SunTrust Banks Weighs in on Diamondback Energy Inc.’s Q1 2017 Earnings (FANG)
Diamondback Energy Inc. (NASDAQ:FANG) – Analysts at SunTrust Banks raised their Q1 2017 earnings per share (EPS) estimates for Diamondback Energy in a research note issued to investors on Friday. SunTrust Banks analyst N. Dingmann now forecasts that the brokerage will post earnings per share of $0.58 for the quarter, up from their prior estimate of $0.54. SunTrust Banks currently has a “Buy” rating and a $115.00 target price on the stock. SunTrust Banks also issued estimates for Diamondback Energy’s Q2 2017 earnings at $0.67 EPS, Q3 2017 earnings at $0.79 EPS, Q4 2017 earnings at $0.86 EPS and FY2017 earnings at $2.90 EPS.
A number of other equities research analysts have also weighed in on the stock. Williams Capital began coverage on shares of Diamondback Energy in a report on Monday, August 29th. They set a “hold” rating and a $105.00 price objective on the stock. KeyCorp boosted their price objective on shares of Diamondback Energy from $107.00 to $110.00 and gave the company an “overweight” rating in a report on Monday, August 22nd. JPMorgan Chase & Co. reissued a “buy” rating and set a $108.00 price objective on shares of Diamondback Energy in a report on Monday, August 15th. Simmons reissued an “overweight” rating and set a $109.00 price objective (up from $106.00) on shares of Diamondback Energy in a report on Saturday, August 13th. Finally, Zacks Investment Research lowered shares of Diamondback Energy from a “buy” rating to a “hold” rating in a report on Friday, August 12th. Seven analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $97.03.
Diamondback Energy (NASDAQ:FANG) opened at 89.69 on Monday. Diamondback Energy has a 12 month low of $55.48 and a 12 month high of $99.69. The stock’s market cap is $7.00 billion. The stock’s 50 day moving average price is $93.69 and its 200-day moving average price is $86.93.
Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.10. The firm earned $112.48 million during the quarter, compared to analyst estimates of $112.47 million. Diamondback Energy had a positive return on equity of 3.82% and a negative net margin of 124.95%. The business’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 earnings per share.
Institutional investors have recently modified their holdings of the company. BlackRock Fund Advisors raised its position in shares of Diamondback Energy by 3.3% in the first quarter. BlackRock Fund Advisors now owns 798,166 shares of the company’s stock valued at $61,602,000 after buying an additional 25,366 shares in the last quarter. Geode Capital Management LLC raised its stake in Diamondback Energy by 12.0% in the first quarter. Geode Capital Management LLC now owns 466,203 shares of the company’s stock worth $35,981,000 after buying an additional 49,821 shares during the period. Nuveen Asset Management LLC raised its stake in Diamondback Energy by 3.2% in the first quarter. Nuveen Asset Management LLC now owns 23,811 shares of the company’s stock worth $1,838,000 after buying an additional 744 shares during the period. Magnetar Financial LLC raised its stake in Diamondback Energy by 87.2% in the first quarter. Magnetar Financial LLC now owns 748,600 shares of the company’s stock worth $57,777,000 after buying an additional 348,600 shares during the period. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Diamondback Energy during the first quarter worth about $804,000. Hedge funds and other institutional investors own 99.74% of the company’s stock.
In other news, CEO Travis D. Stice sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $90.49, for a total value of $904,900.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Russell Pantermuehl sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $90.96, for a total transaction of $181,920.00. Following the completion of the transaction, the vice president now owns 70,914 shares in the company, valued at $6,450,337.44. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by insiders.
About Diamondback Energy
Diamondback Energy, Inc is an independent oil and natural gas company. The Company is focused on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. Its total net acreage position in the Permian Basin is approximately 84,680 net acres.
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