Zacks Investment Research downgraded shares of Diamondback Energy, Inc. (NASDAQ:FANG) from a hold rating to a sell rating in a research report report published on Monday.
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 analysts have also weighed in on FANG. UBS Group AG started coverage on shares of Diamondback Energy in a research note on Thursday, March 23rd. They issued a neutral rating and a $114.00 price objective on the stock. Scotiabank reiterated a buy rating and issued a $121.00 price objective on shares of Diamondback Energy in a research note on Monday, March 27th. Stifel Nicolaus began coverage on shares of Diamondback Energy in a research report on Wednesday, April 12th. They set a buy rating and a $123.00 price target on the stock. Barclays PLC restated an equal weight rating and set a $110.00 price target (down previously from $123.00) on shares of Diamondback Energy in a research report on Saturday, April 22nd. Finally, Williams Capital restated a hold rating and set a $120.00 price target on shares of Diamondback Energy in a research report on Wednesday, May 3rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. Diamondback Energy presently has an average rating of Buy and a consensus target price of $116.16.
Diamondback Energy (NASDAQ:FANG) traded down 0.07% during midday trading on Monday, reaching $90.41. 1,241,105 shares of the company’s stock were exchanged. The stock has a market capitalization of $8.87 billion, a price-to-earnings ratio of 1923.62 and a beta of 1.06. Diamondback Energy has a 12-month low of $82.77 and a 12-month high of $114.00. The stock’s 50-day moving average is $93.33 and its 200-day moving average is $100.47.
Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, May 2nd. The oil and natural gas company reported $1.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.43. The firm had revenue of $235.23 million for the quarter, compared to analyst estimates of $218.62 million. Diamondback Energy had a net margin of 0.62% and a return on equity of 6.51%. On average, equities analysts forecast that Diamondback Energy will post $4.43 earnings per share for the current year.
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In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,000 shares of Diamondback Energy stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $101.52, for a total transaction of $101,520.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Steven E. West bought 2,400 shares of Diamondback Energy stock in a transaction on Wednesday, May 17th. The shares were purchased at an average cost of $103.45 per share, for a total transaction of $248,280.00. Following the completion of the purchase, the director now directly owns 2,400 shares of the company’s stock, valued at $248,280. The disclosure for this purchase can be found here. 0.41% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Diamondback Energy by 5,554.4% in the first quarter. BlackRock Inc. now owns 4,707,194 shares of the oil and natural gas company’s stock worth $488,205,000 after buying an additional 4,623,946 shares during the period. Warburg Pincus LLC purchased a new position in shares of Diamondback Energy during the first quarter worth approximately $291,598,000. FMR LLC increased its position in shares of Diamondback Energy by 17.0% in the first quarter. FMR LLC now owns 11,423,256 shares of the oil and natural gas company’s stock worth $1,184,763,000 after buying an additional 1,661,551 shares during the period. Steadfast Capital Management LP purchased a new position in shares of Diamondback Energy during the first quarter worth approximately $62,678,000. Finally, JPMorgan Chase & Co. increased its position in shares of Diamondback Energy by 8.1% in the first quarter. JPMorgan Chase & Co. now owns 6,354,921 shares of the oil and natural gas company’s stock worth $659,101,000 after buying an additional 477,648 shares during the period. 98.29% of the stock is currently owned by 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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