The Goldman Sachs Group Initiates Coverage on Diamondback Energy (NASDAQ:FANG)

Stock analysts at The Goldman Sachs Group assumed coverage on shares of Diamondback Energy (NASDAQ:FANG) in a note issued to investors on Monday. The brokerage set a “buy” rating and a $227.00 price target on the oil and natural gas company’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 27.82% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. UBS Group cut their price objective on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Truist Financial lifted their price objective on Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and set a $210.00 price target on shares of Diamondback Energy in a research report on Wednesday, November 6th. Wells Fargo & Company reiterated a “sector outperform” rating on shares of Diamondback Energy in a research note on Friday, October 18th. Finally, Evercore ISI lowered their price objective on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $212.65.

Diamondback Energy Trading Up 0.8 %

NASDAQ:FANG traded up $1.40 on Monday, reaching $177.59. 820,286 shares of the stock traded hands, compared to its average volume of 1,759,684. The firm has a market capitalization of $51.85 billion, a price-to-earnings ratio of 10.17, a price-to-earnings-growth ratio of 1.31 and a beta of 1.89. The company’s 50 day moving average is $181.95 and its 200-day moving average is $189.82. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. Diamondback Energy has a 1-year low of $145.70 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the prior year, the business earned $5.49 earnings per share. Diamondback Energy’s revenue for the quarter was up 13.0% on a year-over-year basis. Equities research analysts anticipate that Diamondback Energy will post 16.26 EPS for the current fiscal year.

Insider Buying and Selling at Diamondback Energy

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the transaction, the director now owns 4,712 shares in the company, valued at $852,872. This represents a 19.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This trade represents a 92.72 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Diamondback Energy

Hedge funds have recently bought and sold shares of the stock. First Community Trust NA purchased a new position in shares of Diamondback Energy during the 2nd quarter valued at approximately $26,000. Carolinas Wealth Consulting LLC increased its stake in shares of Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the 2nd quarter worth $40,000. Values First Advisors Inc. acquired a new stake in shares of Diamondback Energy during the 3rd quarter worth about $42,000. Finally, Founders Capital Management increased its position in shares of Diamondback Energy by 99.2% during the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after purchasing an additional 125 shares during 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.