Diamondback Energy, Inc. (FANG) Earns “Buy” Rating from KeyCorp
KeyCorp reiterated their buy rating on shares of Diamondback Energy, Inc. (NASDAQ:FANG) in a report published on Thursday. The firm currently has a $113.00 price target on the oil and natural gas company’s stock.
A number of other equities research analysts also recently weighed in on FANG. BidaskClub upgraded Diamondback Energy from a strong sell rating to a sell rating in a report on Wednesday, June 14th. Wolfe Research started coverage on Diamondback Energy in a report on Thursday, June 15th. They issued an outperform rating and a $120.00 price target for the company. BMO Capital Markets reiterated a buy rating and issued a $100.00 price target on shares of Diamondback Energy in a report on Tuesday, June 27th. Scotiabank set a $95.00 price target on Diamondback Energy and gave the company a buy rating in a report on Saturday, July 1st. Finally, Barclays PLC reiterated a hold rating and issued a $93.00 price target on shares of Diamondback Energy in a report on Friday, July 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $121.27.
Shares of Diamondback Energy (FANG) traded up 0.25% during trading on Thursday, reaching $101.37. 834,800 shares of the company’s stock traded hands. Diamondback Energy has a 1-year low of $82.77 and a 1-year high of $114.00. The company has a 50 day moving average price of $95.40 and a 200 day moving average price of $95.15. The stock has a market capitalization of $9.95 billion, a PE ratio of 27.87 and a beta of 1.08.
Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share for the quarter, beating the Zacks’ 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 the consensus estimate of $258.75 million. During the same period in the previous year, the business earned $0.26 EPS. The business’s quarterly revenue was up 137.7% on a year-over-year basis. On average, equities analysts forecast that Diamondback Energy will post $4.96 EPS for the current fiscal year.
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In other news, VP Hof Matthew Kaes Van’t sold 650 shares of the company’s stock in a transaction on 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 in the company, valued at $438,025.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael L. Hollis sold 1,000 shares of the company’s stock in a transaction on 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 90 days, insiders sold 11,805 shares of company stock valued at $1,129,501. Insiders own 0.41% of the company’s stock.
Several institutional investors have recently made changes to their positions in FANG. BlackRock Inc. lifted its holdings in shares of Diamondback Energy by 5,554.4% in the first quarter. BlackRock Inc. now owns 4,707,194 shares of the oil and natural gas company’s stock valued at $488,205,000 after buying an additional 4,623,946 shares during the period. Warburg Pincus LLC lifted its holdings in shares of Diamondback Energy by 132.4% in the second quarter. Warburg Pincus LLC now owns 6,532,915 shares of the oil and natural gas company’s stock valued at $580,188,000 after buying an additional 3,721,519 shares during the period. Artisan Partners Limited Partnership lifted its holdings in shares of Diamondback Energy by 964.6% in the second 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 buying an additional 1,674,336 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Diamondback Energy by 20.1% in the second quarter. JPMorgan Chase & Co. now owns 7,633,723 shares of the oil and natural gas company’s stock valued at $677,951,000 after buying an additional 1,278,802 shares during the period. Finally, Capital World Investors lifted its holdings in shares of Diamondback Energy by 98.1% in the second quarter. Capital World Investors now owns 2,516,497 shares of the oil and natural gas company’s stock valued at $223,490,000 after buying an additional 1,246,072 shares during the period.
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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