Diamondback Energy, Inc. (NASDAQ:FANG) – Stock analysts at Seaport Global Securities reduced their FY2017 earnings per share estimates for Diamondback Energy in a research report issued on Monday. Seaport Global Securities analyst M. Kelly now anticipates that the oil and natural gas company will post earnings per share of $4.69 for the year, down from their previous estimate of $4.71.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.44. The business had revenue of $267.40 million during the quarter, compared to the consensus estimate of $258.75 million. Diamondback Energy had a net margin of 38.24% and a return on equity of 8.09%. The business’s quarterly revenue was up 137.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 earnings per share. TRADEMARK VIOLATION WARNING: This piece was published by American Banking News and is the sole property of of American Banking News. If you are reading this piece on another publication, it was illegally copied and republished in violation of United States and international trademark & copyright laws. The legal version of this piece can be accessed at https://www.americanbankingnews.com/2017/08/08/diamondback-energy-inc-forecasted-to-earn-fy2017-earnings-of-4-69-per-share-nasdaqfang.html.

A number of other research firms have also commented on FANG. Stifel Nicolaus began coverage on shares of Diamondback Energy in a research report on Wednesday, April 12th. They issued a “buy” rating and a $123.00 price target on the stock. Barclays PLC reissued an “equal weight” rating and issued a $110.00 price target (down previously from $123.00) on shares of Diamondback Energy in a research report on Saturday, April 22nd. Scotiabank reissued a “buy” rating and issued a $121.00 price target on shares of Diamondback Energy in a research report on Thursday, May 4th. Piper Jaffray Companies reissued an “overweight” rating and issued a $141.00 price target on shares of Diamondback Energy in a research report on Thursday, May 25th. Finally, Williams Capital reissued a “hold” rating and issued a $120.00 price target on shares of Diamondback Energy in a research report on Wednesday, May 3rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and twenty-two have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $115.31.

Diamondback Energy (NASDAQ:FANG) opened at 96.04 on Tuesday. The stock has a 50 day moving average of $89.98 and a 200 day moving average of $98.63. The stock has a market capitalization of $9.42 billion, a P/E ratio of 2043.40 and a beta of 1.06. Diamondback Energy has a 52 week low of $82.77 and a 52 week high of $114.00.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Karp Capital Management Corp bought a new position in shares of Diamondback Energy during the first quarter worth about $2,207,000. Investment House LLC boosted its position in shares of Diamondback Energy by 228.2% in the first quarter. Investment House LLC now owns 9,845 shares of the oil and natural gas company’s stock worth $1,021,000 after buying an additional 6,845 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Diamondback Energy by 5.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 268,944 shares of the oil and natural gas company’s stock worth $27,894,000 after buying an additional 14,331 shares during the last quarter. Stevens Capital Management LP bought a new position in shares of Diamondback Energy during the first quarter worth about $201,000. Finally, Nicholas Investment Partners LP boosted its position in shares of Diamondback Energy by 39.4% in the first quarter. Nicholas Investment Partners LP now owns 34,856 shares of the oil and natural gas company’s stock worth $3,615,000 after buying an additional 9,849 shares during the last quarter. 97.20% of the stock is owned by institutional investors.

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,000 shares of Diamondback Energy stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $101.52, for a total transaction of $101,520.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven E. West acquired 2,400 shares of the business’s stock in a transaction on 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 completion of the acquisition, the director now owns 2,400 shares of the company’s stock, valued at approximately $248,280. The disclosure for this purchase can be found here. 0.41% of the stock is currently owned by company insiders.

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.

Earnings History and Estimates for Diamondback Energy (NASDAQ:FANG)

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