KeyCorp Analysts Increase Earnings Estimates for Diamondback Energy Inc. (FANG)
Diamondback Energy Inc. (NASDAQ:FANG) – Equities research analysts at KeyCorp raised their FY2016 earnings per share (EPS) estimates for Diamondback Energy in a report issued on Monday. KeyCorp analyst C. Stevens now forecasts that the firm will earn $1.67 per share for the year, up from their previous forecast of $1.48. KeyCorp 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 $0.79 EPS.
A number of other equities analysts also recently issued reports on FANG. Simmons reiterated an “overweight” rating and set a $109.00 price target (up previously from $106.00) on shares of Diamondback Energy in a research note on Saturday, August 13th. Zacks Investment Research downgraded Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Friday, September 30th. Canaccord Genuity reiterated a “buy” rating and set a $116.00 price target (up previously from $103.00) on shares of Diamondback Energy in a research note on Tuesday, October 11th. KLR Group lifted their price target on Diamondback Energy from $126.00 to $139.00 and gave the company a “buy” rating in a research note on Tuesday, October 11th. Finally, Barclays PLC lifted their price target on Diamondback Energy from $88.00 to $108.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 11th. Four equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Diamondback Energy currently has an average rating of “Buy” and a consensus target price of $101.50.
Shares of Diamondback Energy (NASDAQ:FANG) opened at 97.37 on Wednesday. Diamondback Energy has a one year low of $55.48 and a one year high of $106.84. The stock’s 50 day moving average price is $96.26 and its 200-day moving average price is $91.95. The company’s market cap is $7.60 billion.
Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, November 7th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.20. Diamondback Energy had a positive return on equity of 4.26% and a negative net margin of 82.83%. The company earned $142.13 million during the quarter, compared to analysts’ expectations of $142.58 million. During the same quarter in the previous year, the company posted $0.40 earnings per share. The business’s revenue was up 27.0% on a year-over-year basis.
A number of hedge funds have recently bought and sold shares of FANG. Creative Planning raised 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. BOKF NA raised its stake in Diamondback Energy by 12.8% in the third quarter. BOKF NA now owns 1,208 shares of the company’s stock valued at $116,000 after buying an additional 137 shares during the last quarter. Seven Eight Capital LLC acquired a new stake in Diamondback Energy during the second quarter valued at about $119,000. Advisor Group Inc. acquired a new stake in Diamondback Energy during the second quarter valued at about $120,000. Finally, PNC Financial Services Group Inc. raised 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. Institutional investors and hedge funds own 99.53% of the company’s stock.
In other Diamondback Energy news, VP Elizabeth Moses sold 2,000 shares of the company’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $88.66, for a total transaction of $177,320.00. Following the completion of the sale, the vice president now directly owns 11,709 shares in the company, valued at $1,038,119.94. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Teresa L. Dick sold 1,000 shares of the company’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $95.71, for a total transaction of $95,710.00. Following the sale, the chief financial officer now owns 25,750 shares of the company’s stock, valued at $2,464,532.50. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by corporate 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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