Q3 2016 Earnings Forecast for Diamondback Energy Inc. (FANG) Issued By Seaport Global Securities
Diamondback Energy Inc. (NASDAQ:FANG) – Stock analysts at Seaport Global Securities upped their Q3 2016 earnings estimates for shares of Diamondback Energy in a research report issued to clients and investors on Monday. Seaport Global Securities analyst M. Kelly now anticipates that the firm will earn $0.42 per share for the quarter, up from their previous estimate of $0.35. Seaport Global Securities also issued estimates for Diamondback Energy’s Q4 2016 earnings at $0.56 EPS, FY2016 earnings at $1.26 EPS, Q2 2017 earnings at $0.62 EPS, Q3 2017 earnings at $0.67 EPS, Q4 2017 earnings at $0.73 EPS and FY2017 earnings at $2.58 EPS.
Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.10. The business earned $112.48 million during the quarter, compared to analysts’ expectations of $112.47 million. Diamondback Energy had a positive return on equity of 3.82% and a negative net margin of 124.95%. The company’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 EPS.
Several other equities analysts have also commented on FANG. Barclays PLC increased their target price on Diamondback Energy from $88.00 to $108.00 and gave the company an “equal weight” rating in a report on Tuesday. Canaccord Genuity increased their target price on Diamondback Energy from $103.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday. Wunderlich increased their target price on Diamondback Energy from $110.00 to $130.00 and gave the company a “buy” rating in a report on Tuesday. KLR Group increased their target price on Diamondback Energy from $126.00 to $139.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Williams Capital reissued a “hold” rating and issued a $112.00 target price (up previously from $105.00) on shares of Diamondback Energy in a report on Monday. Seven equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $98.28.
Shares of Diamondback Energy (NASDAQ:FANG) traded up 0.63% during trading on Wednesday, hitting $105.50. The stock had a trading volume of 576,455 shares. The stock’s market cap is $8.23 billion. 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.
Several institutional investors have recently made changes to their positions in FANG. Winslow Capital Management LLC bought a new position in shares of Diamondback Energy during the second quarter worth $255,580,000. FMR LLC raised its position in shares of Diamondback Energy by 8.5% in the second quarter. FMR LLC now owns 8,479,878 shares of the company’s stock worth $773,449,000 after buying an additional 665,001 shares during the period. Fiera Capital Corp bought a new position in shares of Diamondback Energy during the second quarter worth $41,604,000. TimesSquare Capital Management LLC bought a new position in shares of Diamondback Energy during the first quarter worth $29,799,000. Finally, Magnetar Financial LLC raised its position in shares of Diamondback Energy by 87.2% in the first quarter. Magnetar Financial LLC now owns 748,600 shares of the company’s stock worth $57,777,000 after buying an additional 348,600 shares during the period. Institutional investors own 99.74% of the company’s stock.
In other Diamondback Energy news, COO Michael L. Hollis sold 1,000 shares of Diamondback Energy stock in a transaction on Thursday, September 29th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Russell Pantermuehl sold 2,000 shares of Diamondback Energy stock in a transaction on Monday, August 1st. The shares were sold at an average price of $85.34, for a total transaction of $170,680.00. Following the completion of the transaction, the vice president now owns 67,914 shares in the company, valued at approximately $5,795,780.76. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by company insiders.
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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