Zacks Investment Research downgraded shares of Diamondback Energy (NASDAQ:FANG) from a buy rating to a hold rating in a research note issued to investors on Thursday.

According to Zacks, “Diamondback Energy, Inc. is an oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. The Company’s activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations. Diamondback Energy, Inc. is headquartered in Midland, Texas. “

A number of other equities research analysts have also weighed in on FANG. Northland Securities restated a buy rating and issued a $125.00 target price on shares of Diamondback Energy in a report on Tuesday, September 26th. Williams Capital restated a hold rating and issued a $110.00 target price (up previously from $105.00) on shares of Diamondback Energy in a report on Tuesday, October 3rd. US Capital Advisors restated a buy rating on shares of Diamondback Energy in a report on Monday, October 2nd. Stifel Nicolaus set a $129.00 target price on shares of Diamondback Energy and gave the stock a buy rating in a report on Thursday, October 5th. Finally, Jefferies Group began coverage on shares of Diamondback Energy in a research note on Monday, October 9th. They issued a buy rating and a $124.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $127.96.

Diamondback Energy (NASDAQ:FANG) traded up $0.34 on Thursday, hitting $127.57. 585,348 shares of the company were exchanged, compared to its average volume of 1,075,025. The company has a quick ratio of 0.45, a current ratio of 0.46 and a debt-to-equity ratio of 0.22. Diamondback Energy has a 12 month low of $82.77 and a 12 month high of $132.07. The firm has a market cap of $12,489.82, a price-to-earnings ratio of 30.89, a PEG ratio of 0.74 and a beta of 1.08.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, November 6th. The oil and natural gas company reported $1.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.31. Diamondback Energy had a net margin of 39.69% and a return on equity of 8.76%. The company had revenue of $301.30 million for the quarter, compared to analyst estimates of $296.53 million. During the same quarter in the prior year, the business posted ($0.03) EPS. The firm’s revenue was up 112.0% compared to the same quarter last year. sell-side analysts predict that Diamondback Energy will post 5.09 earnings per share for the current fiscal year.

In other news, CEO Travis D. Stice sold 35,000 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $125.00, for a total transaction of $4,375,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael L. Hollis sold 3,000 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $129.34, for a total transaction of $388,020.00. The disclosure for this sale can be found here. Insiders have sold a total of 79,400 shares of company stock valued at $9,544,350 over the last three months. Insiders own 0.41% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in FANG. Warburg Pincus LLC grew its position in shares of Diamondback Energy by 132.4% during the 2nd quarter. Warburg Pincus LLC now owns 6,532,915 shares of the oil and natural gas company’s stock valued at $580,188,000 after acquiring an additional 3,721,519 shares during the period. Capital World Investors grew its position in shares of Diamondback Energy by 98.1% during the 2nd quarter. Capital World Investors now owns 2,516,497 shares of the oil and natural gas company’s stock valued at $223,490,000 after acquiring an additional 1,246,072 shares during the period. Boston Partners grew its position in shares of Diamondback Energy by 18.1% during the 3rd quarter. Boston Partners now owns 7,874,429 shares of the oil and natural gas company’s stock valued at $771,379,000 after acquiring an additional 1,208,864 shares during the period. Voya Investment Management LLC grew its position in shares of Diamondback Energy by 159.6% during the 2nd quarter. Voya Investment Management LLC now owns 1,320,826 shares of the oil and natural gas company’s stock valued at $117,302,000 after acquiring an additional 811,950 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Diamondback Energy by 8.9% in the 2nd quarter. Vanguard Group Inc. now owns 7,988,153 shares of the oil and natural gas company’s stock worth $709,428,000 after buying an additional 651,353 shares during the period.

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About Diamondback Energy

Diamondback Energy, Inc is an independent oil and natural gas company. The Company focuses on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2016, the Company’s total net acreage position in the Permian Basin was approximately 105,894 net acres.

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