Seaport Global Securities Comments on Diamondback Energy Inc.’s Q1 2017 Earnings (FANG)
Diamondback Energy Inc. (NASDAQ:FANG) – Stock analysts at Seaport Global Securities raised their Q1 2017 EPS estimates for Diamondback Energy in a research report issued on Monday. Seaport Global Securities analyst M. Kelly now forecasts that the brokerage will post earnings per share of $0.56 for the quarter, up from their previous estimate of $0.50.
Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.10. The firm earned $112.48 million during the quarter, compared to analyst estimates of $112.47 million. Diamondback Energy had a positive return on equity of 3.82% and a negative net margin of 124.95%. The business’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.41 earnings per share.
FANG has been the subject of a number of other research reports. Mizuho assumed coverage on Diamondback Energy in a research report on Wednesday, October 5th. They set a “buy” rating and a $105.00 price target for the company. Canaccord Genuity raised Diamondback Energy from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a research report on Wednesday, July 20th. Nomura reaffirmed a “buy” rating and set a $17.00 price target on shares of Diamondback Energy in a research report on Monday, September 26th. Deutsche Bank AG reaffirmed a “buy” rating and set a $104.00 price target on shares of Diamondback Energy in a research report on Thursday, August 4th. Finally, KLR Group lifted their price target on Diamondback Energy from $126.00 to $136.00 and gave the stock a “buy” rating in a research report on Tuesday. Seven equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Diamondback Energy has a consensus rating of “Buy” and a consensus target price of $98.17.
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Diamondback Energy (NASDAQ:FANG) traded down 0.176% during trading on Tuesday, hitting $105.025. The stock had a trading volume of 1,101,274 shares. Diamondback Energy has a 52-week low of $55.48 and a 52-week high of $106.84. The company’s market cap is $8.20 billion. The firm’s 50-day moving average price is $94.07 and its 200-day moving average price is $89.20.
Several hedge funds have recently bought and sold shares of FANG. Seven Eight Capital LLC bought a new stake in Diamondback Energy during the second quarter worth $119,000. Advisor Group Inc. bought a new stake in Diamondback Energy during the second quarter worth $120,000. PNC Financial Services Group Inc. raised its stake 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 in the last quarter. BNP Paribas Arbitrage SA raised its stake 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 in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its stake in Diamondback Energy by 7.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 2,082 shares of the company’s stock worth $161,000 after buying an additional 141 shares in the last quarter. 99.74% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Russell Pantermuehl sold 2,000 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $85.34, for a total transaction of $170,680.00. Following the sale, the vice president now owns 67,914 shares of the company’s stock, valued at $5,795,780.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $98.00, for a total value of $2,940,000.00. The disclosure for this sale can be found here. Insiders own 0.52% of the company’s stock.
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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