Equities Analysts Offer Predictions for Diamondback Energy Inc.’s Q3 2016 Earnings (FANG)
Diamondback Energy Inc. (NASDAQ:FANG) – Williams Capital boosted their Q3 2016 earnings estimates for shares of Diamondback Energy in a report released on Monday. Williams Capital analyst G. Sorbara now expects that the brokerage will post earnings per share of $0.28 for the quarter, up from their prior estimate of $0.24. Williams Capital has a “Hold” rating and a $112.00 price target on the stock. Williams Capital also issued estimates for Diamondback Energy’s Q4 2016 earnings at $0.42 EPS, FY2016 earnings at $1.01 EPS, Q1 2017 earnings at $0.51 EPS, Q2 2017 earnings at $0.61 EPS, Q3 2017 earnings at $0.71 EPS, Q4 2017 earnings at $0.81 EPS, FY2017 earnings at $2.64 EPS, Q3 2018 earnings at $1.27 EPS and FY2018 earnings at $4.81 EPS.
Several other research analysts have also recently commented on FANG. SunTrust Banks Inc. increased their target price on shares of Diamondback Energy from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. Canaccord Genuity increased their target price on shares of Diamondback Energy from $103.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday. KLR Group restated a “buy” rating and set a $122.00 target price (up previously from $103.00) on shares of Diamondback Energy in a report on Monday, July 18th. Barclays PLC increased their target price on shares of Diamondback Energy from $88.00 to $108.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Wunderlich increased their target price on shares of Diamondback Energy from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday. Seven investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $98.28.
Shares of Diamondback Energy (NASDAQ:FANG) opened at 104.84 on Tuesday. The company’s market cap is $8.18 billion. The company has a 50-day moving average of $94.31 and a 200-day moving average of $89.31. Diamondback Energy has a 1-year low of $55.48 and a 1-year high of $106.84.
Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.10. The business had revenue of $112.48 million for the quarter, compared to analysts’ expectations of $112.47 million. Diamondback Energy had a negative net margin of 124.95% and a positive return on equity of 3.82%. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 earnings per share.
In other news, VP Russell Pantermuehl sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $85.34, for a total value of $170,680.00. Following the transaction, the vice president now owns 67,914 shares in the company, valued at approximately $5,795,780.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michael L. Hollis sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, September 29th. The stock was sold at an average price of $95.00, for a total transaction of $95,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.52% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC increased its position in shares of Diamondback Energy by 12.0% in the first quarter. Geode Capital Management LLC now owns 466,203 shares of the company’s stock worth $35,981,000 after buying an additional 49,821 shares during the period. Rafferty Asset Management LLC purchased a new position in shares of Diamondback Energy during the first quarter worth about $489,000. State Street Corp increased its position in shares of Diamondback Energy by 2.1% in the first quarter. State Street Corp now owns 1,268,725 shares of the company’s stock worth $97,921,000 after buying an additional 26,576 shares during the period. 1832 Asset Management L.P. purchased a new position in shares of Diamondback Energy during the first quarter worth about $2,248,000. Finally, M&T Bank Corp increased its position in shares of Diamondback Energy by 31.0% in the first quarter. M&T Bank Corp now owns 4,770 shares of the company’s stock worth $368,000 after buying an additional 1,128 shares during the period. Hedge funds and other institutional investors own 99.74% of the company’s stock.
Diamondback Energy Company Profile
Diamondback Energy, Inc is an independent oil and natural gas company. The Company is focused on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. Its total net acreage position in the Permian Basin is approximately 84,680 net acres.
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