Diamondback Energy Inc. (FANG) Upgraded to Buy at Zacks Investment Research
Diamondback Energy Inc. (NASDAQ:FANG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage presently has a $116.00 target price on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.04% from the stock’s previous close.
According to Zacks, “Diamondback Energy, Inc. is an oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. The Company’s activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations. Diamondback Energy, Inc. is headquartered in Midland, Texas. “
FANG has been the subject of a number of other research reports. 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. Mizuho initiated 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. Williams Capital initiated coverage on Diamondback Energy in a research report on Monday, August 29th. They set a “hold” rating and a $105.00 price target for the company. KeyCorp upped their price target on Diamondback Energy from $107.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, August 22nd. Finally, 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. Six analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $99.86.
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Shares of Diamondback Energy (NASDAQ:FANG) traded down 0.97% during midday trading on Thursday, hitting $103.53. 1,046,559 shares of the stock traded hands. The firm’s 50 day moving average price is $94.53 and its 200 day moving average price is $89.42. Diamondback Energy has a 12-month low of $55.48 and a 12-month high of $106.84. The company’s market capitalization is $8.08 billion.
Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results 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. Diamondback Energy had a positive return on equity of 3.82% and a negative net margin of 124.95%. The firm earned $112.48 million during the quarter, compared to the consensus estimate of $112.47 million. During the same quarter in the prior year, the firm posted $0.41 EPS. The business’s revenue was down 5.5% on a year-over-year basis. Analysts expect that Diamondback Energy will post $1.00 EPS for the current year.
In other news, CFO Teresa L. Dick sold 1,000 shares of the firm’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $95.71, for a total transaction of $95,710.00. Following the completion of the transaction, the chief financial officer now directly owns 25,750 shares in the company, valued at $2,464,532.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Travis D. Stice sold 30,000 shares of the firm’s stock in a transaction dated 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.
Institutional investors have recently modified their holdings of the company. Miles Capital Inc. increased its position in shares of Diamondback Energy by 1.5% in the second quarter. Miles Capital Inc. now owns 4,755 shares of the company’s stock worth $434,000 after buying an additional 69 shares during the period. Creative Planning increased its position in shares of Diamondback Energy by 7.3% in the third quarter. Creative Planning now owns 1,073 shares of the company’s stock worth $104,000 after buying an additional 73 shares during the period. IBM Retirement Fund increased its position in shares of Diamondback Energy by 1.1% in the second quarter. IBM Retirement Fund now owns 7,238 shares of the company’s stock worth $660,000 after buying an additional 77 shares during the period. Fifth Third Bancorp increased its position in shares of Diamondback Energy by 0.9% in the second quarter. Fifth Third Bancorp now owns 14,292 shares of the company’s stock worth $1,304,000 after buying an additional 122 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its position in shares of 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 during the period. Institutional investors own 99.74% of the company’s stock.
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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