Diamondback Energy, Inc. (FANG) Receives Buy Rating from Scotiabank

Scotiabank reissued their buy rating on shares of Diamondback Energy, Inc. (NASDAQ:FANG) in a report released on Wednesday. Scotiabank currently has a $118.00 target price on the oil and natural gas company’s stock.

A number of other research firms also recently commented on FANG. BidaskClub downgraded shares of Diamondback Energy from a hold rating to a sell rating in a research report on Friday, August 18th. Roth Capital lifted their price objective on shares of Diamondback Energy from $120.00 to $130.00 and gave the stock a buy rating in a research note on Thursday, July 27th. BMO Capital Markets set a $100.00 price objective on shares of Diamondback Energy and gave the stock a buy rating in a research note on Tuesday, August 1st. Morgan Stanley lifted their price objective on shares of Diamondback Energy from $118.00 to $126.00 and gave the stock an overweight rating in a research note on Wednesday, October 18th. Finally, Williams Capital set a $114.00 price objective on shares of Diamondback Energy and gave the stock a hold rating in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $126.17.

Diamondback Energy (NASDAQ:FANG) traded up $0.10 during mid-day trading on Wednesday, hitting $109.25. 846,700 shares of the company’s stock were exchanged, compared to its average volume of 1,369,631. Diamondback Energy has a one year low of $82.77 and a one year high of $114.93. The company has a market cap of $10,714.96, a P/E ratio of 23.37, a price-to-earnings-growth ratio of 0.80 and a beta of 1.10. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.46 and a quick ratio of 0.45.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, November 6th. The oil and natural gas company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.31. Diamondback Energy had a net margin of 39.69% and a return on equity of 8.76%. The company had revenue of $301.30 million for the quarter, compared to the consensus estimate of $296.53 million. During the same period in the previous year, the firm earned ($0.03) EPS. Diamondback Energy’s revenue was up 112.0% on a year-over-year basis. sell-side analysts anticipate that Diamondback Energy will post 5.01 EPS for the current year.

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In other Diamondback Energy news, VP Hof Matthew Kaes Van’t sold 650 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $88.49, for a total transaction of $57,518.50. Following the transaction, the vice president now directly owns 4,950 shares in the company, valued at approximately $438,025.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Teresa L. Dick sold 5,000 shares of the company’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $111.79, for a total transaction of $558,950.00. Following the transaction, the chief financial officer now owns 31,760 shares in the company, valued at $3,550,450.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,805 shares of company stock worth $2,446,531. 0.41% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in the stock. GSA Capital Partners LLP raised its position in shares of Diamondback Energy by 191.7% in the 3rd quarter. GSA Capital Partners LLP now owns 8,484 shares of the oil and natural gas company’s stock valued at $831,000 after acquiring an additional 5,576 shares during the period. Regents of The University of California bought a new stake in Diamondback Energy during the 3rd quarter worth approximately $1,413,000. GeoSphere Capital Management increased its stake in Diamondback Energy by 15.4% during the 3rd quarter. GeoSphere Capital Management now owns 30,000 shares of the oil and natural gas company’s stock worth $2,939,000 after purchasing an additional 4,000 shares in the last quarter. IFM Investors Pty Ltd bought a new stake in Diamondback Energy during the 3rd quarter worth approximately $258,000. Finally, Sterling Capital Management LLC increased its stake in Diamondback Energy by 21.0% during the 3rd quarter. Sterling Capital Management LLC now owns 37,872 shares of the oil and natural gas company’s stock worth $3,710,000 after purchasing an additional 6,575 shares in the last quarter.

About Diamondback Energy

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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