Highlights

  • UBS increases price target on Diamondback Energy to USD 174.00 from USD 171.00.
  • Most brokerages maintain a “Buy” or “Overweight” stance on the stock.
  • Latest quarterly revenue reached USD 3.92 billion, above market expectations.

UBS Group has revised its price objective for Diamondback Energy, Inc. (NASDAQ:FANG) to USD 174.00 from the previous USD 171.00. The brokerage reiterated a “Buy” rating in its latest report issued on Tuesday.

Diamondback Energy operates in the oil and natural gas sector, focusing on unconventional resources in the Permian Basin region.

Analyst Ratings Overview

According to MarketBeat data, Diamondback Energy currently holds a consensus “Buy” rating. Out of 23 analysts covering the stock, 2 rate it as “Strong Buy,” 20 as “Buy,” and 1 as “Hold.” The average target price among analysts stands at around USD 188.55.

Other recent analyst actions include:

  • Susquehanna: Reduced target to USD 188.00 with a “Positive” outlook (October 20).
  • Morgan Stanley: Cut target to USD 184.00 and reaffirmed “Overweight” rating (October 14).
  • Piper Sandler: Lowered target to USD 222.00 and maintained “Overweight” rating (August 14).
  • Melius Research: Initiated coverage with a “Buy” rating and USD 213.00 price target (August 20).
  • Scotiabank: Reiterated “Outperform” rating in early October.

Recent Earnings Performance

Diamondback Energy released its quarterly earnings on November 3. The company reported earnings per share (EPS) of USD 3.08, exceeding consensus estimates of USD 2.94.

Revenue for the quarter came in at USD 3.92 billion, above market forecasts of USD 3.48 billion. Net margin stood at 27.32%, while return on equity was 9.57%.

Compared to the same period last year, revenue increased 48.4%. The firm had reported USD 3.19 EPS in the corresponding quarter a year earlier. Analysts expect Diamondback Energy to post full-year earnings of USD 15.49 per share.

Company Overview

Diamondback Energy, Inc. is an independent oil and natural gas producer. The company explores, develops, and acquires unconventional onshore reserves in the Permian Basin across West Texas and New Mexico. It focuses on the Spraberry, Wolfcamp, and Bone Spring formations within the basin.