Diamondback Energy (NASDAQ:FANG) Upgraded by Wall Street Zen to “Hold” Rating

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

Several other brokerages have also recently issued reports on FANG. Susquehanna cut their price objective on Diamondback Energy to $188.00 and set a “positive” rating on the stock in a research note on Monday, October 20th. Barclays dropped their price target on Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Piper Sandler reduced their price objective on Diamondback Energy from $222.00 to $219.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 18th. Raymond James Financial lowered their target price on shares of Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating for the company in a research note on Wednesday, August 20th. Finally, Mizuho dropped their target price on shares of Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Diamondback Energy currently has a consensus rating of “Buy” and an average price target of $186.95.

Diamondback Energy Price Performance

FANG stock opened at $158.60 on Friday. The stock’s 50 day moving average is $145.91 and its two-hundred day moving average is $143.48. Diamondback Energy has a 52-week low of $114.00 and a 52-week high of $180.91. The company has a market capitalization of $45.42 billion, a PE ratio of 11.02 and a beta of 0.63. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.35.

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

Institutional Trading of Diamondback Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in FANG. JPL Wealth Management LLC purchased a new stake in shares of Diamondback Energy during the third quarter valued at $26,000. SouthState Corp lifted its stake in Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after buying an additional 167 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. lifted its stake in Diamondback Energy by 106.3% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the oil and natural gas company’s stock valued at $28,000 after buying an additional 102 shares in the last quarter. Creekmur Asset Management LLC acquired a new position in shares of Diamondback Energy in the second quarter worth about $28,000. Finally, Salomon & Ludwin LLC purchased a new position in shares of Diamondback Energy in the third quarter worth approximately $31,000. 90.01% of the stock is currently owned by institutional investors.

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.