Mizuho Reiterates “Buy” Rating for Diamondback Energy Inc. (FANG)
Diamondback Energy Inc. (NASDAQ:FANG)‘s stock had its “buy” rating restated by equities research analysts at Mizuho in a research report issued to clients and investors on Monday. They currently have a $105.00 price target on the stock. Mizuho’s price objective would indicate a potential upside of 4.06% from the company’s previous close.
Other equities analysts also recently issued research reports about the stock. SunTrust Banks Inc. upped their price objective on shares of Diamondback Energy from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. KLR Group restated a “buy” rating and set a $122.00 price objective (up previously from $103.00) on shares of Diamondback Energy in a research report on Monday, July 18th. Stephens upgraded shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. restated a “buy” rating on shares of Diamondback Energy in a research report on Monday, July 18th. Finally, BMO Capital Markets restated a “buy” rating and set a $95.00 price objective on shares of Diamondback Energy in a research report on Wednesday, August 3rd. Five equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Diamondback Energy presently has a consensus rating of “Buy” and an average price target of $99.86.
Diamondback Energy (NASDAQ:FANG) traded down 1.09% during trading on Monday, reaching $99.80. 655,292 shares of the company were exchanged. The stock has a 50 day moving average price of $94.88 and a 200 day moving average price of $89.69. The firm’s market capitalization is $7.79 billion. Diamondback Energy has a 12 month low of $55.48 and a 12 month high of $106.84.
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Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.16 by $0.10. Diamondback Energy had a negative net margin of 124.95% and a positive return on equity of 3.82%. 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 earned $0.41 EPS. Diamondback Energy’s revenue for the quarter was down 5.5% on a year-over-year basis. On average, analysts expect that Diamondback Energy will post $1.00 EPS for the current fiscal year.
In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Michael L. Hollis sold 10,000 shares of Diamondback Energy stock in a transaction on Monday, October 10th. The stock was sold at an average price of $104.00, for a total transaction of $1,040,000.00. The disclosure for this sale can be found here. Insiders own 0.52% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Fund Advisors increased its position in 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 in 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 in the last quarter. Nuveen Asset Management LLC increased its position in 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 in the last quarter. Magnetar Financial LLC increased its position in 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 in the last quarter. Finally, BlackRock Group LTD increased its position in 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 in the last quarter. 99.74% of the stock is owned by hedge funds and other institutional investors.
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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