Diamondback Energy Inc. (FANG) Given Outperform Rating at Raymond James Financial Inc.
Raymond James Financial Inc. restated their outperform rating on shares of Diamondback Energy Inc. (NASDAQ:FANG) in a research note issued to investors on Thursday morning. The firm currently has a $117.00 price objective on the stock, up from their prior price objective of $104.00.
Several other research analysts have also recently issued reports on the stock. Barclays PLC lifted 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, October 11th. Canaccord Genuity reaffirmed a buy rating and issued a $116.00 target price (up from $103.00) on shares of Diamondback Energy in a report on Tuesday, October 11th. KLR Group lifted their price target on shares of Diamondback Energy from $126.00 to $139.00 and gave the stock a buy rating in a research note on Tuesday, October 11th. Wunderlich lifted their price target on shares of Diamondback Energy from $110.00 to $130.00 and gave the stock a buy rating in a research note on Tuesday, October 11th. Finally, Williams Capital reiterated a hold rating and issued a $112.00 price target (up from $105.00) on shares of Diamondback Energy in a research note on Monday, October 10th. Five equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $100.50.
Shares of Diamondback Energy (NASDAQ:FANG) opened at 99.71 on Thursday. The stock’s market capitalization is $7.78 billion. The firm has a 50-day moving average of $95.06 and a 200 day moving average of $90.19. Diamondback Energy has a 1-year low of $55.48 and a 1-year high of $106.84.
Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, topping the 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 business’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.41 earnings per share. Analysts predict that Diamondback Energy will post $1.00 EPS for the current year.
In other news, CFO Teresa L. Dick sold 1,000 shares of the stock in a transaction on Monday, August 15th. The shares were sold at an average price of $95.71, for a total value of $95,710.00. Following the sale, the chief financial officer now owns 25,750 shares of the company’s stock, valued at $2,464,532.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Russell Pantermuehl sold 2,000 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $85.34, for a total transaction of $170,680.00. Following the completion of the sale, the vice president now directly owns 67,914 shares in the company, valued at approximately $5,795,780.76. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in the stock. Creative Planning increased its stake in shares of 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 in the last quarter. Seven Eight Capital LLC bought a new position in Diamondback Energy during the second quarter worth approximately $119,000. Advisor Group Inc. bought a new position in Diamondback Energy during the second quarter worth approximately $120,000. PNC Financial Services Group Inc. boosted its position in Diamondback Energy by 56.6% in the second quarter. PNC Financial Services Group Inc. now owns 1,359 shares of the company’s stock worth $125,000 after buying an additional 491 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in Diamondback Energy by 537.9% in the third quarter. BNP Paribas Arbitrage SA now owns 1,499 shares of the company’s stock worth $145,000 after buying an additional 1,264 shares during the last quarter. 99.74% of the stock is currently owned by institutional investors and hedge funds.
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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