Zacks Investment Research upgraded shares of Diamondback Energy Inc. (NASDAQ:FANG) from a hold rating to a buy rating in a research report report published on Thursday morning. Zacks Investment Research currently has $116.00 target price on the stock.

According to Zacks, “Diamondback Energy, Inc. is an oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. The Company’s activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations. Diamondback Energy, Inc. is headquartered in Midland, Texas. “

Several other brokerages have also recently commented on FANG. Simmons started coverage on Diamondback Energy in a report on Monday, July 11th. They issued an overweight rating and a $101.00 target price on the stock. Piper Jaffray Cos. started coverage on Diamondback Energy in a report on Monday, July 11th. They issued an overweight rating and a $101.00 target price on the stock. Roth Capital reiterated a hold rating on shares of Diamondback Energy in a report on Tuesday, July 12th. Bank of America Corp. started coverage on Diamondback Energy in a report on Wednesday, July 13th. They issued a neutral rating and a $106.00 target price on the stock. Finally, Wunderlich upped their target price on Diamondback Energy from $100.00 to $110.00 and gave the company a buy rating in a report on Thursday, July 14th. Six equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Diamondback Energy presently has a consensus rating of Buy and a consensus price target of $99.86.

Shares of Diamondback Energy (NASDAQ:FANG) traded down 1.038% during mid-day trading on Thursday, reaching $102.455. 607,261 shares of the company’s stock traded hands. The company has a 50 day moving average of $94.74 and a 200 day moving average of $89.52. Diamondback Energy has a 12 month low of $55.48 and a 12 month high of $106.84. The company’s market cap is $7.99 billion.

Diamondback Energy (NASDAQ:FANG) last issued its 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. The firm earned $112.48 million during the quarter, compared to the consensus estimate of $112.47 million. Diamondback Energy had a positive return on equity of 3.82% and a negative net margin of 124.95%. The business’s quarterly revenue was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 earnings per share. Analysts expect that Diamondback Energy will post $1.00 earnings per share 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 stock was sold at an average price of $95.71, for a total transaction of $95,710.00. Following the completion of the sale, the chief financial officer now owns 25,750 shares in the company, valued at $2,464,532.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Michael L. Hollis sold 10,000 shares of the company’s stock in a transaction on Monday, October 10th. The shares were sold at an average price of $104.00, for a total value of $1,040,000.00. The disclosure for this sale can be found here. 0.52% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the stock. Creative Planning boosted its stake in Diamondback Energy by 7.3% in the third quarter. Creative Planning now owns 1,073 shares of the company’s stock worth $104,000 after buying an additional 73 shares during the period. Seven Eight Capital LLC purchased a new stake in Diamondback Energy during the second quarter worth approximately $119,000. Advisor Group Inc. purchased a new stake in Diamondback Energy during the second quarter worth approximately $120,000. PNC Financial Services Group Inc. boosted 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 worth $125,000 after buying an additional 491 shares during the period. Finally, BNP Paribas Arbitrage SA boosted 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 worth $145,000 after buying an additional 1,264 shares during the period. 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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