Q3 2017 Earnings Forecast for Diamondback Energy Inc Issued By Imperial Capital (FANG)
Diamondback Energy Inc (NASDAQ:FANG) – Imperial Capital increased their Q3 2017 earnings estimates for Diamondback Energy in a report issued on Wednesday. Imperial Capital analyst J. Wangler now forecasts that the oil and natural gas company will post earnings of $1.35 per share for the quarter, up from their previous estimate of $1.31. Imperial Capital currently has a “Outperform” rating and a $110.00 target price on the stock. Imperial Capital also issued estimates for Diamondback Energy’s FY2017 earnings at $5.08 EPS and FY2018 earnings at $7.06 EPS.
Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.44. Diamondback Energy had a net margin of 60.92% and a return on equity of 13.42%. The company had revenue of $267.40 million for the quarter, compared to the consensus estimate of $258.75 million. During the same quarter in the prior year, the company earned $0.26 EPS. Diamondback Energy’s quarterly revenue was up 137.7% on a year-over-year basis. COPYRIGHT VIOLATION NOTICE: “Q3 2017 Earnings Forecast for Diamondback Energy Inc Issued By Imperial Capital (FANG)” was posted by Watch List News and is the sole property of of Watch List News. If you are accessing this story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark legislation. The legal version of this story can be read at https://www.watchlistnews.com/q3-2017-earnings-forecast-for-diamondback-energy-inc-issued-by-imperial-capital-fang/1611418.html.
A number of other brokerages have also recently weighed in on FANG. BidaskClub upgraded Diamondback Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Roth Capital boosted their price objective on Diamondback Energy from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, July 27th. BMO Capital Markets set a $100.00 price objective on Diamondback Energy and gave the company a “buy” rating in a research note on Tuesday, August 1st. Northland Securities set a $125.00 price objective on Diamondback Energy and gave the company a “buy” rating in a research note on Monday, July 17th. Finally, Barclays PLC reiterated a “hold” rating and issued a $93.00 price objective on shares of Diamondback Energy in a research note on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nineteen have issued a buy rating to the company. Diamondback Energy presently has a consensus rating of “Buy” and a consensus price target of $120.38.
Diamondback Energy (FANG) opened at 99.75 on Thursday. Diamondback Energy has a one year low of $82.77 and a one year high of $114.00. The company has a 50-day moving average of $92.98 and a 200 day moving average of $95.20. The firm has a market cap of $9.79 billion, a P/E ratio of 27.43 and a beta of 1.08.
A number of institutional investors have recently bought and sold shares of FANG. Johnson Financial Group Inc. acquired a new stake in Diamondback Energy in the second quarter valued at $102,000. Cubist Systematic Strategies LLC grew its holdings in Diamondback Energy by 46.7% in the second quarter. Cubist Systematic Strategies LLC now owns 2,200 shares of the oil and natural gas company’s stock valued at $195,000 after purchasing an additional 700 shares during the last quarter. Sentry Investment Management LLC acquired a new stake in Diamondback Energy in the second quarter valued at $215,000. BB&T Securities LLC acquired a new stake in Diamondback Energy in the second quarter valued at $217,000. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in Diamondback Energy by 1.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,155 shares of the oil and natural gas company’s stock valued at $224,000 after purchasing an additional 40 shares during the last quarter.
In related news, VP Paul Molnar sold 5,000 shares of the company’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $95.04, for a total transaction of $475,200.00. Following the transaction, the vice president now owns 42,563 shares of the company’s stock, valued at $4,045,187.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael L. Hollis sold 1,000 shares of the company’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $95.00, for a total value of $95,000.00. The disclosure for this sale can be found here. Insiders have sold 11,805 shares of company stock worth $1,129,501 in the last ninety days. 0.41% of the stock is currently owned by corporate insiders.
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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