Diamondback Energy, Inc. (NASDAQ:FANG) – SunTrust Banks boosted their Q3 2017 EPS estimates for Diamondback Energy in a report released on Monday. SunTrust Banks analyst N. Dingmann now anticipates that the oil and natural gas company will post earnings per share of $1.23 for the quarter, up from their prior forecast of $1.15. SunTrust Banks currently has a “Buy” rating and a $120.00 price target on the stock. SunTrust Banks also issued estimates for Diamondback Energy’s FY2017 earnings at $4.91 EPS.
Several other research analysts have also weighed in on the stock. Wells Fargo & Company set a $120.00 price objective on shares of Diamondback Energy and gave the stock a “buy” rating in a research note on Tuesday. KeyCorp restated a “buy” rating and set a $113.00 price objective on shares of Diamondback Energy in a research note on Thursday, October 12th. Barclays PLC boosted their price objective on shares of Diamondback Energy from $105.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 11th. BMO Capital Markets set a $110.00 price objective on shares of Diamondback Energy and gave the stock a “buy” rating in a research note on Tuesday, October 10th. Finally, Zacks Investment Research upgraded shares of Diamondback Energy from a “hold” rating to a “buy” rating and set a $111.00 price objective on the stock in a research note on Monday, October 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $121.77.
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Shares of Diamondback Energy (NASDAQ:FANG) opened at 102.61 on Tuesday. The company has a market capitalization of $10.07 billion, a PE ratio of 28.21 and a beta of 1.08. The firm’s 50-day moving average is $95.40 and its 200-day moving average is $95.09. Diamondback Energy has a 12-month low of $82.77 and a 12-month high of $114.00.
Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.44. Diamondback Energy had a net margin of 38.24% and a return on equity of 8.09%. The company had revenue of $267.40 million during the quarter, compared to analysts’ expectations of $258.75 million. During the same period in the prior year, the company earned $0.26 earnings per share. The business’s quarterly revenue was up 137.7% compared to the same quarter last year.
In other Diamondback Energy news, VP Paul Molnar sold 5,000 shares of the business’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $95.04, for a total value of $475,200.00. Following the completion of the sale, the vice president now owns 42,563 shares of the company’s stock, valued at approximately $4,045,187.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael L. Hollis sold 2,000 shares of the business’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $102.44, for a total transaction of $204,880.00. The disclosure for this sale can be found here. Insiders sold a total of 13,805 shares of company stock valued at $1,334,381 in the last three months. Insiders own 0.41% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of FANG. Prudential Financial Inc. boosted its holdings in 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 valued at $507,000 after purchasing an additional 380 shares during the period. American International Group Inc. boosted its holdings in 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 valued at $239,000 after purchasing an additional 126 shares during the period. Cornerstone Capital Management Holdings LLC. boosted its holdings in 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 valued at $874,000 after purchasing an additional 3,525 shares during the period. Alliancebernstein L.P. boosted its holdings in 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 valued at $5,936,000 after purchasing an additional 5,053 shares during the period. Finally, Credit Agricole S A boosted its holdings in Diamondback Energy by 66.9% in the 1st quarter. Credit Agricole S A now owns 12,183 shares of the oil and natural gas company’s stock valued at $1,263,000 after purchasing an additional 4,883 shares during the period. 98.59% of the stock is owned by hedge funds and other institutional investors.
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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