Diamondback Energy Price Target Cut to $114.00 by Analysts at Canaccord Genuity (FANG)
Equities researchers at Canaccord Genuity reduced their price target on shares of Diamondback Energy (NASDAQ:FANG) from $121.00 to $114.00 in a research report issued on Wednesday. Canaccord Genuity’s price target points to a potential upside of 38.01% from the company’s current price.
A number of other firms have also recently commented on FANG. Analysts at Tudor Pickering upgraded shares of Diamondback Energy from an “accumulate” rating to a “buy” rating in a research note on Friday, August 15th. Separately, analysts at Raymond James reiterated an “outperform” rating on shares of Diamondback Energy in a research note on Thursday, August 7th. They now have a $110.00 price target on the stock, down previously from $115.00. Finally, analysts at Howard Weil raised their price target on shares of Diamondback Energy from $97.00 to $104.00 in a research note on Thursday, August 7th. They now have a “sector outperform” rating on the stock. One investment analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $97.63.
Diamondback Energy (NASDAQ:FANG) traded down 1.53% on Wednesday, hitting $82.60. The stock had a trading volume of 725,126 shares. Diamondback Energy has a 52 week low of $39.42 and a 52 week high of $93.33. The stock’s 50-day moving average is $82.43 and its 200-day moving average is $74.89. The company has a market cap of $4.678 billion and a P/E ratio of 46.99.
Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, August 5th. The company reported $0.70 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.69 by $0.01. The company had revenue of $127.00 million for the quarter, compared to the consensus estimate of $126.64 million. During the same quarter in the prior year, the company posted $0.30 earnings per share. The company’s quarterly revenue was up 179.7% on a year-over-year basis. Analysts expect that Diamondback Energy will post $2.68 EPS 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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