Diamondback Energy’s (FANG) Buy Rating Reiterated at Canaccord Genuity
Diamondback Energy Inc. (NASDAQ:FANG)‘s stock had its “buy” rating reiterated by analysts at Canaccord Genuity in a research report issued on Tuesday. They presently have a $116.00 price target on the stock, up from their previous price target of $103.00. Canaccord Genuity’s price target suggests a potential upside of 10.96% from the stock’s current price.
A number of other brokerages have also recently commented on FANG. Wunderlich lifted their target price on shares of Diamondback Energy from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday. KLR Group lifted their target price on shares of Diamondback Energy from $126.00 to $139.00 and gave the stock a “buy” rating in a research report on Tuesday. Williams Capital reiterated a “hold” rating and issued a $112.00 target price (up previously from $105.00) on shares of Diamondback Energy in a research report on Monday. KeyCorp boosted their price objective on shares of Diamondback Energy from $107.00 to $110.00 and gave the company an “overweight” rating in a research report on Monday, August 22nd. Finally, Zacks Investment Research cut shares of Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Friday, September 30th. Seven analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $98.28.
Diamondback Energy (NASDAQ:FANG) traded down 0.29% during trading on Tuesday, hitting $104.54. 1,361,390 shares of the stock were exchanged. The stock’s market cap is $8.16 billion. The stock has a 50 day moving average of $94.31 and a 200-day moving average of $89.31. Diamondback Energy has a 52 week low of $55.48 and a 52 week high of $106.84.
Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, August 2nd. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.10. The company had revenue of $112.48 million for the quarter, compared to analysts’ expectations of $112.47 million. Diamondback Energy had a negative net margin of 124.95% and a positive return on equity of 3.82%. The firm’s revenue was down 5.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 EPS. Equities analysts expect that Diamondback Energy will post $1.00 EPS for the current fiscal year.
In related news, CFO Teresa L. Dick sold 1,000 shares of the company’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $95.71, for a total transaction of $95,710.00. Following the completion of the transaction, the chief financial officer now owns 25,750 shares in the company, valued at $2,464,532.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $98.00, for a total transaction of $2,940,000.00. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of FANG. Virginia Retirement System bought a new position in shares of Diamondback Energy during the first quarter worth $880,000. Prudential Financial Inc. raised its position in shares of Diamondback Energy by 113.6% in the first quarter. Prudential Financial Inc. now owns 7,328 shares of the company’s stock worth $565,000 after buying an additional 3,898 shares in the last quarter. BlackRock Inc. raised its position in shares of Diamondback Energy by 309.5% in the first quarter. BlackRock Inc. now owns 8,366 shares of the company’s stock worth $646,000 after buying an additional 6,323 shares in the last quarter. BlackRock Group LTD raised its position in shares of Diamondback Energy by 20.5% in the first quarter. BlackRock Group LTD now owns 130,421 shares of the company’s stock worth $10,064,000 after buying an additional 22,155 shares in the last quarter. Finally, BlackRock Fund Advisors raised its position in shares of Diamondback Energy by 3.3% in the first quarter. BlackRock Fund Advisors now owns 798,166 shares of the company’s stock worth $61,602,000 after buying an additional 25,366 shares in the last quarter. Hedge funds and other institutional investors own 99.74% of the company’s stock.
About Diamondback Energy
Diamondback Energy, Inc is an independent oil and natural gas company. The Company is focused on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. Its total net acreage position in the Permian Basin is approximately 84,680 net acres.
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