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, October 9th. The firm presently has a $111.00 price target on the oil and natural gas company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 8.26% from the company’s current price.

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 analysts also recently commented on FANG. Scotiabank set a $95.00 price objective on shares of Diamondback Energy and gave the stock a “buy” rating in a research note on Saturday, July 1st. Mizuho restated a “buy” rating and set a $114.00 price objective (up from $109.00) on shares of Diamondback Energy in a research note on Thursday, August 3rd. Williams Capital set a $114.00 price objective on shares of Diamondback Energy and gave the stock a “hold” rating in a research note on Wednesday, August 2nd. Roth Capital increased their price objective on shares of Diamondback Energy from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. Finally, BMO Capital Markets set a $110.00 target price on shares of Diamondback Energy and gave the company a “buy” rating in a research note on Saturday, August 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-one have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $122.13.

Diamondback Energy (NASDAQ FANG) traded up 0.93% during trading on Monday, reaching $102.53. The company had a trading volume of 577,136 shares. The firm has a market capitalization of $10.06 billion, a price-to-earnings ratio of 28.19 and a beta of 1.08. The stock has a 50 day moving average price of $97.13 and a 200 day moving average price of $95.17. 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 quarterly earnings data on Tuesday, August 1st. The oil and natural gas company reported $1.40 EPS for the quarter, topping 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 the consensus estimate of $258.75 million. During the same period in the prior year, the business posted $0.26 EPS. The company’s quarterly revenue was up 137.7% on a year-over-year basis. On average, equities research analysts predict that Diamondback Energy will post $5.00 earnings per share for the current year.

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In other news, VP Paul Molnar sold 5,000 shares of Diamondback Energy 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 transaction, the vice president now owns 42,563 shares in the company, valued at $4,045,187.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael L. Hollis sold 2,000 shares of Diamondback Energy stock in a transaction on Monday, October 16th. The stock was 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. In the last ninety days, insiders have sold 12,805 shares of company stock worth $1,239,381. Insiders own 0.41% of the company’s stock.

Several large investors have recently modified their holdings of the company. FMR LLC lifted its holdings 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 during the period. Vanguard Group Inc. lifted 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 purchasing an additional 651,353 shares during the period. JPMorgan Chase & Co. lifted its holdings 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 valued at $677,951,000 after buying an additional 1,278,802 shares during the period. Warburg Pincus LLC lifted its holdings 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 valued at $580,188,000 after buying an additional 3,721,519 shares during the period. Finally, BlackRock Inc. lifted its holdings in Diamondback Energy by 4.9% in the second quarter. BlackRock Inc. now owns 4,936,470 shares of the oil and natural gas company’s stock valued at $438,409,000 after buying an additional 229,276 shares during the period. Institutional investors own 98.59% 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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