KeyCorp Comments on Diamondback Energy, Inc.’s Q3 2017 Earnings (FANG)
Diamondback Energy, Inc. (NASDAQ:FANG) – KeyCorp lifted their Q3 2017 earnings estimates for Diamondback Energy in a report issued on Monday. KeyCorp analyst C. Stevens now forecasts that the oil and natural gas company will earn $1.28 per share for the quarter, up from their previous estimate of $1.27. KeyCorp currently has a “Buy” rating and a $113.00 target price on the stock. KeyCorp also issued estimates for Diamondback Energy’s Q4 2017 earnings at $1.48 EPS, FY2017 earnings at $5.06 EPS, Q1 2018 earnings at $0.91 EPS, Q2 2018 earnings at $1.05 EPS, Q3 2018 earnings at $1.15 EPS, Q4 2018 earnings at $1.32 EPS and FY2018 earnings at $4.44 EPS.
A number of other analysts have also issued reports on FANG. Zacks Investment Research lowered shares of Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Monday, July 17th. BidaskClub cut shares of Diamondback Energy from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 20th. BMO Capital Markets reaffirmed a “buy” rating and set a $100.00 target price on shares of Diamondback Energy in a research report on Tuesday, June 27th. TheStreet lowered shares of Diamondback Energy from a “b-” rating to a “c” rating in a research report on Thursday, July 6th. Finally, Bank of America Corporation started coverage on Diamondback Energy in a report on Wednesday, July 19th. They issued a “buy” rating and a $115.00 price target for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eighteen have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $120.18.
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Diamondback Energy (NASDAQ FANG) opened at 100.08 on Wednesday. Diamondback Energy has a one year low of $82.77 and a one year high of $114.00. The company has a market cap of $9.82 billion, a PE ratio of 27.52 and a beta of 1.08. The stock has a 50 day moving average of $92.28 and a 200 day moving average of $95.13.
Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 EPS for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.44. Diamondback Energy had a return on equity of 8.09% and a net margin of 38.24%. The business had revenue of $267.40 million for the quarter, compared to analysts’ expectations of $258.75 million. During the same period in the previous year, the firm earned $0.26 EPS. The business’s quarterly revenue was up 137.7% on a year-over-year basis.
In other news, VP Russell Pantermuehl sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $96.89, for a total transaction of $387,560.00. Following the sale, the vice president now owns 70,214 shares of the company’s stock, valued at approximately $6,803,034.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Hof Matthew Kaes Van’t sold 650 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $88.49, for a total transaction of $57,518.50. Following the sale, the vice president now directly owns 4,950 shares in the company, valued at approximately $438,025.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,805 shares of company stock worth $1,029,501. 0.41% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in shares of Diamondback Energy by 5,554.4% in the 1st quarter. BlackRock Inc. now owns 4,707,194 shares of the oil and natural gas company’s stock valued at $488,205,000 after purchasing an additional 4,623,946 shares in the last quarter. Warburg Pincus LLC raised its holdings in Diamondback Energy by 132.4% in the 2nd quarter. Warburg Pincus LLC now owns 6,532,915 shares of the oil and natural gas company’s stock worth $580,188,000 after purchasing an additional 3,721,519 shares during the period. Artisan Partners Limited Partnership raised its holdings in Diamondback Energy by 964.6% in the 2nd quarter. Artisan Partners Limited Partnership now owns 1,847,919 shares of the oil and natural gas company’s stock worth $164,114,000 after purchasing an additional 1,674,336 shares during the period. JPMorgan Chase & Co. raised its holdings in Diamondback Energy by 20.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,633,723 shares of the oil and natural gas company’s stock worth $677,951,000 after purchasing an additional 1,278,802 shares during the period. Finally, Capital World Investors raised its holdings in Diamondback Energy by 98.1% in the 2nd quarter. Capital World Investors now owns 2,516,497 shares of the oil and natural gas company’s stock worth $223,490,000 after purchasing an additional 1,246,072 shares during the period.
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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