Diamondback Energy Inc. (FANG) Hits New 12-Month High After Analyst Upgrade
Diamondback Energy Inc. (NASDAQ:FANG) shares reached a new 52-week high during trading on Monday after Williams Capital raised their price target on the stock from $105.00 to $112.00. Williams Capital currently has a hold rating on the stock. Diamondback Energy traded as high as $105.40 and last traded at $104.69, with a volume of 2,238,098 shares trading hands. The stock had previously closed at $94.70.
Other research analysts have also recently issued research reports about the company. Simmons restated an “overweight” rating and issued a $109.00 target price (up previously from $106.00) on shares of Diamondback Energy in a research note on Saturday, August 13th. Zacks Investment Research upgraded Diamondback Energy from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research note on Wednesday, June 29th. Barclays PLC raised their target price on Diamondback Energy from $85.00 to $88.00 and gave the company an “equal weight” rating in a research note on Thursday, July 14th. KLR Group reiterated a “buy” rating and set a $122.00 price objective (up previously from $103.00) on shares of Diamondback Energy in a research note on Monday, July 18th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $95.00 price objective on shares of Diamondback Energy in a research note on Wednesday, August 3rd. Seven research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $95.76.
In related news, COO Michael L. Hollis sold 1,000 shares of the business’s stock in a transaction dated Thursday, September 29th. The stock was sold at an average price of $95.00, for a total value of $95,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Michael L. Hollis sold 2,000 shares of the business’s stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $90.39, for a total value of $180,780.00. The disclosure for this sale can be found here. 0.52% of the stock is owned by corporate insiders.
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Large investors have recently bought and sold shares of the company. Virginia Retirement System purchased a new stake in Diamondback Energy during the first quarter worth approximately $880,000. Prudential Financial Inc. increased its stake in Diamondback Energy by 113.6% in the first quarter. Prudential Financial Inc. now owns 7,328 shares of the company’s stock worth $565,000 after buying an additional 3,898 shares in the last quarter. BlackRock Inc. increased its stake in Diamondback Energy by 309.5% in the first quarter. BlackRock Inc. now owns 8,366 shares of the company’s stock worth $646,000 after buying an additional 6,323 shares in the last quarter. BlackRock Group LTD increased its stake in Diamondback Energy by 20.5% in the first quarter. BlackRock Group LTD now owns 130,421 shares of the company’s stock worth $10,064,000 after buying an additional 22,155 shares in the last quarter. Finally, BlackRock Fund Advisors increased its stake in Diamondback Energy by 3.3% in the first quarter. BlackRock Fund Advisors now owns 798,166 shares of the company’s stock worth $61,602,000 after buying an additional 25,366 shares in the last quarter. Institutional investors own 99.74% of the company’s stock.
The stock’s market cap is $8.17 billion. The company has a 50 day moving average price of $93.88 and a 200-day moving average price of $88.83.
Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.10. The company had revenue of $112.48 million for the quarter, compared to the consensus estimate of $112.47 million. Diamondback Energy had a positive return on equity of 3.82% and a negative net margin of 124.95%. The firm’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS. Analysts anticipate that Diamondback Energy Inc. will post $1.00 EPS for the current fiscal year.
Diamondback Energy Company Profile
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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