Diamondback Energy Inc. (FANG) Upgraded by Stephens to Overweight
A number of other research firms have also recently issued reports on FANG. Roth Capital reiterated a hold rating on shares of Diamondback Energy in a research report on Tuesday, July 12th. Barclays PLC upped their price objective on shares of Diamondback Energy from $85.00 to $88.00 and gave the stock an equal weight rating in a research report on Thursday, July 14th. Wunderlich upped their price target on shares of Diamondback Energy from $110.00 to $130.00 and gave the company a buy rating in a research report on Tuesday, October 11th. JPMorgan Chase & Co. restated a buy rating on shares of Diamondback Energy in a research report on Monday, July 18th. Finally, Williams Capital restated a hold rating and issued a $112.00 price target (up from $105.00) on shares of Diamondback Energy in a research report on Monday, October 10th. Five analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $99.86.
Shares of Diamondback Energy (NASDAQ:FANG) traded up 1.34% during trading on Monday, reaching $101.82. 103,251 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $94.99 and its 200-day moving average price is $90.03. Diamondback Energy has a 52-week low of $55.48 and a 52-week high of $106.84. The stock’s market cap is $7.95 billion.
Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.10. The business earned $112.48 million during 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 quarterly revenue was down 5.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.41 EPS. On average, equities research analysts forecast that Diamondback Energy will post $1.00 EPS for the current year.
In other Diamondback Energy news, COO Michael L. Hollis sold 10,000 shares of Diamondback Energy stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $104.00, for a total transaction of $1,040,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Russell Pantermuehl sold 2,000 shares of Diamondback Energy stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $85.34, for a total transaction of $170,680.00. Following the transaction, the vice president now directly owns 67,914 shares in the company, valued at $5,795,780.76. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of FANG. Creative Planning increased its position in Diamondback Energy by 7.3% in the third quarter. Creative Planning now owns 1,073 shares of the company’s stock valued at $104,000 after buying an additional 73 shares during the period. Seven Eight Capital LLC purchased a new position in shares of Diamondback Energy during the second quarter valued at approximately $119,000. Advisor Group Inc. purchased a new position in shares of Diamondback Energy during the second quarter valued at approximately $120,000. PNC Financial Services Group Inc. increased its position in shares of Diamondback Energy by 56.6% in the second quarter. PNC Financial Services Group Inc. now owns 1,359 shares of the company’s stock valued at $125,000 after buying an additional 491 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in shares of Diamondback Energy by 537.9% in the third quarter. BNP Paribas Arbitrage SA now owns 1,499 shares of the company’s stock valued at $145,000 after buying an additional 1,264 shares during the last quarter. 99.74% of the stock is currently owned by hedge funds and other institutional investors.
About Diamondback Energy
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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