Diamondback Energy Inc. (FANG) Given New $139.00 Price Target at KLR Group
Diamondback Energy Inc. (NASDAQ:FANG) had its target price lifted by KLR Group from $126.00 to $139.00 in a research note issued to investors on Tuesday morning. The firm currently has a buy rating on the stock.
A number of other brokerages also recently issued reports on FANG. Roth Capital reaffirmed a hold rating on shares of Diamondback Energy in a report on Tuesday, July 12th. Barclays PLC increased their price objective on shares of Diamondback Energy from $85.00 to $88.00 and gave the stock an equal weight rating in a research note on Thursday, July 14th. Wunderlich increased their price objective on shares of Diamondback Energy from $110.00 to $130.00 and gave the stock a buy rating in a research note on Tuesday. JPMorgan Chase & Co. reiterated a buy rating on shares of Diamondback Energy in a research note on Monday, July 18th. Finally, Williams Capital reiterated a hold rating and issued a $112.00 price objective (up previously from $105.00) on shares of Diamondback Energy in a research note on Monday. Seven research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $98.28.
Shares of Diamondback Energy (NASDAQ:FANG) traded up 0.05% on Tuesday, hitting $104.89. 394,759 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $94.31 and its 200 day moving average is $89.31. Diamondback Energy has a 12 month low of $55.48 and a 12 month high of $106.84. The firm’s market cap is $8.18 billion.
Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.10. The firm had revenue of $112.48 million for the quarter, compared to the consensus estimate of $112.47 million. Diamondback Energy had a negative net margin of 124.95% and a positive return on equity of 3.82%. The business’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.41 EPS. On average, equities analysts predict that Diamondback Energy will post $1.00 earnings per share for the current year.
In related news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $98.00, for a total value of $2,940,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Russell Pantermuehl sold 2,000 shares of Diamondback Energy stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $85.34, for a total value of $170,680.00. Following the completion of the sale, the vice president now owns 67,914 shares of the company’s stock, valued at $5,795,780.76. The disclosure for this sale can be found here. Insiders own 0.52% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Creative Planning increased its stake in Diamondback Energy by 7.3% in the third quarter. Creative Planning now owns 1,073 shares of the company’s stock valued at $104,000 after buying an additional 73 shares during the last quarter. Seven Eight Capital LLC purchased a new stake in Diamondback Energy during the second quarter valued at $119,000. Advisor Group Inc. purchased a new stake in Diamondback Energy during the second quarter valued at $120,000. PNC Financial Services Group Inc. increased its stake 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 during the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake 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 during the last quarter. Hedge funds and other institutional investors own 99.74% of the company’s stock.
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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