Truist Financial Increases Diamondback Energy (NASDAQ:FANG) Price Target to $238.00

Diamondback Energy (NASDAQ:FANG - Get Free Report) had its price target raised by analysts at Truist Financial from $236.00 to $238.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the oil and natural gas company's stock. Truist Financial's price objective would indicate a potential upside of 52.45% from the stock's previous close.

A number of other equities research analysts also recently issued reports on FANG. UBS Group boosted their price target on Diamondback Energy from $212.00 to $216.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. StockNews.com upgraded Diamondback Energy from a "sell" rating to a "hold" rating in a research report on Wednesday, November 13th. Wolfe Research raised Diamondback Energy from a "peer perform" rating to an "outperform" rating and set a $190.00 price objective on the stock in a research report on Friday, January 3rd. Morgan Stanley increased their target price on shares of Diamondback Energy from $220.00 to $227.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, The Goldman Sachs Group initiated coverage on shares of Diamondback Energy in a report on Monday, December 2nd. They set a "buy" rating and a $227.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $216.52.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG traded down $5.97 during trading on Wednesday, reaching $156.12. 3,935,312 shares of the company traded hands, compared to its average volume of 2,073,031. Diamondback Energy has a 52-week low of $152.00 and a 52-week high of $214.50. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The firm has a 50 day simple moving average of $165.74 and a 200-day simple moving average of $176.96. The stock has a market capitalization of $45.59 billion, a PE ratio of 8.94, a P/E/G ratio of 1.22 and a beta of 1.86.

Institutional Investors Weigh In On Diamondback Energy

Large investors have recently bought and sold shares of the business. State Street Corp increased its position in shares of Diamondback Energy by 1.3% during the 3rd quarter. State Street Corp now owns 11,858,555 shares of the oil and natural gas company's stock valued at $2,044,415,000 after purchasing an additional 149,871 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Diamondback Energy by 11.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company's stock worth $1,496,859,000 after purchasing an additional 928,429 shares during the period. Boston Partners grew its holdings in Diamondback Energy by 12.4% during the 4th quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company's stock valued at $849,202,000 after purchasing an additional 571,820 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Diamondback Energy by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,710,165 shares of the oil and natural gas company's stock valued at $769,706,000 after buying an additional 91,605 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Diamondback Energy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company's stock worth $682,036,000 after buying an additional 502,916 shares during the period. 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.