Diamondback Energy (NASDAQ:FANG) Raised to Buy at Wall Street Zen

by · The Cerbat Gem

Diamondback Energy (NASDAQ:FANG – Get Free Report) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

A number of other equities analysts have also issued reports on the stock. Scotiabank raised their target price on shares of Diamondback Energy from $175.00 to $195.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Wolfe Research reiterated an “outperform” rating and set a $206.00 price target on shares of Diamondback Energy in a research note on Tuesday, August 4th. Mizuho raised their price objective on shares of Diamondback Energy from $220.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Susquehanna lifted their price objective on shares of Diamondback Energy from $245.00 to $255.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Finally, Weiss Ratings raised shares of Diamondback Energy from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, July 31st. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $222.35.

Check Out Our Latest Research Report on Diamondback Energy

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $188.04 on Friday. The company has a market capitalization of $52.90 billion, a PE ratio of 36.65 and a beta of 0.43. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25. Diamondback Energy has a twelve month low of $134.30 and a twelve month high of $214.51. The firm has a 50 day simple moving average of $190.39 and a 200-day simple moving average of $186.03.

Diamondback Energy (NASDAQ:FANG – Get Free Report) last posted its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, beating analysts’ consensus estimates of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The firm had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same period last year, the firm posted $2.38 EPS. The company’s revenue was up 51.2% on a year-over-year basis. On average, equities analysts predict that Diamondback Energy will post 19.73 EPS for the current fiscal year.

Insider Activity

In other news, CAO Teresa L. Dick sold 7,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the sale, the chief accounting officer owned 85,755 shares in the company, valued at approximately $17,228,179.50. This trade represents a 7.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles Alvin Meloy sold 83,334 shares of Diamondback Energy stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the completion of the sale, the director directly owned 851,530 shares in the company, valued at approximately $159,338,293.60. The trade was a 8.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 139,167 shares of company stock worth $26,749,809 in the last 90 days. Corporate insiders own 0.64% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Oxbow Advisors LLC purchased a new position in shares of Diamondback Energy during the 2nd quarter worth approximately $217,000. Wealthfront Advisers LLC purchased a new stake in shares of Diamondback Energy in the second quarter valued at approximately $14,249,000. First National Bank of Omaha purchased a new stake in shares of Diamondback Energy in the second quarter valued at approximately $2,242,000. Energy Income Partners LLC acquired a new position in Diamondback Energy during the second quarter worth $4,200,000. Finally, Meeder Advisory Services Inc. acquired a new position in Diamondback Energy during the second quarter worth $676,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

About Diamondback Energy

(Get Free Report)

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

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