Diamondback Energy Inc. (FANG) Earns Buy Rating from Mizuho
Diamondback Energy Inc. (NASDAQ:FANG)‘s stock had its “buy” rating reaffirmed by equities research analysts at Mizuho in a research report issued to clients and investors on Monday. They currently have a $105.00 target price on the stock. Mizuho’s price target suggests a potential upside of 4.06% from the stock’s previous close.
Other analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Diamondback Energy from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Wednesday, June 29th. SunTrust Banks Inc. upped their price objective on Diamondback Energy from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. BMO Capital Markets reiterated a “buy” rating and set a $95.00 price objective on shares of Diamondback Energy in a research report on Wednesday, August 3rd. Wunderlich upped their price objective on Diamondback Energy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, July 14th. Finally, Canaccord Genuity upgraded Diamondback Energy from a “hold” rating to a “buy” rating and set a $100.00 price objective for the company in a research report on Wednesday, July 20th. Five research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $99.86.
Diamondback Energy (NASDAQ:FANG) traded down 1.29% during mid-day trading on Monday, hitting $99.60. The company’s stock had a trading volume of 675,037 shares. The company’s 50 day moving average is $94.88 and its 200-day moving average is $89.69. Diamondback Energy has a 52-week low of $55.48 and a 52-week high of $106.84. The stock’s market cap is $7.77 billion.
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Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 analysts’ expectations of $112.47 million. During the same quarter in the previous year, the business earned $0.41 earnings per share. The company’s revenue was down 5.5% on a year-over-year basis. On average, equities analysts predict that Diamondback Energy will post $1.00 EPS for the current fiscal year.
In other Diamondback Energy news, VP Russell Pantermuehl sold 2,000 shares of the 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 approximately $5,795,780.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michael L. Hollis sold 1,000 shares of the stock in a transaction on Thursday, September 29th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Creative Planning boosted 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 valued at $104,000 after buying an additional 73 shares during the period. Seven Eight Capital LLC bought a new stake in shares of Diamondback Energy during the second quarter valued at about $119,000. Advisor Group Inc. bought a new stake in shares of Diamondback Energy during the second quarter valued at about $120,000. PNC Financial Services Group Inc. boosted its stake 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 valued at $125,000 after buying an additional 491 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its stake 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 valued at $145,000 after buying an additional 1,264 shares during the period. 99.74% of the stock is currently owned by institutional investors and hedge funds.
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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