Diamondback Energy Inc. (FANG) to Post Q3 2016 Earnings of $0.47 Per Share, KeyCorp Forecasts
Diamondback Energy Inc. (NASDAQ:FANG) – Equities research analysts at KeyCorp boosted their Q3 2016 EPS estimates for Diamondback Energy in a research note issued on Monday. KeyCorp analyst C. Stevens now expects that the brokerage will post earnings per share of $0.47 for the quarter, up from their prior estimate of $0.40. KeyCorp currently has a “Overweight” rating and a $110.00 price objective on the stock. KeyCorp also issued estimates for Diamondback Energy’s Q4 2016 earnings at $0.67 EPS and FY2016 earnings at $1.46 EPS.
Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.10. Diamondback Energy had a positive return on equity of 3.82% and a negative net margin of 124.95%. The firm earned $112.48 million during the quarter, compared to analysts’ expectations of $112.47 million. During the same period in the previous year, the business earned $0.41 earnings per share. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis.
FANG has been the subject of several other research reports. Nomura reiterated a “buy” rating and issued a $17.00 target price on shares of Diamondback Energy in a research note on Monday, September 26th. Mizuho started coverage on shares of Diamondback Energy in a research note on Wednesday, October 5th. They issued a “buy” rating and a $105.00 target price for the company. Williams Capital started coverage on shares of Diamondback Energy in a research note on Monday, August 29th. They issued a “hold” rating and a $105.00 target price for the company. Zacks Investment Research cut shares of Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Friday, September 30th. Finally, Canaccord Genuity upgraded shares of Diamondback Energy from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a research note on Wednesday, July 20th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $96.93.
Shares of Diamondback Energy (NASDAQ:FANG) traded down 0.10% during mid-day trading on Tuesday, hitting $105.10. The company had a trading volume of 893,243 shares. Diamondback Energy has a 12 month low of $55.48 and a 12 month high of $106.84. The firm has a 50-day moving average price of $94.07 and a 200 day moving average price of $89.20. The firm’s market capitalization is $8.20 billion.
In other Diamondback Energy news, COO Michael L. Hollis sold 1,000 shares of the business’s stock in a transaction dated Thursday, September 29th. The shares were sold at an average price of $95.00, for a total transaction of $95,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Elizabeth Moses sold 2,000 shares of the business’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $88.66, for a total transaction of $177,320.00. Following the sale, the vice president now directly owns 11,709 shares in the company, valued at $1,038,119.94. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.
A number of large investors have recently modified their holdings of the company. Seven Eight Capital LLC acquired a new stake in shares of Diamondback Energy during the second quarter valued at approximately $119,000. Advisor Group Inc. purchased a new position in Diamondback Energy during the second quarter valued at $120,000. PNC Financial Services Group Inc. raised its position in Diamondback Energy by 56.6% in the second quarter. PNC Financial Services Group Inc. now owns 1,359 shares of the company’s stock valued at $125,000 after buying an additional 491 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in Diamondback Energy by 537.9% in the third quarter. BNP Paribas Arbitrage SA now owns 1,499 shares of the company’s stock valued at $145,000 after buying an additional 1,264 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its position in Diamondback Energy by 7.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 2,082 shares of the company’s stock valued at $161,000 after buying an additional 141 shares in the last quarter. 99.74% of the stock is currently owned by hedge funds and other institutional investors.
Diamondback Energy Company Profile
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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