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Analysts at Wunderlich hoisted their price objective on shares of Diamondback Energy (NASDAQ:FANG) from $75.00 to $85.00 in a research report issued to clients and investors on Wednesday, Stock Ratings Network.com reports. The firm currently has a “buy” rating on the stock. Wunderlich’s target price suggests a potential upside of 23.05% from the stock’s previous close.

The analysts wrote, “Diamondback Energy (FANG) last week reported multiple positive catalysts that continue to show why the company has seen such a surge in value the past 18 months. The company announced strong 1Q14 production results, multiple solid horizontal well results, increased 2014 guidance and an increased acreage position. “These moves are clearly positive and show yet again the strength of the assets and operations of Diamondback. Looking forward the company has some interesting wells that are flowing back or drilling ahead that could provide further value-additions for Diamondback as the Spraberry zones and wells in multiple counties help de-risk and develop the company’s acreage; given the history so far we expect more positive results to keep moving production and reserves higher.”

Several other analysts have also recently commented on the stock. Analysts at SunTrust downgraded shares of Diamondback Energy from a “buy” rating to a “neutral” rating in a research note on Tuesday. They now have a $75.00 price target on the stock, down previously from $80.00. Separately, analysts at Northland Capital Mkts raised their price target on shares of Diamondback Energy from $58.00 to $60.00 in a research note on Friday, April 11th. They now have an “outperform” rating on the stock. Finally, analysts at Brean Capital raised their price target on shares of Diamondback Energy from $66.00 to $73.00 in a research note on Friday, April 11th. They now have a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $68.26.

Shares of Diamondback Energy (NASDAQ:FANG) traded up 2.68% on Wednesday, hitting $70.929. 244,619 shares of the company’s stock traded hands. Diamondback Energy has a 1-year low of $25.41 and a 1-year high of $70.99. The stock’s 50-day moving average is $65.46 and its 200-day moving average is $54.56. The company has a market cap of $3.341 billion and a P/E ratio of 53.55.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Wednesday, February 19th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by $0.01. On average, analysts predict that Diamondback Energy will post $2.78 earnings per share for the current fiscal year.

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.

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