Diamondback Energy, Inc. (NASDAQ:FANG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage presently has a $111.00 price target on the oil and natural gas company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.07% from the company’s previous close.

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 equities research analysts have also recently commented on FANG. Scotiabank set a $95.00 target price on Diamondback Energy and gave the stock a “buy” rating in a research note on Saturday, July 1st. Mizuho reiterated a “buy” rating and issued a $114.00 price target (up previously from $109.00) on shares of Diamondback Energy in a report on Thursday, August 3rd. Jefferies Group LLC started coverage on Diamondback Energy in a report on Monday. They issued a “buy” rating on the stock. Williams Capital set a $114.00 price target on Diamondback Energy and gave the stock a “hold” rating in a report on Wednesday, August 2nd. Finally, Roth Capital increased their price target on Diamondback Energy from $120.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-one have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $120.23.

Diamondback Energy (NASDAQ:FANG) traded up 0.86% during trading on Monday, hitting $99.94. The stock had a trading volume of 486,655 shares. The stock has a 50 day moving average of $93.35 and a 200 day moving average of $95.17. The firm has a market capitalization of $9.81 billion, a P/E ratio of 27.48 and a beta of 1.08. Diamondback Energy has a one year low of $82.77 and a one year high of $114.00.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 EPS for the quarter, topping the consensus estimate of $0.96 by $0.44. Diamondback Energy had a return on equity of 8.09% and a net margin of 38.24%. The business had revenue of $267.40 million during the quarter, compared to analysts’ expectations of $258.75 million. During the same quarter last year, the firm posted $0.26 earnings per share. The firm’s revenue was up 137.7% on a year-over-year basis. Equities research analysts expect that Diamondback Energy will post $4.91 earnings per share for the current fiscal year.

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In other news, VP Hof Matthew Kaes Van’t sold 650 shares of the business’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $88.49, for a total value of $57,518.50. Following the completion of the sale, the vice president now owns 4,950 shares of the company’s stock, valued at approximately $438,025.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael L. Hollis sold 1,000 shares of the business’s stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,805 shares of company stock valued at $1,129,501. Corporate insiders own 0.41% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Artisan Partners Limited Partnership increased its holdings in Diamondback Energy by 964.6% during the 2nd quarter. Artisan Partners Limited Partnership now owns 1,847,919 shares of the oil and natural gas company’s stock valued at $164,114,000 after purchasing an additional 1,674,336 shares during the period. Harbour Capital Advisors LLC increased its holdings in Diamondback Energy by 8,536.0% during the 2nd quarter. Harbour Capital Advisors LLC now owns 767,052 shares of the oil and natural gas company’s stock valued at $8,637,000 after purchasing an additional 758,170 shares during the period. Nicholas Investment Partners LP increased its holdings in Diamondback Energy by 39.4% during the 1st quarter. Nicholas Investment Partners LP now owns 34,856 shares of the oil and natural gas company’s stock valued at $3,615,000 after purchasing an additional 9,849 shares during the period. Skandinaviska Enskilda Banken AB publ increased its holdings in Diamondback Energy by 97.3% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 14,739 shares of the oil and natural gas company’s stock valued at $1,529,000 after purchasing an additional 7,269 shares during the period. Finally, Warburg Pincus LLC purchased a new position in Diamondback Energy during the 1st quarter valued at about $291,598,000.

About Diamondback Energy

Diamondback Energy, Inc is an independent oil and natural gas company. The Company focuses on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2016, the Company’s total net acreage position in the Permian Basin was approximately 105,894 net acres.

Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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