Diamondback Energy, Inc. (FANG) Price Target Raised to $121.00
Diamondback Energy, Inc. (NASDAQ:FANG) had its price objective upped by Barclays PLC from $105.00 to $121.00 in a research report issued to clients and investors on Wednesday. The firm currently has an “equal weight” rating on the oil and natural gas company’s stock. Barclays PLC’s price objective suggests a potential upside of 20.09% from the stock’s previous close.
Other equities research analysts also recently issued research reports about the stock. Scotiabank set a $95.00 price target on shares of Diamondback Energy and gave the company a “buy” rating in a research note on Saturday, July 1st. BidaskClub downgraded shares of Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. Bank of America Corporation began coverage on shares of Diamondback Energy in a research note on Wednesday, July 19th. They set a “buy” rating and a $115.00 price target on the stock. Mizuho reaffirmed a “buy” rating and set a $114.00 price target (up previously from $109.00) on shares of Diamondback Energy in a research note on Thursday, August 3rd. Finally, Northland Securities set a $125.00 price target on shares of Diamondback Energy and gave the company a “buy” rating in a research note on Monday, August 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $121.09.
Diamondback Energy (NASDAQ:FANG) traded up 0.33% during trading on Wednesday, hitting $101.09. 337,760 shares of the company traded hands. The stock has a market capitalization of $9.92 billion, a PE ratio of 28.80 and a beta of 1.08. The company’s 50 day moving average is $94.11 and its 200-day moving average is $95.08. Diamondback Energy has a 52 week low of $82.77 and a 52 week high of $114.00.
Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.44. The company had revenue of $267.40 million for 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%. Diamondback Energy’s revenue was up 137.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 earnings per share. Analysts predict that Diamondback Energy will post $4.94 earnings per share for the current year.
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In other news, VP Russell Pantermuehl sold 4,000 shares of the company’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $96.89, for a total value of $387,560.00. Following the transaction, the vice president now directly owns 70,214 shares in the company, valued at $6,803,034.46. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael L. Hollis sold 1,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $100.00, for a total transaction of $100,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,805 shares of company stock worth $1,129,501. Company insiders own 0.41% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of FANG. BlackRock Inc. grew its holdings in shares of Diamondback Energy by 5,554.4% in the first quarter. BlackRock Inc. now owns 4,707,194 shares of the oil and natural gas company’s stock worth $488,205,000 after purchasing an additional 4,623,946 shares during the last quarter. Warburg Pincus LLC grew its holdings in shares of Diamondback Energy by 132.4% in the second 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 last quarter. Artisan Partners Limited Partnership grew its holdings in shares of Diamondback Energy by 964.6% in the second 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 last quarter. JPMorgan Chase & Co. grew its holdings in shares of Diamondback Energy by 20.1% in the second 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 last quarter. Finally, Capital World Investors grew its holdings in shares of Diamondback Energy by 98.1% in the second 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 last quarter.
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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