After J.P. Morgan and Citigroup gave Diamondback (NASDAQ: FANG) a Buy rating last month, the company received another Buy, this time from Morgan Stanley. Analyst Drew Venker maintained a Buy rating on Diamondback today and set a price target of $129.00. The company’s shares closed last Monday at $83.64, close to its 52-week low of $80.75.
According to TipRanks.com, Venker has 0 stars on 0-5 star ranking scale with an average return of -13.2% and a 38.8% success rate. Venker covers the Basic Materials sector, focusing on stocks such as Whiting Petroleum Corp, Continental Resources, and Gulfport Energy Corp.
Currently, the analyst consensus on Diamondback is a Strong Buy with an average price target of $139.08, which is a 66.6% upside from current levels. In a report issued on October 1, Susquehanna also reiterated a Buy rating on the stock with a $125.00 price target.
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The company has a one-year high of $131.34 and a one-year low of $80.75. Currently, Diamondback has an average volume of 1.77M.
Based on the recent corporate insider activity of 58 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FANG in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Diamondback Energy, Inc. is independent oil and natural gas company. The firm engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves. It focuses on the Permian Basin. The company was founded in December 2007 and is headquartered in Midland, TX.
