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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