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 currently has a $116.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 12.04% from the company’s current price.
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 topic of a number of other research reports. Nomura reiterated a “buy” rating and set a $17.00 target price on shares of Diamondback Energy in a report on Monday, September 26th. Mizuho started coverage on Diamondback Energy in a report on Wednesday, October 5th. They set a “buy” rating and a $105.00 target price on the stock. Williams Capital started coverage on Diamondback Energy in a report on Monday, August 29th. They set a “hold” rating and a $105.00 target price on the stock. KeyCorp upped their target price on Diamondback Energy from $107.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, August 22nd. Finally, Canaccord Genuity upgraded Diamondback Energy from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Wednesday, July 20th. Six analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. Diamondback Energy has a consensus 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 mid-day trading on Thursday, hitting $103.53. The company had a trading volume of 1,046,559 shares. The firm’s market capitalization is $8.08 billion. The firm has a 50-day moving average price of $94.53 and a 200-day moving average price of $89.42. Diamondback Energy has a 52 week low of $55.48 and a 52 week high of $106.84.
Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, beating 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 company had revenue of $112.48 million for the quarter, compared to the consensus estimate of $112.47 million. During the same quarter in the previous year, the business earned $0.41 EPS. Diamondback Energy’s revenue was down 5.5% compared to the same quarter last year. Equities analysts forecast that Diamondback Energy will post $1.00 earnings per share for the current year.
In other Diamondback Energy news, COO Michael L. Hollis sold 10,000 shares of the stock in a transaction on Monday, October 10th. The stock was sold at an average price of $104.00, for a total value of $1,040,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Elizabeth Moses sold 2,000 shares of the stock in a transaction on Monday, September 19th. The stock was sold at an average price of $88.66, for a total value of $177,320.00. Following the completion of the sale, the vice president now owns 11,709 shares of the company’s stock, valued at approximately $1,038,119.94. The disclosure for this sale can be found here. 0.52% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of FANG. Creative Planning raised its stake 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 last quarter. Seven Eight Capital LLC purchased a new position in shares of Diamondback Energy during the second quarter worth $119,000. Advisor Group Inc. purchased a new position in shares of Diamondback Energy during the second quarter worth $120,000. PNC Financial Services Group Inc. raised its position in shares of 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 during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in shares of 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 during the last quarter. Institutional investors and hedge funds 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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