Diamondback Energy Inc. (FANG) Lifted to Overweight at Stephens
Diamondback Energy Inc. (NASDAQ:FANG) was upgraded by research analysts at Stephens from an “equal weight” rating to an “overweight” rating in a note issued to investors on Monday, The Fly reports.
Other analysts also recently issued research reports about the stock. Simmons reaffirmed an “overweight” rating and issued a $109.00 price target (up previously from $106.00) on shares of Diamondback Energy in a report on Saturday, August 13th. Zacks Investment Research raised shares of Diamondback Energy from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Wednesday, June 29th. Barclays PLC upped their price target on shares of Diamondback Energy from $85.00 to $88.00 and gave the company an “equal weight” rating in a report on Thursday, July 14th. BMO Capital Markets reaffirmed a “buy” rating and issued a $95.00 price target on shares of Diamondback Energy in a report on Wednesday, August 3rd. Finally, KLR Group reaffirmed a “buy” rating and issued a $122.00 price target (up previously from $103.00) on shares of Diamondback Energy in a report on Monday, July 18th. Five research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. Diamondback Energy currently has an average rating of “Buy” and an average target price of $99.86.
Diamondback Energy (NASDAQ:FANG) traded down 1.49% during mid-day trading on Monday, reaching $99.40. 325,973 shares of the company traded hands. The stock’s market capitalization is $7.76 billion. The stock has a 50-day moving average of $94.88 and a 200 day moving average of $89.69. Diamondback Energy has a 52-week low of $55.48 and a 52-week high of $106.84.
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Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.10. The firm had revenue of $112.48 million for the quarter, compared to the consensus estimate of $112.47 million. Diamondback Energy had a negative net margin of 124.95% and a positive return on equity of 3.82%. The firm’s revenue was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 earnings per share. Equities research analysts expect 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 shares were sold at an average price of $104.00, for a total transaction of $1,040,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Russell Pantermuehl sold 2,000 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $85.34, for a total transaction of $170,680.00. Following the transaction, the vice president now owns 67,914 shares in the company, valued at $5,795,780.76. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Granahan Investment Management Inc. MA bought a new position in Diamondback Energy during the first quarter worth approximately $5,457,000. Hancock Holding Co. increased its position in Diamondback Energy by 0.7% in the first quarter. Hancock Holding Co. now owns 115,970 shares of the company’s stock worth $8,951,000 after buying an additional 850 shares during the last quarter. Wellington Management Group LLP increased its position in Diamondback Energy by 0.4% in the first quarter. Wellington Management Group LLP now owns 7,512,803 shares of the company’s stock worth $579,839,000 after buying an additional 26,247 shares during the last quarter. Geode Capital Management LLC increased its position in 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 last quarter. Finally, Rafferty Asset Management LLC acquired a new position in Diamondback Energy during the first quarter worth about $489,000. Hedge funds and other 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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