Diamondback Energy, Inc. (NASDAQ:FANG) Downgraded to Sell at Zacks Investment Research
Diamondback Energy, Inc. (NASDAQ:FANG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.
According to Zacks, “Diamondback Energy, Inc. is an oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. The Company’s activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations. Diamondback Energy, Inc. is headquartered in Midland, Texas. “
A number of other analysts have also recently commented on the company. Scotiabank reissued a “buy” rating and issued a $121.00 price target on shares of Diamondback Energy in a research report on Monday, March 27th. Barclays PLC reissued an “equal weight” rating and issued a $110.00 price target (down from $123.00) on shares of Diamondback Energy in a research report on Saturday, April 22nd. Stifel Nicolaus started coverage on Diamondback Energy in a research report on Wednesday, April 12th. They issued a “buy” rating and a $123.00 price target on the stock. Roth Capital set a $130.00 price target on Diamondback Energy and gave the stock a “buy” rating in a research report on Tuesday, May 2nd. Finally, BMO Capital Markets set a $120.00 price target on Diamondback Energy and gave the stock a “buy” rating in a research report on Tuesday, May 2nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nineteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $116.04.
Shares of Diamondback Energy (FANG) traded down 0.01% during mid-day trading on Monday, hitting $90.47. The stock had a trading volume of 1,115,381 shares. Diamondback Energy has a 52-week low of $82.77 and a 52-week high of $114.00. The stock’s 50-day moving average price is $93.33 and its 200-day moving average price is $100.47. The firm has a market cap of $8.88 billion, a PE ratio of 1924.89 and a beta of 1.06.
Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, May 2nd. The oil and natural gas company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.43. Diamondback Energy had a return on equity of 6.51% and a net margin of 0.62%. The firm had revenue of $235.23 million for the quarter, compared to analysts’ expectations of $218.62 million. On average, analysts anticipate that Diamondback Energy will post $4.43 earnings per share for the current fiscal year.
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In other news, Director Mark Lawrence Plaumann sold 1,000 shares of the company’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $101.52, for a total value of $101,520.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven E. West acquired 2,400 shares of Diamondback Energy stock in a transaction dated Wednesday, May 17th. The stock was bought at an average price of $103.45 per share, with a total value of $248,280.00. Following the completion of the purchase, the director now directly owns 2,400 shares in the company, valued at $248,280. The disclosure for this purchase can be found here. Corporate insiders own 0.41% of the company’s stock.
Several large investors have recently bought and sold shares of FANG. Toronto Dominion Bank raised its stake in Diamondback Energy by 26.2% in the first quarter. Toronto Dominion Bank now owns 969 shares of the oil and natural gas company’s stock valued at $100,000 after buying an additional 201 shares during the period. Creative Planning raised its stake in Diamondback Energy by 7.3% in the third quarter. Creative Planning now owns 1,073 shares of the oil and natural gas company’s stock valued at $104,000 after buying an additional 73 shares during the period. Winch Advisory Services LLC bought a new stake in Diamondback Energy during the first quarter valued at approximately $105,000. BOKF NA raised its stake in Diamondback Energy by 12.8% in the third quarter. BOKF NA now owns 1,208 shares of the oil and natural gas company’s stock valued at $116,000 after buying an additional 137 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in Diamondback Energy by 56.6% in the second quarter. PNC Financial Services Group Inc. now owns 1,359 shares of the oil and natural gas company’s stock valued at $125,000 after buying an additional 491 shares during the period. Hedge funds and other institutional investors own 98.29% of the company’s stock.
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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