The Diamondback Energy, Inc. (FANG) Lifted to Buy at Zacks Investment Research

The Diamondback Energy, Inc. (FANG) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Diamondback Energy, Inc. (NASDAQ:FANG) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. Zacks Investment Research currently has $113.00 target price on the stock.

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. “

Several other research analysts have also recently weighed in on the stock. Drexel Hamilton initiated coverage on shares of Diamondback Energy in a research report on Thursday, December 15th. They issued a hold rating on the stock. Canaccord Genuity restated a buy rating and issued a $139.00 price objective on shares of Diamondback Energy in a research report on Tuesday, February 14th. Credit Suisse Group AG upped their price objective on shares of Diamondback Energy from $128.00 to $132.00 and gave the stock an outperform rating in a research report on Tuesday, January 31st. Barclays PLC restated an equal weight rating and issued a $120.00 price objective (up from $108.00) on shares of Diamondback Energy in a research report on Thursday, January 26th. Finally, KLR Group set a $150.00 price objective on shares of Diamondback Energy and gave the stock a buy rating in a research report on Tuesday, December 20th. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $111.64.

Diamondback Energy (NASDAQ:FANG) traded up 0.52% during trading on Wednesday, reaching $104.12. 238,539 shares of the company’s stock traded hands. The stock’s market cap is $9.39 billion. Diamondback Energy has a 52-week low of $71.80 and a 52-week high of $114.00. The company’s 50 day moving average is $103.99 and its 200-day moving average is $99.69.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Tuesday, February 14th. The company reported $0.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.36. The company had revenue of $185 million for the quarter, compared to analysts’ expectations of $167.45 million. Diamondback Energy had a negative net margin of 82.83% and a positive return on equity of 4.26%. Diamondback Energy’s revenue for the quarter was up 61.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.58 earnings per share. On average, analysts anticipate that Diamondback Energy will post $3.47 earnings per share for the current fiscal year.

In other news, Director Mark Lawrence Plaumann sold 1,900 shares of the stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $107.35, for a total transaction of $203,965.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Russell Pantermuehl sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $105.34, for a total value of $526,700.00. Following the sale, the vice president now directly owns 83,214 shares of the company’s stock, valued at approximately $8,765,762.76. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the company. Creative Planning raised its stake in shares of Diamondback Energy by 7.3% in the third quarter. Creative Planning now owns 1,073 shares of the company’s stock worth $104,000 after buying an additional 73 shares during the last quarter. BOKF NA raised its stake in shares of Diamondback Energy by 12.8% in the third quarter. BOKF NA now owns 1,208 shares of the company’s stock worth $116,000 after buying an additional 137 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Diamondback Energy by 7.9% in the third quarter. PNC Financial Services Group Inc. now owns 1,466 shares of the company’s stock worth $142,000 after buying an additional 107 shares during the last quarter. Strategic Investment Management LLC acquired a new stake in shares of Diamondback Energy during the fourth quarter worth approximately $203,000. Finally, Foundry Partners LLC acquired a new stake in shares of Diamondback Energy during the third quarter worth approximately $203,000. 95.51% of the stock is owned by institutional investors.

Diamondback Energy Company Profile

Diamondback Energy, Inc is an independent oil and natural gas company. The Company is focused on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. Its total net acreage position in the Permian Basin is approximately 84,680 net acres.

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