Diamondback Energy (NASDAQ:FANG) Upgraded to “Buy” at BidaskClub

BidaskClub upgraded shares of Diamondback Energy (NASDAQ:FANG) from a hold rating to a buy rating in a report issued on Saturday, June 29th, BidAskClub reports.

Several other research firms have also recently issued reports on FANG. Morgan Stanley set a $23.00 price target on Cabot Oil & Gas and gave the stock a hold rating in a research note on Monday, June 24th. Bank of America reissued an underperform rating and issued a GBX 55 ($0.72) price target on shares of Lloyds Banking Group in a research note on Tuesday, May 21st. Roth Capital decreased their price target on Diamondback Energy from $166.00 to $150.00 and set a buy rating for the company in a research note on Friday, June 7th. Northland Securities initiated coverage on THUNDER BRDG AC/SH SH in a research note on Thursday, June 20th. They issued an outperform rating for the company. Finally, Williams Capital set a $165.00 price objective on Diamondback Energy and gave the company a buy rating in a report on Thursday, May 23rd. Three research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $158.71.

FANG traded up $1.03 during trading on Friday, reaching $104.61. 1,141,870 shares of the company were exchanged, compared to its average volume of 1,273,027. The firm has a market capitalization of $17.23 billion, a PE ratio of 17.82, a P/E/G ratio of 0.65 and a beta of 0.85. The business’s 50 day moving average price is $104.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.59 and a current ratio of 0.62. Diamondback Energy has a 52 week low of $85.19 and a 52 week high of $140.78.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, May 7th. The oil and natural gas company reported $1.39 EPS for the quarter, topping the Zacks’ consensus estimate of $1.36 by $0.03. Diamondback Energy had a return on equity of 6.81% and a net margin of 27.05%. The firm had revenue of $864.00 million during the quarter, compared to the consensus estimate of $893.16 million. During the same period in the prior year, the business earned $1.64 EPS. The firm’s revenue was up 80.4% on a year-over-year basis. On average, analysts forecast that Diamondback Energy will post 7.8 earnings per share for the current year.

In related news, CFO Hof Matthew Kaes Van’t sold 1,500 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $107.47, for a total transaction of $161,205.00. Following the completion of the sale, the chief financial officer now owns 27,465 shares in the company, valued at approximately $2,951,663.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Russell Pantermuehl sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $107.28, for a total value of $536,400.00. Following the sale, the vice president now owns 112,107 shares of the company’s stock, valued at approximately $12,026,838.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,500 shares of company stock worth $1,258,505. 0.47% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Archford Capital Strategies LLC lifted its holdings in Diamondback Energy by 1,100.0% during the second quarter. Archford Capital Strategies LLC now owns 240 shares of the oil and natural gas company’s stock worth $26,000 after acquiring an additional 220 shares in the last quarter. Ranger Investment Management L.P. bought a new stake in shares of Diamondback Energy in the fourth quarter valued at about $25,000. Berman Capital Advisors LLC lifted its holdings in shares of Diamondback Energy by 180.8% in the first quarter. Berman Capital Advisors LLC now owns 292 shares of the oil and natural gas company’s stock valued at $29,000 after purchasing an additional 188 shares in the last quarter. Manchester Capital Management LLC acquired a new stake in shares of Diamondback Energy in the first quarter valued at about $34,000. Finally, Bronfman E.L. Rothschild L.P. increased its position in shares of Diamondback Energy by 136.7% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 400 shares of the oil and natural gas company’s stock valued at $37,000 after acquiring an additional 231 shares during the last quarter. 99.10% of the stock is owned by hedge funds and other institutional investors.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.

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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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