Raymond James Financial Inc. Reiterates “Outperform” Rating for Diamondback Energy Inc. (FANG)
Diamondback Energy Inc. (NASDAQ:FANG)‘s stock had its “outperform” rating reiterated by Raymond James Financial Inc. in a research report issued to clients and investors on Thursday. They currently have a $117.00 price target on the stock, up from their prior price target of $104.00. Raymond James Financial Inc.’s price target indicates a potential upside of 11.92% from the company’s current price.
Other research analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of 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. SunTrust Banks Inc. boosted their target price on shares of Diamondback Energy from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. BMO Capital Markets reissued a “buy” rating and issued a $95.00 target price on shares of Diamondback Energy in a research note on Wednesday, August 3rd. Wunderlich boosted their target price on shares of Diamondback Energy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, July 14th. Finally, Canaccord Genuity raised shares of Diamondback Energy from a “hold” rating to a “buy” rating and set a $100.00 target price for the company in a research note on Wednesday, July 20th. Seven equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $99.55.
Diamondback Energy (NASDAQ:FANG) traded down 1.47% during midday trading on Thursday, reaching $103.00. 349,923 shares of the company traded hands. The firm’s market capitalization is $8.04 billion. Diamondback Energy has a 12 month low of $55.48 and a 12 month high of $106.84. The company’s 50-day moving average price is $94.53 and its 200 day moving average price is $89.42.
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Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, August 2nd. The company reported $0.26 EPS 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 analyst estimates of $112.47 million. Diamondback Energy had a negative net margin of 124.95% and a positive return on equity of 3.82%. The business’s revenue was down 5.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 EPS. On average, equities analysts anticipate that Diamondback Energy will post $1.00 earnings per share for the current year.
In other news, VP Russell Pantermuehl sold 2,000 shares of the firm’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 transaction, the vice president now directly owns 67,914 shares of the company’s stock, valued at $5,795,780.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Travis D. Stice sold 30,000 shares of the firm’s stock in a transaction on Thursday, August 18th. The shares were 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. 0.52% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Fund Advisors raised its position in shares of 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 during the period. Geode Capital Management LLC raised its position in shares of Diamondback Energy by 12.0% in the first quarter. Geode Capital Management LLC now owns 466,203 shares of the company’s stock worth $35,981,000 after buying an additional 49,821 shares during the period. Nuveen Asset Management LLC raised its position in shares of Diamondback Energy by 3.2% in the first quarter. Nuveen Asset Management LLC now owns 23,811 shares of the company’s stock worth $1,838,000 after buying an additional 744 shares during the period. Magnetar Financial LLC raised its position in shares of Diamondback Energy by 87.2% in the first quarter. Magnetar Financial LLC now owns 748,600 shares of the company’s stock worth $57,777,000 after buying an additional 348,600 shares during the period. Finally, BlackRock Group LTD raised its position in shares of 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 during the period. 99.74% of the stock is currently owned by institutional investors.
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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