The Q3 2016 Earnings Forecast for Diamondback Energy Inc. (FANG) Issued By Seaport Global Securities

The Q3 2016 Earnings Forecast for Diamondback Energy Inc. (FANG) Issued By Seaport Global Securities

Diamondback Energy Inc. (NASDAQ:FANG) – Analysts at Seaport Global Securities lifted their Q3 2016 earnings estimates for shares of Diamondback Energy in a report released on Monday. Seaport Global Securities analyst M. Kelly now forecasts that the brokerage will post earnings per share of $0.42 for the quarter, up from their prior forecast of $0.35. Seaport Global Securities also issued estimates for Diamondback Energy’s Q4 2016 earnings at $0.56 EPS, FY2016 earnings at $1.26 EPS, Q2 2017 earnings at $0.62 EPS, Q3 2017 earnings at $0.67 EPS, Q4 2017 earnings at $0.73 EPS and FY2017 earnings at $2.58 EPS.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.10. The business earned $112.48 million during the quarter, compared to the consensus estimate of $112.47 million. Diamondback Energy had a negative net margin of 124.95% and a positive return on equity of 3.82%. The company’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 EPS.

A number of other analysts also recently issued reports on the company. Barclays PLC lifted their price target on Diamondback Energy from $88.00 to $108.00 and gave the company an “equal weight” rating in a research report on Tuesday. Canaccord Genuity lifted their price target on Diamondback Energy from $103.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday. KLR Group boosted their target price on Diamondback Energy from $126.00 to $139.00 and gave the stock a “buy” rating in a research report on Tuesday. Wunderlich boosted their target price on Diamondback Energy from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Williams Capital restated a “hold” rating and issued a $112.00 target price (up previously from $105.00) on shares of Diamondback Energy in a research report on Monday. Seven investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Diamondback Energy currently has a consensus rating of “Buy” and an average price target of $98.28.

Diamondback Energy (NASDAQ:FANG) traded up 0.63% during mid-day trading on Wednesday, reaching $105.50. 576,455 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $94.31 and a 200-day moving average of $89.31. The stock’s market cap is $8.23 billion. Diamondback Energy has a one year low of $55.48 and a one year high of $106.84.

Institutional investors have recently made changes to their positions in the stock. Virginia Retirement System purchased a new position in shares of Diamondback Energy during the first quarter worth approximately $880,000. Prudential Financial Inc. raised its position in shares of Diamondback Energy by 113.6% in the first quarter. Prudential Financial Inc. now owns 7,328 shares of the company’s stock worth $565,000 after buying an additional 3,898 shares during the last quarter. BlackRock Inc. raised its position in shares of Diamondback Energy by 309.5% in the first quarter. BlackRock Inc. now owns 8,366 shares of the company’s stock worth $646,000 after buying an additional 6,323 shares during the last quarter. BlackRock Group LTD raised its position in shares of Diamondback Energy by 20.5% in the first quarter. BlackRock Group LTD now owns 130,421 shares of the company’s stock worth $10,064,000 after buying an additional 22,155 shares during the last quarter. Finally, BlackRock Fund Advisors raised its position in shares of Diamondback Energy by 3.3% in the first quarter. BlackRock Fund Advisors now owns 798,166 shares of the company’s stock worth $61,602,000 after buying an additional 25,366 shares during the last quarter. 99.74% of the stock is owned by institutional investors.

In related news, COO Michael L. Hollis sold 1,000 shares of the stock in a transaction that occurred on Thursday, September 29th. The stock was sold at an average price of $95.00, for a total transaction of $95,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Elizabeth Moses sold 2,000 shares of the stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $88.66, for a total value of $177,320.00. Following the transaction, the vice president now directly owns 11,709 shares of the company’s stock, valued at $1,038,119.94. The disclosure for this sale can be found here. Corporate insiders own 0.52% of the company’s stock.

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