Diamondback Energy, Inc. (NASDAQ:FANG) had its target price upped by Barclays PLC from $93.00 to $105.00 in a research note published on Tuesday morning. The brokerage currently has an equal weight rating on the oil and natural gas company’s stock.
FANG has been the topic of several other reports. Wells Fargo & Company restated an outperform rating and set a $110.00 target price (down from $125.00) on shares of Diamondback Energy in a report on Saturday, July 22nd. BidaskClub cut Diamondback Energy from a hold rating to a sell rating in a report on Thursday, July 27th. Roth Capital set a $130.00 target price on Diamondback Energy and gave the stock a buy rating in a report on Tuesday, May 2nd. Bank of America Corporation began coverage on Diamondback Energy in a report on Wednesday, July 19th. They set a buy rating and a $115.00 target price on the stock. Finally, BMO Capital Markets restated a buy rating and set a $100.00 target price on shares of Diamondback Energy in a report on Tuesday, June 27th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $115.92.
Diamondback Energy (NASDAQ:FANG) traded up 0.88% during trading on Tuesday, hitting $92.87. The stock had a trading volume of 1,182,586 shares. The firm’s 50-day moving average price is $91.49 and its 200-day moving average price is $98.25. Diamondback Energy has a 52-week low of $82.77 and a 52-week high of $114.00. The company has a market cap of $9.11 billion, a price-to-earnings ratio of 25.53 and a beta of 1.06.
Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.44. The business had revenue of $267.40 million for the quarter, compared to analysts’ expectations of $258.75 million. Diamondback Energy had a return on equity of 8.09% and a net margin of 38.24%. The business’s revenue for the quarter was up 137.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.26 EPS. Analysts predict that Diamondback Energy will post $4.88 EPS for the current fiscal year.
In other Diamondback Energy news, insider Michael L. Hollis sold 1,000 shares of the company’s 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Steven E. West purchased 2,400 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were purchased at an average price of $103.45 per share, for a total transaction of $248,280.00. Following the completion of the purchase, the director now directly owns 2,400 shares of the company’s stock, valued at $248,280. The disclosure for this purchase can be found here. 0.41% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in 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 worth $488,205,000 after buying an additional 4,623,946 shares in the last quarter. Warburg Pincus LLC raised its stake in 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 worth $580,188,000 after buying an additional 3,721,519 shares in the last quarter. Artisan Partners Limited Partnership raised its stake in 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 worth $164,114,000 after buying an additional 1,674,336 shares in the last quarter. FMR LLC raised its stake in Diamondback Energy by 17.0% in the first quarter. FMR LLC now owns 11,423,256 shares of the oil and natural gas company’s stock worth $1,184,763,000 after buying an additional 1,661,551 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in 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 worth $677,951,000 after buying an additional 1,278,802 shares in the last quarter. Institutional investors own 97.20% of the company’s stock.
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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