Diamondback Energy, Inc. (NASDAQ:FANG) Earns “Outperform” Rating from Wells Fargo & Company
Diamondback Energy, Inc. (NASDAQ:FANG)‘s stock had its “outperform” rating restated by equities researchers at Wells Fargo & Company in a research note issued on Saturday. They presently have a $110.00 target price on the oil and natural gas company’s stock, down from their prior target price of $125.00. Wells Fargo & Company’s price target indicates a potential upside of 19.58% from the company’s current price.
Several other brokerages also recently issued reports on FANG. Scotiabank set a $95.00 price objective on shares of Diamondback Energy and gave the stock a “buy” rating in a research note on Saturday, July 1st. BidaskClub raised shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday. Piper Jaffray Companies reissued an “overweight” rating and issued a $141.00 price objective on shares of Diamondback Energy in a research note on Thursday, May 25th. BMO Capital Markets set a $120.00 price objective on shares of Diamondback Energy and gave the stock a “buy” rating in a research note on Tuesday, May 2nd. Finally, Barclays PLC reissued a “hold” rating and issued a $93.00 price objective on shares of Diamondback Energy in a research note on Friday, July 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $115.89.
Shares of Diamondback Energy (NASDAQ:FANG) traded down 0.42% on Friday, reaching $91.99. The company had a trading volume of 1,219,796 shares. The firm has a market capitalization of $9.03 billion, a price-to-earnings ratio of 1957.23 and a beta of 1.05. The stock’s 50 day moving average is $88.97 and its 200 day moving average is $99.11. Diamondback Energy has a 52 week low of $82.77 and a 52 week high of $114.00.
Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, May 2nd. The oil and natural gas company reported $1.04 EPS for the quarter, beating the Zacks’ consensus estimate 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 anticipate that Diamondback Energy will post $4.32 EPS for the current year.
In other news, Director Mark Lawrence Plaumann sold 1,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $101.52, for a total transaction of $101,520.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven E. West purchased 2,400 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were bought at an average cost of $103.45 per share, with a total value of $248,280.00. Following the purchase, the director now directly owns 2,400 shares of the company’s stock, valued at approximately $248,280. The disclosure for this purchase can be found here. Insiders own 0.41% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Toronto Dominion Bank raised its stake in shares of 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 worth $100,000 after buying an additional 201 shares during the last quarter. Winch Advisory Services LLC purchased a new stake in shares of Diamondback Energy during the first quarter worth approximately $105,000. State of Alaska Department of Revenue purchased a new stake in shares of Diamondback Energy during the first quarter worth approximately $180,000. Stevens Capital Management LP purchased a new stake in shares of Diamondback Energy during the first quarter worth approximately $201,000. Finally, Teza Capital Management LLC purchased a new stake in shares of Diamondback Energy during the first quarter worth approximately $202,000. 98.29% 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 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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