BidaskClub cut shares of Diamondback Energy (NASDAQ:FANG) from a sell rating to a strong sell rating in a research note published on Thursday, BidAskClub reports.
Other equities research analysts have also issued research reports about the stock. ValuEngine raised shares of Diamondback Energy from a sell rating to a hold rating in a report on Wednesday, October 2nd. Wells Fargo & Co decreased their target price on shares of Diamondback Energy from $171.00 to $168.00 and set an outperform rating on the stock in a research report on Friday, September 20th. Piper Jaffray Companies set a $156.00 target price on shares of Diamondback Energy and gave the company a buy rating in a research report on Friday, August 16th. Royal Bank of Canada reaffirmed a buy rating and issued a $156.00 target price on shares of Diamondback Energy in a research report on Sunday, August 11th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Diamondback Energy from $152.00 to $139.00 and set an overweight rating on the stock in a research report on Wednesday, October 9th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $149.29.
Shares of FANG traded up $0.31 during mid-day trading on Thursday, reaching $83.96. The stock had a trading volume of 1,196,436 shares, compared to its average volume of 1,788,846. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.82 and a quick ratio of 0.79. Diamondback Energy has a 52-week low of $80.75 and a 52-week high of $131.34. The business’s fifty day moving average is $92.70 and its 200 day moving average is $100.68. The firm has a market cap of $13.46 billion, a price-to-earnings ratio of 14.30, a P/E/G ratio of 0.41 and a beta of 0.77.
Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, August 6th. The oil and natural gas company reported $1.70 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.74 by ($0.04). Diamondback Energy had a net margin of 26.92% and a return on equity of 6.50%. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the company posted $1.59 EPS. The company’s revenue for the quarter was up 93.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Diamondback Energy will post 7.01 EPS for the current fiscal year.
In other news, Director Michael P. Cross sold 1,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $104.75, for a total transaction of $104,750.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Randall J. Holder sold 3,000 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $103.21, for a total transaction of $309,630.00. Following the sale, the executive vice president now directly owns 8,448 shares in the company, valued at approximately $871,918.08. The disclosure for this sale can be found here. Insiders sold 16,000 shares of company stock worth $1,621,690 in the last ninety days. 0.47% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of FANG. Archford Capital Strategies LLC lifted its position in shares of Diamondback Energy by 1,100.0% during the second quarter. Archford Capital Strategies LLC now owns 240 shares of the oil and natural gas company’s stock worth $26,000 after purchasing an additional 220 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in shares of Diamondback Energy during the second quarter worth about $32,000. Commonwealth Bank of Australia lifted its position in shares of Diamondback Energy by 81.7% during the second quarter. Commonwealth Bank of Australia now owns 338 shares of the oil and natural gas company’s stock worth $34,000 after purchasing an additional 152 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in shares of Diamondback Energy during the second quarter worth about $44,000. Finally, Coastal Investment Advisors Inc. lifted its position in shares of Diamondback Energy by 93.5% during the second quarter. Coastal Investment Advisors Inc. now owns 503 shares of the oil and natural gas company’s stock worth $54,000 after purchasing an additional 243 shares in the last quarter. 99.02% of the stock is currently owned by institutional investors and hedge funds.
About Diamondback Energy
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.
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