SunTrust Banks Weighs in on Diamondback Energy Inc.’s FY2016 Earnings (FANG)
Diamondback Energy Inc. (NASDAQ:FANG) – Equities research analysts at SunTrust Banks boosted their FY2016 earnings estimates for Diamondback Energy in a research note issued to investors on Tuesday. SunTrust Banks analyst N. Dingmann now expects that the firm will post earnings of $1.16 per share for the year, up from their prior forecast of $0.89. SunTrust Banks currently has a “Buy” rating and a $115.00 target price on the stock. SunTrust Banks also issued estimates for Diamondback Energy’s Q4 2016 earnings at $0.31 EPS, Q1 2017 earnings at $0.61 EPS, Q2 2017 earnings at $0.70 EPS and FY2017 earnings at $3.00 EPS.
A number of other research firms also recently commented on FANG. Wunderlich increased their price objective on shares of Diamondback Energy from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, October 11th. KLR Group increased their price objective on shares of Diamondback Energy from $126.00 to $139.00 and gave the company a “buy” rating in a research note on Tuesday, October 11th. Canaccord Genuity reiterated a “buy” rating and set a $116.00 price objective (up from $103.00) on shares of Diamondback Energy in a research note on Tuesday, October 11th. Barclays PLC raised their price target on shares of Diamondback Energy from $88.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 11th. Finally, Williams Capital restated a “hold” rating and issued a $112.00 price target (up from $105.00) on shares of Diamondback Energy in a research report on Monday, October 10th. Four equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $101.50.
Diamondback Energy (NASDAQ:FANG) opened at 95.49 on Friday. The firm’s 50-day moving average is $96.39 and its 200 day moving average is $92.03. The firm’s market capitalization is $7.45 billion. Diamondback Energy has a 12 month low of $55.48 and a 12 month high of $106.84.
Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results 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 negative net margin of 82.83% and a positive return on equity of 4.26%. The business had revenue of $142.13 million for the quarter, compared to analyst estimates of $142.58 million. During the same period in the previous year, the business posted $0.40 earnings per share. The business’s revenue was up 27.0% compared to the same quarter last year.
In other Diamondback Energy news, 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 value of $2,940,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Teresa L. Dick sold 1,000 shares of Diamondback Energy stock in a transaction that occurred on Monday, August 15th. The shares were 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 of the company’s stock, valued at $2,464,532.50. The disclosure for this sale can be found here. Corporate insiders own 0.52% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Winslow Capital Management LLC acquired a new stake in Diamondback Energy during the second quarter worth about $255,580,000. FMR LLC boosted 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 worth $773,449,000 after buying an additional 665,001 shares during the period. Boston Partners boosted its stake in Diamondback Energy by 8.4% in the third quarter. Boston Partners now owns 7,736,867 shares of the company’s stock worth $746,917,000 after buying an additional 598,307 shares during the period. Fiera Capital Corp acquired a new stake in Diamondback Energy during the second quarter worth about $41,604,000. Finally, Magnetar Financial LLC boosted 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 worth $57,777,000 after buying an additional 348,600 shares during the period. Hedge funds and other institutional investors own 99.53% 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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