Scotiabank Has Lowered Expectations for Diamondback Energy (NASDAQ:FANG) Stock Price

Diamondback Energy (NASDAQ:FANG) had its price target dropped by analysts at Scotiabank from $215.00 to $175.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the oil and natural gas company’s stock. Scotiabank’s target price would suggest a potential upside of 35.65% from the company’s current price.

Several other equities analysts also recently weighed in on FANG. Wells Fargo & Company dropped their price target on shares of Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating for the company in a research report on Wednesday, March 12th. Truist Financial upped their target price on shares of Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Piper Sandler decreased their price target on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Royal Bank of Canada restated an “outperform” rating and issued a $210.00 price objective on shares of Diamondback Energy in a research report on Thursday, January 23rd. Finally, UBS Group increased their target price on Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Diamondback Energy has an average rating of “Moderate Buy” and a consensus price target of $208.17.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG traded up $5.85 during midday trading on Friday, hitting $129.01. The company had a trading volume of 3,928,062 shares, compared to its average volume of 2,705,080. Diamondback Energy has a 12-month low of $114.00 and a 12-month high of $214.50. The company has a fifty day moving average of $150.81 and a two-hundred day moving average of $166.63. The company has a market cap of $37.94 billion, a price-to-earnings ratio of 7.38, a PEG ratio of 1.24 and a beta of 1.44. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.55 billion. On average, equities research analysts expect that Diamondback Energy will post 15.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average price of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, the director now owns 5,730 shares in the company, valued at $896,802.30. This represents a 53.62 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Diamondback Energy

A number of large investors have recently bought and sold shares of the business. QRG Capital Management Inc. boosted its stake in shares of Diamondback Energy by 38.4% during the fourth quarter. QRG Capital Management Inc. now owns 11,675 shares of the oil and natural gas company’s stock valued at $1,913,000 after purchasing an additional 3,238 shares during the period. Swedbank AB lifted its holdings in Diamondback Energy by 28.0% during the 4th quarter. Swedbank AB now owns 198,283 shares of the oil and natural gas company’s stock valued at $32,485,000 after buying an additional 43,361 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its position in Diamondback Energy by 631.1% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,148 shares of the oil and natural gas company’s stock valued at $7,069,000 after buying an additional 37,246 shares during the period. Franklin Resources Inc. grew its stake in Diamondback Energy by 48.5% in the 3rd quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock worth $28,008,000 after acquiring an additional 47,951 shares in the last quarter. Finally, Tectonic Advisors LLC grew its stake in Diamondback Energy by 38.2% in the 4th quarter. Tectonic Advisors LLC now owns 31,467 shares of the oil and natural gas company’s stock worth $5,155,000 after acquiring an additional 8,704 shares in the last quarter. Hedge funds and other 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.