Diamondback Energy Inc (NASDAQ:FANG) – Analysts at Seaport Global Securities raised their FY2017 earnings per share (EPS) estimates for Diamondback Energy in a research report issued to clients and investors on Tuesday, Zacks Investment Research reports. Seaport Global Securities analyst M. Kelly now forecasts that the oil and natural gas company will post earnings per share of $5.26 for the year, up from their previous forecast of $4.83.
Several other analysts have also weighed in on FANG. Northland Securities reaffirmed a “buy” rating and set a $125.00 price objective on shares of Diamondback Energy in a report on Tuesday, September 26th. Wells Fargo & Co set a $120.00 price objective on shares of Diamondback Energy and gave the stock a “buy” rating in a report on Tuesday, October 17th. SunTrust Banks set a $120.00 price target on shares of Diamondback Energy and gave the company a “buy” rating in a research note on Monday, October 16th. Piper Jaffray Companies reissued a “buy” rating and set a $138.00 price target on shares of Diamondback Energy in a research note on Tuesday. Finally, Williams Capital reissued a “hold” rating and set a $110.00 price target (up from $105.00) on shares of Diamondback Energy in a research note on Tuesday, October 3rd. Three equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $125.42.
Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, November 6th. The oil and natural gas company reported $1.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.31. The company had revenue of $301.30 million during the quarter, compared to analyst estimates of $296.53 million. Diamondback Energy had a net margin of 39.69% and a return on equity of 8.76%. The company’s revenue was up 112.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.03) earnings per share.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC boosted its position in shares of Diamondback Energy by 1.6% during the second quarter. FMR LLC now owns 11,609,146 shares of the oil and natural gas company’s stock worth $1,031,009,000 after purchasing an additional 185,890 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Diamondback Energy by 8.9% during the second quarter. Vanguard Group Inc. now owns 7,988,153 shares of the oil and natural gas company’s stock worth $709,428,000 after acquiring an additional 651,353 shares during the period. Boston Partners raised its holdings in shares of Diamondback Energy by 18.1% during the third quarter. Boston Partners now owns 7,874,429 shares of the oil and natural gas company’s stock worth $771,379,000 after acquiring an additional 1,208,864 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Diamondback Energy by 20.1% during 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 acquiring an additional 1,278,802 shares during the period. Finally, Warburg Pincus LLC raised its holdings in shares of Diamondback Energy by 132.4% during 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 acquiring an additional 3,721,519 shares during the period.
In other news, insider Michael L. Hollis sold 2,000 shares of Diamondback Energy stock in a transaction on Monday, October 16th. The shares were sold at an average price of $102.44, for a total transaction of $204,880.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Travis D. Stice sold 35,000 shares of Diamondback Energy stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $125.00, for a total transaction of $4,375,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,400 shares of company stock worth $9,361,210. Insiders own 0.41% of the company’s stock.
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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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