an average rating of “Buy” and an average target price of $185.90.

Diamondback Energy Trading Down 0.6%

NASDAQ FANG opened at $165.96 on Monday. The company has a fifty day moving average of $153.87 and a 200 day moving average of $147.35. The company has a market capitalization of $47.53 billion, a PE ratio of 11.53 and a beta of 0.63. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60. Diamondback Energy has a 1 year low of $114.00 and a 1 year high of $169.49.

Insider Activity at Diamondback Energy

In related news, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $162.88, for a total transaction of $162,880,000.00. Following the completion of the transaction, the insider owned 98,686,727 shares in the company, valued at approximately $16,074,094,093.76. The trade was a 1.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles Alvin Meloy sold 60,605 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $161.12, for a total value of $9,764,677.60. Following the transaction, the director directly owned 982,006 shares in the company, valued at approximately $158,220,806.72. The trade was a 5.81% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,438,516 shares of company stock worth $225,026,921. 0.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Diamondback Energy

Several institutional investors have recently added to or reduced their stakes in FANG. Commerzbank Aktiengesellschaft FI boosted its position in Diamondback Energy by 233.9% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 12,673 shares of the oil and natural gas company’s stock worth $1,814,000 after buying an additional 8,877 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Diamondback Energy by 9.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 117,733 shares of the oil and natural gas company’s stock valued at $16,848,000 after buying an additional 10,289 shares during the period. NorthRock Partners LLC boosted its position in shares of Diamondback Energy by 181.6% during the 2nd quarter. NorthRock Partners LLC now owns 3,551 shares of the oil and natural gas company’s stock valued at $488,000 after purchasing an additional 2,290 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Diamondback Energy by 9.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,385,428 shares of the oil and natural gas company’s stock valued at $198,255,000 after acquiring an additional 122,921 shares in the last quarter. Finally, WoodTrust Financial Corp bought a new stake in Diamondback Energy in the third quarter valued at $1,624,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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.