Diamondback Energy, Inc. (FANG) Receives “Buy” Rating from KeyCorp

Diamondback Energy, Inc. (NASDAQ:FANG)‘s stock had its “buy” rating reaffirmed by KeyCorp in a research note issued on Thursday. They presently have a $113.00 price target on the oil and natural gas company’s stock. KeyCorp’s target price would suggest a potential upside of 11.31% from the company’s previous close.

FANG has been the topic of a number of other reports. Stifel Nicolaus set a $129.00 target price on shares of Diamondback Energy and gave the stock a “buy” rating in a research report on Thursday, October 5th. Wells Fargo & Company reissued an “outperform” rating and set a $110.00 target price (down from $125.00) on shares of Diamondback Energy in a research report on Saturday, July 22nd. BidaskClub cut shares of Diamondback Energy from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. BMO Capital Markets set a $110.00 target price on shares of Diamondback Energy and gave the stock a “buy” rating in a research report on Saturday, August 12th. Finally, Bank of America Corporation assumed coverage on shares of Diamondback Energy in a research report on Wednesday, July 19th. They set a “buy” rating and a $115.00 target price on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-one have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $121.09.

Shares of Diamondback Energy (NASDAQ FANG) traded down 0.39% during midday trading on Thursday, hitting $101.12. 934,687 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $94.51 and its 200-day moving average is $95.13. The stock has a market cap of $9.92 billion, a PE ratio of 27.80 and a beta of 1.08. Diamondback Energy has a 1-year low of $82.77 and a 1-year high of $114.00.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.44. Diamondback Energy had a net margin of 38.24% and a return on equity of 8.09%. The business had revenue of $267.40 million for the quarter, compared to analysts’ expectations of $258.75 million. During the same period in the previous year, the company posted $0.26 earnings per share. The business’s revenue for the quarter was up 137.7% compared to the same quarter last year. Analysts predict that Diamondback Energy will post $4.96 earnings per share for the current fiscal year.

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In other news, insider Michael L. Hollis sold 1,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $100.00, for a total transaction of $100,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Molnar sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $95.04, for a total transaction of $475,200.00. Following the transaction, the vice president now owns 42,563 shares of the company’s stock, valued at approximately $4,045,187.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,805 shares of company stock valued at $1,129,501. 0.41% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Fulton Bank N.A. bought a new position in shares of Diamondback Energy during the third quarter worth about $305,000. Benefit Street Partners LLC bought a new position in shares of Diamondback Energy during the second quarter worth about $3,552,000. Sentry Investment Management LLC bought a new position in shares of Diamondback Energy during the second quarter worth about $215,000. Public Employees Retirement System of Ohio grew its position in shares of Diamondback Energy by 4.6% during the second quarter. Public Employees Retirement System of Ohio now owns 101,673 shares of the oil and natural gas company’s stock worth $9,030,000 after acquiring an additional 4,506 shares during the last quarter. Finally, Energy Opportunities Capital Management LLC grew its position in shares of Diamondback Energy by 1.1% during 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 acquiring an additional 170 shares during 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.

Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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