Today, Diamondback Energy Inc. (FANG) Receives Buy Rating from Canaccord Genuity

Today, Diamondback Energy Inc. (FANG) Receives Buy Rating from Canaccord Genuity

Canaccord Genuity reissued their buy rating on shares of Diamondback Energy Inc. (NASDAQ:FANG) in a research note issued to investors on Tuesday. Canaccord Genuity currently has a $116.00 price objective on the stock, up from their prior price objective of $103.00.

A number of other analysts have also commented on the stock. Roth Capital reissued a hold rating on shares of Diamondback Energy in a research report on Tuesday, July 12th. Barclays PLC boosted their price objective on shares of Diamondback Energy from $85.00 to $88.00 and gave the stock an equal weight rating in a research report on Thursday, July 14th. Wunderlich boosted their price objective on shares of Diamondback Energy from $110.00 to $130.00 and gave the stock a buy rating in a research report on Tuesday, October 11th. JPMorgan Chase & Co. reissued a buy rating on shares of Diamondback Energy in a research report on Monday, July 18th. Finally, Williams Capital reissued a hold rating and issued a $112.00 price objective (up previously from $105.00) on shares of Diamondback Energy in a research report on Monday, October 10th. Six equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and a consensus target price of $99.86.

Diamondback Energy (NASDAQ:FANG) opened at 100.60 on Tuesday. The company has a 50-day moving average of $94.88 and a 200-day moving average of $89.69. Diamondback Energy has a 1-year low of $55.48 and a 1-year high of $106.84. The firm’s market capitalization is $7.85 billion.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.10. Diamondback Energy had a negative net margin of 124.95% and a positive return on equity of 3.82%. The firm had revenue of $112.48 million for the quarter, compared to analyst estimates of $112.47 million. During the same quarter in the previous year, the firm posted $0.41 earnings per share. The business’s revenue was down 5.5% on a year-over-year basis. On average, equities analysts predict that Diamondback Energy will post $1.00 earnings per share for the current year.

In related news, CEO Travis D. Stice sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $98.00, for a total value of $2,940,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Michael L. Hollis sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $104.00, for a total transaction of $1,040,000.00. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Virginia Retirement System acquired a new position in shares of Diamondback Energy during the first quarter worth about $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 period. 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 period. 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 period. 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 period. Institutional investors and hedge funds own 99.74% of the company’s stock.

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