Diamondback Energy, Inc. (FANG) Stock Rating Upgraded by Zacks Investment Research

Diamondback Energy, Inc. (NASDAQ:FANG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The brokerage presently has a $111.00 price target on the oil and natural gas company’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.16% 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. “

A number of other equities research analysts have also issued reports on the company. Jefferies Group LLC began coverage on Diamondback Energy in a research note on Monday. They issued a “buy” rating and a $124.00 target price on the stock. Stifel Nicolaus set a $129.00 target price on Diamondback Energy and gave the company a “buy” rating in a research note on Thursday, October 5th. US Capital Advisors reaffirmed a “buy” rating on shares of Diamondback Energy in a research note on Monday, October 2nd. Williams Capital reaffirmed a “hold” rating and issued a $110.00 target price (up previously from $105.00) on shares of Diamondback Energy in a research note on Tuesday, October 3rd. Finally, Northland Securities reaffirmed a “buy” rating and issued a $125.00 target price on shares of Diamondback Energy in a research note on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-one have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $120.39.

Shares of Diamondback Energy (FANG) opened at 100.76 on Monday. The firm has a market cap of $9.89 billion, a PE ratio of 27.70 and a beta of 1.08. The company has a 50 day moving average price of $94.11 and a 200 day moving average price of $95.08. Diamondback Energy has a 12-month low of $82.77 and a 12-month high of $114.00.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $258.75 million. During the same quarter in the prior year, the company earned $0.26 EPS. Diamondback Energy’s revenue was up 137.7% on a year-over-year basis. On average, analysts forecast that Diamondback Energy will post $4.94 earnings per share for the current fiscal year.

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In related news, VP Paul Molnar sold 5,000 shares of the company’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $95.04, for a total transaction of $475,200.00. Following the completion of the sale, the vice president now directly owns 42,563 shares of the company’s stock, valued at approximately $4,045,187.52. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $57,518.50. Following the sale, the vice president now directly owns 4,950 shares of the company’s stock, valued at $438,025.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,805 shares of company stock valued at $1,129,501. 0.41% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Johnson Financial Group Inc. purchased a new stake in Diamondback Energy during the 2nd quarter worth $102,000. Cambridge Investment Research Advisors Inc. boosted its position in Diamondback Energy by 1.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,155 shares of the oil and natural gas company’s stock worth $224,000 after purchasing an additional 40 shares during the period. Cubist Systematic Strategies LLC boosted its position in Diamondback Energy by 46.7% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 2,200 shares of the oil and natural gas company’s stock worth $195,000 after purchasing an additional 700 shares during the period. American International Group Inc. boosted its position in Diamondback Energy by 5.8% during 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 purchasing an additional 126 shares during the period. Finally, Sentry Investment Management LLC purchased a new stake in Diamondback Energy during the 2nd quarter worth $215,000.

Diamondback Energy Company Profile

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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