Diamondback Energy (FANG) Lowered to Hold at Zacks Investment Research

Diamondback Energy (NASDAQ:FANG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

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 firms also recently weighed in on FANG. BMO Capital Markets set a $110.00 price target on Diamondback Energy and gave the stock a “buy” rating in a research note on Tuesday, October 10th. Scotiabank reiterated a “buy” rating and set a $118.00 target price on shares of Diamondback Energy in a research report on Wednesday, November 22nd. Morgan Stanley increased their target price on Diamondback Energy from $118.00 to $126.00 and gave the company an “overweight” rating in a research report on Wednesday, October 18th. Piper Jaffray Companies reiterated a “buy” rating and set a $138.00 target price on shares of Diamondback Energy in a research report on Tuesday, January 9th. Finally, Citigroup initiated coverage on Diamondback Energy in a research report on Friday, December 1st. They set a “buy” rating and a $130.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. Diamondback Energy has a consensus rating of “Buy” and a consensus price target of $127.96.

Diamondback Energy (NASDAQ FANG) traded down $0.21 during mid-day trading on Thursday, reaching $127.23. The company’s stock had a trading volume of 1,027,719 shares, compared to its average volume of 1,170,000. Diamondback Energy has a 1-year low of $82.77 and a 1-year high of $132.07. The company has a quick ratio of 0.45, a current ratio of 0.46 and a debt-to-equity ratio of 0.22. The company has a market cap of $12,490.00, a P/E ratio of 30.81, a price-to-earnings-growth ratio of 0.73 and a beta of 1.08.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, November 6th. The oil and natural gas company reported $1.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.31. Diamondback Energy had a return on equity of 8.76% and a net margin of 39.69%. The business had revenue of $301.30 million during the quarter, compared to the consensus estimate of $296.53 million. During the same period in the prior year, the company posted ($0.03) EPS. The firm’s revenue for the quarter was up 112.0% compared to the same quarter last year. equities analysts predict that Diamondback Energy will post 5.08 EPS for the current fiscal year.

In other Diamondback Energy news, insider Michael L. Hollis sold 3,000 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $129.34, for a total value of $388,020.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Russell Pantermuehl sold 4,000 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $109.55, for a total value of $438,200.00. Following the completion of the sale, the vice president now owns 64,214 shares in the company, valued at approximately $7,034,643.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,400 shares of company stock worth $9,544,350. Insiders own 0.41% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Green Square Capital LLC increased its stake in Diamondback Energy by 1.2% in the second quarter. Green Square Capital LLC now owns 3,531 shares of the oil and natural gas company’s stock worth $314,000 after purchasing an additional 42 shares during the period. Profund Advisors LLC increased its stake in Diamondback Energy by 1.5% in the second quarter. Profund Advisors LLC now owns 4,163 shares of the oil and natural gas company’s stock worth $370,000 after purchasing an additional 62 shares during the period. Energy Opportunities Capital Management LLC increased its stake in Diamondback Energy by 1.1% in the second quarter. Energy Opportunities Capital Management LLC now owns 16,000 shares of the oil and natural gas company’s stock worth $1,421,000 after purchasing an additional 170 shares during the period. M&T Bank Corp increased its stake in Diamondback Energy by 10.0% in the second quarter. M&T Bank Corp now owns 4,939 shares of the oil and natural gas company’s stock worth $438,000 after purchasing an additional 449 shares during the period. Finally, Capital Analysts LLC increased its stake in Diamondback Energy by 5.2% in the third quarter. Capital Analysts LLC now owns 9,479 shares of the oil and natural gas company’s stock worth $929,000 after purchasing an additional 469 shares during the period.

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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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