Wolfe Research Initiates Coverage on Diamondback Energy, Inc. (FANG)
Equities research analysts at Wolfe Research assumed coverage on shares of Diamondback Energy, Inc. (NASDAQ:FANG) in a research note issued on Thursday, The Fly reports. The firm set an “outperform” rating on the oil and natural gas company’s stock.
Several other equities research analysts also recently issued reports on the stock. Canaccord Genuity boosted their price objective on shares of Diamondback Energy to $145.00 in a research note on Thursday, February 16th. TheStreet upgraded shares of Diamondback Energy from a “c” rating to a “b-” rating in a research note on Friday, March 3rd. Mizuho reiterated a “buy” rating and set a $124.00 price objective on shares of Diamondback Energy in a research note on Thursday, February 16th. Wunderlich boosted their price objective on shares of Diamondback Energy from $130.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, February 16th. Finally, Zacks Investment Research upgraded shares of Diamondback Energy from a “hold” rating to a “buy” rating and set a $113.00 price objective for the company in a research note on Wednesday, March 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nineteen have assigned a buy rating to the company. Diamondback Energy currently has a consensus rating of “Buy” and an average price target of $118.36.
Shares of Diamondback Energy (NASDAQ:FANG) traded down 2.2470% during mid-day trading on Thursday, reaching $87.3912. 508,078 shares of the company traded hands. The company has a market capitalization of $8.58 billion, a P/E ratio of 1859.3872 and a beta of 1.04. Diamondback Energy has a 52 week low of $82.80 and a 52 week high of $114.00. The stock’s 50-day moving average is $97.47 and its 200-day moving average is $101.91.
Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, May 2nd. The oil and natural gas company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.43. Diamondback Energy had a net margin of 0.62% and a return on equity of 6.51%. The firm had revenue of $235.23 million during the quarter, compared to the consensus estimate of $218.62 million. On average, equities analysts predict that Diamondback Energy will post $4.63 EPS for the current fiscal year.
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In related news, VP Russell Pantermuehl sold 2,000 shares of the company’s stock in a transaction on Friday, March 17th. The shares were sold at an average price of $105.00, for a total value of $210,000.00. Following the sale, the vice president now directly owns 72,214 shares of the company’s stock, valued at $7,582,470. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven E. West purchased 2,400 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The stock was bought at an average cost of $103.45 per share, for a total transaction of $248,280.00. Following the completion of the acquisition, the director now directly owns 2,400 shares of the company’s stock, valued at $248,280. The disclosure for this purchase can be found here. Corporate insiders own 0.35% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. New York State Teachers Retirement System boosted its stake in shares of Diamondback Energy by 1.5% in the fourth quarter. New York State Teachers Retirement System now owns 6,900 shares of the oil and natural gas company’s stock worth $697,000 after buying an additional 100 shares during the period. Advisory Research Inc. acquired a new stake in shares of Diamondback Energy during the fourth quarter worth $1,217,000. Credit Agricole S A acquired a new stake in shares of Diamondback Energy during the fourth quarter worth $738,000. Gideon Capital Advisors Inc. acquired a new stake in shares of Diamondback Energy during the fourth quarter worth $281,000. Finally, Waratah Capital Advisors Ltd. acquired a new stake in shares of Diamondback Energy during the fourth quarter worth $2,586,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.
Diamondback Energy Company Profile
Diamondback Energy, Inc is an independent oil and natural gas company. The Company focuses on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2016, the Company’s total net acreage position in the Permian Basin was approximately 105,894 net acres.
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