Jefferies Group Brokers Cut Earnings Estimates for Diamondback Energy, Inc. (FANG)
Diamondback Energy, Inc. (NASDAQ:FANG) – Analysts at Jefferies Group dropped their Q3 2018 earnings estimates for Diamondback Energy in a report issued on Monday. Jefferies Group analyst M. Lear now expects that the oil and natural gas company will earn $1.59 per share for the quarter, down from their prior forecast of $1.63. Jefferies Group has a “Buy” rating and a $124.00 price target on the stock. Jefferies Group also issued estimates for Diamondback Energy’s Q4 2018 earnings at $1.71 EPS, FY2018 earnings at $5.88 EPS, Q1 2019 earnings at $2.01 EPS, Q2 2019 earnings at $2.21 EPS, Q3 2019 earnings at $2.39 EPS and FY2019 earnings at $9.15 EPS.
Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, November 6th. The oil and natural gas company reported $1.33 EPS for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.31. The company had revenue of $301.30 million for the quarter, compared to analysts’ expectations of $296.53 million. Diamondback Energy had a net margin of 39.69% and a return on equity of 8.76%. Diamondback Energy’s revenue for the quarter was up 112.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.03) earnings per share. COPYRIGHT VIOLATION WARNING: This news story was originally posted by American Banking News and is the sole property of of American Banking News. If you are reading this news story on another domain, it was illegally stolen and republished in violation of U.S. & international copyright legislation. The original version of this news story can be read at https://www.americanbankingnews.com/2017/11/15/jefferies-group-brokers-cut-earnings-estimates-for-diamondback-energy-inc-fang.html.
Several other brokerages have also recently issued reports on FANG. BidaskClub cut shares of Diamondback Energy from a “hold” rating to a “sell” rating in a research report on Friday, August 18th. Roth Capital raised their target price on shares of Diamondback Energy from $120.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, July 27th. BMO Capital Markets set a $100.00 price target on shares of Diamondback Energy and gave the company a “buy” rating in a research note on Tuesday, August 1st. Morgan Stanley increased their price target on shares of Diamondback Energy from $118.00 to $126.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. Finally, Williams Capital set a $114.00 target price on shares of Diamondback Energy and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty have issued a buy rating to the company’s stock. Diamondback Energy presently has an average rating of “Buy” and an average target price of $124.83.
Shares of Diamondback Energy (FANG) traded down $2.70 on Wednesday, hitting $108.27. 1,149,500 shares of the stock traded hands, compared to its average volume of 1,378,197. The firm has a market capitalization of $10,893.62, a PE ratio of 23.76, a PEG ratio of 0.81 and a beta of 1.10. Diamondback Energy has a 1-year low of $82.77 and a 1-year high of $114.93. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.46 and a quick ratio of 0.45.
In other Diamondback Energy news, CFO Teresa L. Dick sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $111.79, for a total value of $558,950.00. Following the completion of the sale, the chief financial officer now owns 31,760 shares in the company, valued at approximately $3,550,450.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Russell Pantermuehl sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $109.55, for a total value of $438,200.00. Following the transaction, the vice president now owns 64,214 shares of the company’s stock, valued at approximately $7,034,643.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,805 shares of company stock worth $2,446,531. 0.41% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC increased its stake in shares of Diamondback Energy by 350.9% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 9,920 shares of the oil and natural gas company’s stock valued at $972,000 after buying an additional 7,720 shares during the period. Janus Henderson Group PLC increased its stake in shares of Diamondback Energy by 5.8% in the 3rd quarter. Janus Henderson Group PLC now owns 10,972 shares of the oil and natural gas company’s stock valued at $1,075,000 after buying an additional 600 shares during the period. Jane Street Group LLC grew its stake in shares of Diamondback Energy by 62.3% during the third quarter. Jane Street Group LLC now owns 15,276 shares of the oil and natural gas company’s stock worth $1,496,000 after purchasing an additional 5,865 shares during the period. Alyeska Investment Group L.P. acquired a new stake in shares of Diamondback Energy during the third quarter worth $17,843,000. Finally, Boothbay Fund Management LLC grew its stake in shares of Diamondback Energy by 17.8% during the third quarter. Boothbay Fund Management LLC now owns 9,948 shares of the oil and natural gas company’s stock worth $975,000 after purchasing an additional 1,506 shares during the period.
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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