Diamondback Energy Inc. (FANG) Lifted to Overweight at Stephens
Diamondback Energy Inc. (NASDAQ:FANG) was upgraded by equities researchers at Stephens from an “equal weight” rating to an “overweight” rating in a report issued on Monday.
A number of other brokerages also recently issued reports on FANG. Barclays PLC upped their price target on Diamondback Energy from $88.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 11th. Canaccord Genuity reaffirmed a “buy” rating and set a $116.00 price target (up from $103.00) on shares of Diamondback Energy in a research report on Tuesday, October 11th. Wunderlich upped their price target on Diamondback Energy from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, October 11th. KLR Group upped their price target on Diamondback Energy from $126.00 to $139.00 and gave the stock a “buy” rating in a research report on Tuesday, October 11th. Finally, Williams Capital reaffirmed a “hold” rating and set a $112.00 price target (up from $105.00) on shares of Diamondback Energy in a research report on Monday, October 10th. Five research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $99.86.
Diamondback Energy (NASDAQ:FANG) traded down 1.49% during trading on Monday, reaching $99.40. The company had a trading volume of 325,973 shares. The firm’s market capitalization is $7.76 billion. Diamondback Energy has a 52 week low of $55.48 and a 52 week high of $106.84. The stock has a 50 day moving average price of $94.88 and a 200 day moving average price of $89.69.
Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.10. The business had revenue of $112.48 million for 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 period in the prior year, the firm posted $0.41 earnings per share. Analysts predict that Diamondback Energy will post $1.00 earnings per share for the current year.
In related news, VP Elizabeth Moses sold 2,000 shares of Diamondback Energy stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $88.66, for a total value of $177,320.00. Following the completion of the sale, the vice president now owns 11,709 shares in the company, valued at approximately $1,038,119.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction that occurred on Thursday, August 18th. The shares were 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. Insiders own 0.52% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Winslow Capital Management LLC bought a new stake in Diamondback Energy during the second quarter valued at $255,580,000. FMR LLC increased its stake in Diamondback Energy by 8.5% in the second quarter. FMR LLC now owns 8,479,878 shares of the company’s stock valued at $773,449,000 after buying an additional 665,001 shares during the period. Fiera Capital Corp bought a new stake in Diamondback Energy during the second quarter valued at $41,604,000. Magnetar Financial LLC increased its stake in Diamondback Energy by 87.2% in the first quarter. Magnetar Financial LLC now owns 748,600 shares of the company’s stock valued at $57,777,000 after buying an additional 348,600 shares during the period. Finally, Boston Partners increased its stake in Diamondback Energy by 4.4% in the second quarter. Boston Partners now owns 7,138,560 shares of the company’s stock valued at $651,109,000 after buying an additional 303,405 shares during the period. 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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