Piper Jaffray Companies Reiterates Buy Rating for Diamondback Energy, Inc. (FANG)
Diamondback Energy, Inc. (NASDAQ:FANG)‘s stock had its “buy” rating reiterated by analysts at Piper Jaffray Companies in a research report issued to clients and investors on Thursday. They presently have a $112.00 price objective on the oil and natural gas company’s stock. Piper Jaffray Companies’ target price suggests a potential upside of 19.80% from the stock’s previous close.
FANG has been the subject of a number of other reports. Zacks Investment Research cut shares of Diamondback Energy from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. BidaskClub upgraded shares of Diamondback Energy from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Credit Suisse Group restated an “outperform” rating and set a $151.00 price target on shares of Diamondback Energy in a report on Friday, June 2nd. BMO Capital Markets restated a “buy” rating and set a $100.00 price target on shares of Diamondback Energy in a report on Tuesday, June 27th. Finally, KeyCorp restated a “buy” rating and set a $113.00 price target on shares of Diamondback Energy in a report on Wednesday, September 6th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $115.87.
Diamondback Energy (FANG) traded up 0.05% on Thursday, reaching $93.54. The company’s stock had a trading volume of 1,023,518 shares. Diamondback Energy has a 1-year low of $82.77 and a 1-year high of $114.00. The stock has a 50 day moving average price of $91.47 and a 200-day moving average price of $95.78. The company has a market capitalization of $9.18 billion, a price-to-earnings ratio of 25.72 and a beta of 1.08.
Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.44. The firm had revenue of $267.40 million during the quarter, compared to analysts’ expectations of $258.75 million. Diamondback Energy had a net margin of 38.24% and a return on equity of 8.09%. Diamondback Energy’s revenue for the quarter was up 137.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 earnings per share. Equities analysts predict that Diamondback Energy will post $4.93 earnings per share for the current fiscal year.
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In related news, insider Michael L. Hollis sold 1,000 shares of the stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Hof Matthew Kaes Van’t sold 650 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $88.49, for a total transaction of $57,518.50. Following the completion of the transaction, the vice president now directly owns 4,950 shares of the company’s stock, valued at approximately $438,025.50. The disclosure for this sale can be found here. Insiders sold 1,805 shares of company stock valued at $166,741 in the last three months. Company insiders own 0.41% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sentry Investment Management LLC acquired a new stake in shares of Diamondback Energy during the second quarter worth approximately $215,000. Public Employees Retirement System of Ohio increased its holdings in shares of Diamondback Energy by 4.6% during the second quarter. Public Employees Retirement System of Ohio now owns 101,673 shares of the oil and natural gas company’s stock worth $9,030,000 after buying an additional 4,506 shares in the last quarter. Energy Opportunities Capital Management LLC increased its holdings in shares of Diamondback Energy by 1.1% during the second quarter. Energy Opportunities Capital Management LLC now owns 16,000 shares of the oil and natural gas company’s stock worth $1,421,000 after buying an additional 170 shares in the last quarter. Sterling Capital Management LLC acquired a new stake in shares of Diamondback Energy during the second quarter worth approximately $2,779,000. Finally, Westwood Holdings Group Inc. increased its holdings in shares of Diamondback Energy by 5.1% during the second quarter. Westwood Holdings Group Inc. now owns 681,560 shares of the oil and natural gas company’s stock worth $60,628,000 after buying an additional 33,353 shares in the last quarter.
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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