Diamondback Energy (NASDAQ:FANG) Downgraded to Market Perform at Oppenheimer

Diamondback Energy (NASDAQ:FANG) was downgraded by equities research analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a research note issued to investors on Thursday, The Fly reports. They currently have a $138.00 target price on the oil and natural gas company’s stock. Oppenheimer’s target price suggests a potential upside of 82.95% from the company’s current price. Oppenheimer also issued estimates for Diamondback Energy’s Q1 2020 earnings at $2.15 EPS, Q2 2020 earnings at $2.29 EPS, Q3 2020 earnings at $2.37 EPS, Q4 2020 earnings at $2.43 EPS and FY2020 earnings at $9.23 EPS.

Several other brokerages also recently weighed in on FANG. Piper Jaffray Companies set a $156.00 target price on Diamondback Energy and gave the company a “buy” rating in a research note on Friday, August 16th. KeyCorp lowered their target price on Diamondback Energy from $133.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. TD Securities downgraded Diamondback Energy from an “action list buy” rating to a “buy” rating and set a $155.00 target price for the company. in a research note on Friday, September 6th. Citigroup lowered their target price on Diamondback Energy from $135.00 to $118.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. Finally, Raymond James lowered their target price on Diamondback Energy from $155.00 to $120.00 and set a “strong-buy” rating for the company in a research note on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $141.05.

Shares of Diamondback Energy stock traded down $0.13 during trading hours on Thursday, reaching $75.43. 2,379,700 shares of the company’s stock were exchanged, compared to its average volume of 1,849,165. Diamondback Energy has a 52-week low of $74.25 and a 52-week high of $115.97. The firm has a market capitalization of $14.71 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 0.47 and a beta of 0.78. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 0.29. The company has a fifty day moving average of $86.38 and a 200-day moving average of $98.30.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, November 5th. The oil and natural gas company reported $1.47 earnings per share for the quarter, missing the consensus estimate of $1.71 by ($0.24). The business had revenue of $975.00 million for the quarter, compared to analyst estimates of $1.04 billion. Diamondback Energy had a net margin of 29.59% and a return on equity of 6.09%. The firm’s revenue was up 81.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.67 earnings per share. On average, equities research analysts anticipate that Diamondback Energy will post 6.75 earnings per share for the current fiscal year.

In other news, VP Russell Pantermuehl sold 2,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $100.78, for a total transaction of $201,560.00. Following the transaction, the vice president now owns 110,107 shares of the company’s stock, valued at $11,096,583.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Randall J. Holder sold 3,000 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $100.00, for a total transaction of $300,000.00. Following the transaction, the executive vice president now directly owns 11,448 shares in the company, valued at approximately $1,144,800. The disclosure for this sale can be found here. Insiders have sold 16,000 shares of company stock worth $1,621,690 in the last ninety days. Corporate insiders own 0.47% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Amica Mutual Insurance Co. bought a new position in shares of Diamondback Energy during the second quarter worth about $466,000. Scout Investments Inc. lifted its holdings in Diamondback Energy by 7.6% in the second quarter. Scout Investments Inc. now owns 208,270 shares of the oil and natural gas company’s stock worth $22,695,000 after acquiring an additional 14,703 shares during the last quarter. US Bancorp DE lifted its holdings in Diamondback Energy by 4.8% in the second quarter. US Bancorp DE now owns 17,339 shares of the oil and natural gas company’s stock worth $1,890,000 after acquiring an additional 794 shares during the last quarter. Nomura Holdings Inc. lifted its holdings in Diamondback Energy by 34.3% in the second quarter. Nomura Holdings Inc. now owns 83,636 shares of the oil and natural gas company’s stock worth $9,144,000 after acquiring an additional 21,342 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its holdings in Diamondback Energy by 3,969.6% in the second quarter. CIBC Private Wealth Group LLC now owns 129,536 shares of the oil and natural gas company’s stock worth $14,116,000 after acquiring an additional 126,353 shares during the last quarter. 99.27% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Company Profile

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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