Zacks Investment Research Upgrades Diamondback Energy (FANG) to Buy

Zacks Investment Research upgraded shares of Diamondback Energy (NASDAQ:FANG) from a hold rating to a buy rating in a report issued on Wednesday morning. They currently have $146.00 target price on the oil and natural gas company’s 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 brokerages also recently commented on FANG. Piper Jaffray Companies restated a buy rating and issued a $138.00 target price on shares of Diamondback Energy in a research note on Tuesday, January 9th. BMO Capital Markets set a $110.00 target price on shares of Diamondback Energy and gave the company a buy rating in a research note on Tuesday, October 10th. Wells Fargo & Co set a $120.00 target price on shares of Diamondback Energy and gave the company a buy rating in a research note on Tuesday, October 17th. Mizuho set a $122.00 target price on shares of Diamondback Energy and gave the company a buy rating in a research note on Saturday, November 25th. Finally, Scotiabank reaffirmed a buy rating and issued a $118.00 price target on shares of Diamondback Energy in a report on Wednesday, November 22nd. Three analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $127.96.

Shares of Diamondback Energy (FANG) opened at $127.57 on Wednesday. Diamondback Energy has a 52 week low of $82.77 and a 52 week high of $132.07. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.45 and a current ratio of 0.46. The firm has a market cap of $12,489.82, a price-to-earnings ratio of 30.89, a price-to-earnings-growth ratio of 0.74 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 Zacks’ consensus estimate of $1.02 by $0.31. Diamondback Energy had a net margin of 39.69% and a return on equity of 8.76%. The firm had revenue of $301.30 million for the quarter, compared to the consensus estimate of $296.53 million. During the same quarter in the previous year, the company earned ($0.03) earnings per share. The business’s revenue was up 112.0% compared to the same quarter last year. equities analysts forecast that Diamondback Energy will post 5.09 EPS for the current fiscal year.

In other Diamondback Energy news, CFO Teresa L. Dick sold 1,000 shares of the business’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $112.13, for a total transaction of $112,130.00. Following the completion of the sale, the chief financial officer now directly owns 30,760 shares of the company’s stock, valued at approximately $3,449,118.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Travis D. Stice sold 35,000 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $125.00, for a total value of $4,375,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 79,400 shares of company stock valued at $9,544,350 over the last three months. Company insiders own 0.41% of the company’s stock.

Several hedge funds have recently made changes to their positions in FANG. Prudential Financial Inc. increased its stake in shares of Diamondback Energy by 11.5% in the 2nd quarter. Prudential Financial Inc. now owns 5,450 shares of the oil and natural gas company’s stock valued at $484,000 after acquiring an additional 560 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Diamondback Energy by 22.7% in the 2nd quarter. Alliancebernstein L.P. now owns 70,236 shares of the oil and natural gas company’s stock valued at $6,238,000 after acquiring an additional 13,006 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Diamondback Energy by 104.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 363,190 shares of the oil and natural gas company’s stock valued at $32,249,000 after acquiring an additional 185,836 shares during the last quarter. BlackRock Inc. increased its stake in shares of Diamondback Energy by 4.9% in the 2nd quarter. BlackRock Inc. now owns 4,936,470 shares of the oil and natural gas company’s stock valued at $438,409,000 after acquiring an additional 229,276 shares during the last quarter. Finally, Amalgamated Bank increased its stake in shares of Diamondback Energy by 37.1% in the 2nd quarter. Amalgamated Bank now owns 17,803 shares of the oil and natural gas company’s stock valued at $1,581,000 after acquiring an additional 4,813 shares during the last quarter.

TRADEMARK VIOLATION NOTICE: This news story was originally published by Ticker Report and is the sole property of of Ticker Report. If you are reading this news story on another site, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright legislation. The legal version of this news story can be accessed at https://www.tickerreport.com/banking-finance/3148354/zacks-investment-research-upgrades-diamondback-energy-fang-to-buy.html.

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.

Get a free copy of the Zacks research report on Diamondback Energy (FANG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

Receive News & Ratings for Diamondback Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Diamondback Energy and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

How to Trade on Forex – 8 Steps for Beginners
How to Trade on Forex – 8 Steps for Beginners
Super Nintendo World Theme Park Officially Starts Construction
Super Nintendo World Theme Park Officially Starts Construction
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Camera Zooms In and Can Recognize Faces
Camera Zooms In and Can Recognize Faces
Netflix Could See 150 Million Worldwide Subscribers
Netflix Could See 150 Million Worldwide Subscribers
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back


© 2006-2018 Ticker Report. Google+.