Diamondback Energy PT Raised to $110.00 at Wunderlich (FANG)
Analysts at Wunderlich increased their price target on shares of Diamondback Energy (NASDAQ:FANG) from $85.00 to $110.00 in a research report issued to clients and investors on Tuesday. The firm currently has a “buy” rating on the stock. Wunderlich’s price objective indicates a potential upside of 23.87% from the company’s current price.
The analysts wrote, “Diamondback Energy (FANG) continues to move forward in the Midland Basin where it has become a premier operator of horizontal wells. Additionally, the company has shown its ability to create and boost the value of its assets through the recent public offering of a portion of its mineral rights in the Permian. “The newly formed vehicle, named Viper Energy Partners (VNOM-NR), was very well received and shows the value of acreage and exposure to the Permian Basin. While the deal makes Diamondback continue to look compelling from a valuation standpoint, it also provides a long-term financing vehicle that Diamondback can use to fund its active drilling program going forward. This causes us to move our price target up again from $85 to $110 as the story continues to move forward.”
In other Diamondback Energy news, CFO Teresa L. Dick sold 10,000 shares of the company’s stock on the open market in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $90.06, for a total value of $900,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
A number of other firms have also recently commented on FANG. Analysts at SunTrust reiterated a “buy” rating on shares of Diamondback Energy in a research note on Wednesday, June 25th. They now have a $102.00 price target on the stock, up previously from $89.00. Separately, analysts at Sterne Agee reiterated a “buy” rating on shares of Diamondback Energy in a research note on Wednesday, June 25th. They now have a $114.00 price target on the stock, up previously from $93.00. Finally, analysts at Northland Securities raised their price target on shares of Diamondback Energy from $87.00 to $106.00 in a research note on Wednesday, June 25th. They now have an “outperform” rating on the stock. One analyst has rated the stock with a hold rating and fifteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $84.53.
Diamondback Energy (NASDAQ:FANG) opened at 88.80 on Tuesday. Diamondback Energy has a one year low of $33.51 and a one year high of $93.33. The stock has a 50-day moving average of $80.33 and a 200-day moving average of $65.44. The company has a market cap of $4.510 billion and a price-to-earnings ratio of 55.36.
Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Wednesday, May 7th. The company reported $0.53 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.56 by $0.03. The company had revenue of $98.00 million for the quarter, compared to the consensus estimate of $98.87 million. During the same quarter in the prior year, the company posted $0.12 earnings per share. The company’s quarterly revenue was up 239.1% on a year-over-year basis. On average, analysts predict that Diamondback Energy will post $2.77 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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