Diamondback Energy, Inc. (NASDAQ:FANG) – Investment analysts at Seaport Global Securities reduced their Q3 2017 earnings estimates for shares of Diamondback Energy in a note issued to investors on Monday. Seaport Global Securities analyst M. Kelly now forecasts that the oil and natural gas company will earn $1.11 per share for the quarter, down from their prior forecast of $1.12. Seaport Global Securities also issued estimates for Diamondback Energy’s FY2018 earnings at $2.64 EPS.
FANG has been the subject of several other research reports. Zacks Investment Research lowered shares of Diamondback Energy from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. BidaskClub raised shares of Diamondback Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Credit Suisse Group reaffirmed an “outperform” rating and set a $151.00 target price on shares of Diamondback Energy in a research note on Friday, June 2nd. BMO Capital Markets reaffirmed a “buy” rating and set a $100.00 target price on shares of Diamondback Energy in a research note on Tuesday, June 27th. Finally, Williams Capital set a $114.00 target price on shares of Diamondback Energy and gave the stock a “hold” rating in a research note on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-two have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $115.77.
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Diamondback Energy (FANG) opened at 94.98 on Wednesday. The company has a market capitalization of $9.32 billion, a price-to-earnings ratio of 2020.85 and a beta of 1.06. Diamondback Energy has a 52-week low of $82.77 and a 52-week high of $114.00. The firm has a 50 day moving average of $90.35 and a 200-day moving average of $98.52.
Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.44. The business had revenue of $267.40 million during the quarter, compared to analyst estimates of $258.75 million. Diamondback Energy had a net margin of 38.24% and a return on equity of 8.09%. The company’s revenue was up 137.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share.
A number of institutional investors have recently made changes to their positions in the stock. Keybank National Association OH increased its position in shares of Diamondback Energy by 6.5% in the second quarter. Keybank National Association OH now owns 199,265 shares of the oil and natural gas company’s stock worth $17,697,000 after buying an additional 12,092 shares during the period. Capital Analysts LLC increased its position in shares of Diamondback Energy by 11.3% in the second quarter. Capital Analysts LLC now owns 9,010 shares of the oil and natural gas company’s stock worth $800,000 after buying an additional 914 shares during the period. Pacer Advisors Inc. increased its position in shares of Diamondback Energy by 13.5% in the second quarter. Pacer Advisors Inc. now owns 14,994 shares of the oil and natural gas company’s stock worth $1,332,000 after buying an additional 1,788 shares during the period. Utah Retirement Systems increased its position in shares of Diamondback Energy by 8.5% in the second quarter. Utah Retirement Systems now owns 17,900 shares of the oil and natural gas company’s stock worth $1,589,000 after buying an additional 1,400 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Diamondback Energy by 0.9% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 184,211 shares of the oil and natural gas company’s stock worth $16,360,000 after buying an additional 1,661 shares during the period. 97.20% of the stock is owned by hedge funds and other institutional investors.
In other Diamondback Energy news, Director Steven E. West purchased 2,400 shares of the stock in a transaction that occurred on Wednesday, May 17th. The stock was purchased at an average cost of $103.45 per share, with a total value of $248,280.00. Following the completion of the acquisition, the director now directly owns 2,400 shares of the company’s stock, valued at approximately $248,280. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael L. Hollis sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by corporate insiders.
Diamondback Energy Company Profile
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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