Imperial Capital Reaffirms Outperform Rating for Diamondback Energy (NASDAQ:FANG)

Diamondback Energy (NASDAQ:FANG)‘s stock had its “outperform” rating reaffirmed by investment analysts at Imperial Capital in a research report issued on Tuesday, The Fly reports. They currently have a $110.00 price target on the oil and natural gas company’s stock, up from their previous price target of $88.00. Imperial Capital’s target price suggests a potential upside of 19.36% from the company’s previous close. Imperial Capital also issued estimates for Diamondback Energy’s Q4 2019 earnings at $1.82 EPS, FY2019 earnings at $6.37 EPS, Q1 2020 earnings at $2.25 EPS, Q2 2020 earnings at $2.20 EPS, Q3 2020 earnings at $2.35 EPS, Q4 2020 earnings at $2.52 EPS and FY2020 earnings at $9.31 EPS.

Several other equities analysts have also commented on FANG. JPMorgan Chase & Co. dropped their price target on shares of Diamondback Energy from $152.00 to $139.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. They noted that the move was a valuation call. BidaskClub upgraded shares of Diamondback Energy from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 8th. ValuEngine upgraded shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. TD Securities dropped their price target on shares of Diamondback Energy from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Finally, Susquehanna Bancshares dropped their price target on shares of Diamondback Energy from $125.00 to $130.00 in a research note on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $133.71.

NASDAQ:FANG traded up $0.85 during mid-day trading on Tuesday, hitting $92.16. The stock had a trading volume of 480,760 shares, compared to its average volume of 1,713,914. The stock has a 50-day simple moving average of $87.51 and a two-hundred day simple moving average of $91.68. The company has a market capitalization of $14.64 billion, a PE ratio of 15.70, a PEG ratio of 0.81 and a beta of 0.85. Diamondback Energy has a twelve month low of $73.18 and a twelve month high of $114.14. The company has a current ratio of 0.72, a quick ratio of 0.68 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, November 5th. The oil and natural gas company reported $1.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.71 by ($0.24). The firm had revenue of $975.00 million during 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 6.01%. The firm’s revenue was up 81.6% compared to the same quarter last year. During the same period last year, the business earned $1.67 EPS. Sell-side analysts predict that Diamondback Energy will post 6.39 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Diamondback Energy by 1.6% during the second quarter. Vanguard Group Inc. now owns 17,698,267 shares of the oil and natural gas company’s stock worth $1,928,581,000 after acquiring an additional 275,764 shares during the last quarter. BlackRock Inc. grew its position in shares of Diamondback Energy by 4.7% during the second quarter. BlackRock Inc. now owns 10,717,934 shares of the oil and natural gas company’s stock worth $1,167,931,000 after acquiring an additional 485,647 shares during the last quarter. Corvex Management LP grew its position in shares of Diamondback Energy by 10.7% during the second quarter. Corvex Management LP now owns 2,935,307 shares of the oil and natural gas company’s stock worth $319,860,000 after acquiring an additional 283,785 shares during the last quarter. Nuveen Asset Management LLC purchased a new position in shares of Diamondback Energy during the second quarter worth approximately $303,291,000. Finally, Millennium Management LLC grew its position in shares of Diamondback Energy by 358.9% during the third quarter. Millennium Management LLC now owns 2,349,370 shares of the oil and natural gas company’s stock worth $211,231,000 after acquiring an additional 1,837,358 shares during the last quarter. Institutional investors and hedge funds own 98.48% of the company’s stock.

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.

Further Reading: Asset Allocation, Balancing Your Investments

The Fly

Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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