Diamondback Energy, Inc. (FANG) Receives New Coverage from Analysts at Jefferies Group LLC
Jefferies Group LLC began coverage on shares of Diamondback Energy, Inc. (NASDAQ:FANG) in a research note published on Monday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $124.00 target price on the oil and natural gas company’s stock. Jefferies Group also issued estimates for Diamondback Energy’s Q3 2017 earnings at $1.34 EPS, Q4 2017 earnings at $1.65 EPS, Q1 2018 earnings at $1.22 EPS, Q2 2018 earnings at $1.35 EPS, Q3 2018 earnings at $1.63 EPS, Q4 2018 earnings at $1.75 EPS, FY2018 earnings at $5.95 EPS, Q1 2019 earnings at $2.02 EPS, Q2 2019 earnings at $2.19 EPS, Q3 2019 earnings at $2.35 EPS and FY2019 earnings at $9.05 EPS.
FANG has been the subject of several other research reports. Stifel Nicolaus set a $129.00 target price on Diamondback Energy and gave the stock a buy rating in a research report on Thursday, October 5th. Wells Fargo & Company reissued an outperform rating and issued a $110.00 target price (down previously from $125.00) on shares of Diamondback Energy in a research report on Saturday, July 22nd. BidaskClub lowered Diamondback Energy from a hold rating to a sell rating in a research report on Thursday, July 27th. BMO Capital Markets set a $110.00 target price on Diamondback Energy and gave the stock a buy rating in a research report on Saturday, August 12th. Finally, Bank of America Corporation assumed coverage on Diamondback Energy in a research report on Wednesday, July 19th. They issued a buy rating and a $115.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-one have issued a buy rating to the stock. Diamondback Energy currently has a consensus rating of Buy and a consensus target price of $121.09.
Shares of Diamondback Energy (FANG) opened at 101.55 on Monday. The stock’s 50 day moving average price is $94.86 and its 200 day moving average price is $95.17. The company has a market cap of $9.97 billion, a P/E ratio of 27.92 and a beta of 1.08. Diamondback Energy has a 12-month low of $82.77 and a 12-month high of $114.00.
Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share (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 firm had revenue of $267.40 million during the quarter, compared to analyst estimates of $258.75 million. During the same quarter in the prior year, the company earned $0.26 EPS. The business’s revenue was up 137.7% compared to the same quarter last year. On average, analysts forecast that Diamondback Energy will post $4.96 EPS for the current year.
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In other Diamondback Energy news, insider Michael L. Hollis sold 1,000 shares of the stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $95.00, for a total transaction of $95,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Hof Matthew Kaes Van’t sold 650 shares of the stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $88.49, for a total value of $57,518.50. Following the sale, the vice president now owns 4,950 shares in the company, valued at $438,025.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,805 shares of company stock worth $1,129,501. Company insiders own 0.41% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in FANG. Prudential Financial Inc. boosted its stake in shares of Diamondback Energy by 8.4% in the 1st quarter. Prudential Financial Inc. now owns 4,890 shares of the oil and natural gas company’s stock worth $507,000 after buying an additional 380 shares during the last quarter. Schroder Investment Management Group purchased a new position in shares of Diamondback Energy in the 1st quarter worth $452,000. American International Group Inc. boosted its stake in shares of Diamondback Energy by 5.8% in the 1st quarter. American International Group Inc. now owns 2,308 shares of the oil and natural gas company’s stock worth $239,000 after buying an additional 126 shares during the last quarter. Cornerstone Capital Management Holdings LLC. boosted its stake in shares of Diamondback Energy by 71.7% in the 1st quarter. Cornerstone Capital Management Holdings LLC. now owns 8,441 shares of the oil and natural gas company’s stock worth $874,000 after buying an additional 3,525 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Diamondback Energy by 9.7% in the 1st quarter. Alliancebernstein L.P. now owns 57,230 shares of the oil and natural gas company’s stock worth $5,936,000 after buying an additional 5,053 shares during the last quarter.
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.
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