Diamondback Energy, Inc. (FANG) Earns “Buy” Rating from KeyCorp
Diamondback Energy, Inc. (NASDAQ:FANG)‘s stock had its “buy” rating reiterated by stock analysts at KeyCorp in a report issued on Thursday. They presently have a $113.00 price objective on the oil and natural gas company’s stock. KeyCorp’s target price points to a potential upside of 11.75% from the company’s current price.
Several other research analysts have also recently issued reports on FANG. Scotiabank set a $95.00 target price on shares of Diamondback Energy and gave the company a “buy” rating in a report on Saturday, July 1st. Mizuho restated a “buy” rating and issued a $114.00 target price (up previously from $109.00) on shares of Diamondback Energy in a report on Thursday, August 3rd. BMO Capital Markets set a $110.00 target price on shares of Diamondback Energy and gave the company a “buy” rating in a report on Tuesday. Williams Capital set a $114.00 target price on shares of Diamondback Energy and gave the company a “hold” rating in a report on Wednesday, August 2nd. Finally, Roth Capital increased their price target on shares of Diamondback Energy from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. One equities research 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. Diamondback Energy presently has a consensus rating of “Buy” and a consensus target price of $121.09.
Diamondback Energy (NASDAQ FANG) traded down 0.39% on Thursday, hitting $101.12. 934,787 shares of the company’s stock were exchanged. The company has a market cap of $9.92 billion, a PE ratio of 27.80 and a beta of 1.08. The company’s 50-day moving average price is $94.51 and its 200-day moving average price is $95.13. Diamondback Energy has a 12-month low of $82.77 and a 12-month high of $114.00.
Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.44. Diamondback Energy had a net margin of 38.24% and a return on equity of 8.09%. The business had revenue of $267.40 million during the quarter, compared to analysts’ expectations of $258.75 million. During the same quarter in the prior year, the business posted $0.26 EPS. The company’s revenue for the quarter was up 137.7% on a year-over-year basis. Analysts forecast that Diamondback Energy will post $4.96 earnings per share for the current year.
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In related news, insider Michael L. Hollis sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $100.00, for a total value of $100,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 completion of the sale, the vice president now directly owns 4,950 shares in the company, valued at $438,025.50. The disclosure for this sale can be found here. Insiders sold 11,805 shares of company stock worth $1,129,501 over the last three months. Corporate insiders own 0.41% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Prudential Financial Inc. raised its holdings in Diamondback Energy by 8.4% in the first quarter. Prudential Financial Inc. now owns 4,890 shares of the oil and natural gas company’s stock valued at $507,000 after buying an additional 380 shares during the period. Schroder Investment Management Group purchased a new position in Diamondback Energy in the first quarter valued at approximately $452,000. American International Group Inc. raised its holdings in Diamondback Energy by 5.8% in the first quarter. American International Group Inc. now owns 2,308 shares of the oil and natural gas company’s stock valued at $239,000 after buying an additional 126 shares during the period. Cornerstone Capital Management Holdings LLC. raised its holdings in Diamondback Energy by 71.7% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 8,441 shares of the oil and natural gas company’s stock valued at $874,000 after buying an additional 3,525 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Diamondback Energy by 9.7% in the first quarter. Alliancebernstein L.P. now owns 57,230 shares of the oil and natural gas company’s stock valued at $5,936,000 after buying an additional 5,053 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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