Piper Sandler Sticks to Their Buy Rating for Diamondback (FANG)

Piper Sandler analyst Mark Lear maintained a Buy rating on Diamondback (FANG – Research Report) today and set a price target of $247.00. The company’s shares opened today at $203.00.

According to TipRanks, Lear is a 5-star analyst with an average return of 9.8% and a 63.77% success rate. Lear covers the Energy sector, focusing on stocks such as Civitas Resources, EQT, and Range Resources.

In addition to Piper Sandler, Diamondback also received a Buy from Scotiabank’s Paul Cheng in a report issued today. However, on the same day, Barclays maintained a Hold rating on Diamondback (NASDAQ: FANG).

Based on Diamondback’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $2.34 billion and a net profit of $915 million. In comparison, last year the company earned a revenue of $2.44 billion and had a net profit of $1.18 billion

Based on the recent corporate insider activity of 50 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 (FANG) Company Description:

Diamondback Energy, Inc. is an independent oil and natural gas company, which engages in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas. The Midstream Services segment involves in the Midland and Delaware Basins. The company was founded in December 2007 and is headquartered in Midland, TX.