Seaport Global Securities Weighs in on Diamondback Energy, Inc.’s Q4 2017 Earnings (FANG)
Diamondback Energy, Inc. (NASDAQ:FANG) – Research analysts at Seaport Global Securities boosted their Q4 2017 earnings estimates for shares of Diamondback Energy in a report released on Tuesday. Seaport Global Securities analyst M. Kelly now anticipates that the oil and natural gas company will post earnings of $1.31 per share for the quarter, up from their prior estimate of $1.29. Seaport Global Securities also issued estimates for Diamondback Energy’s Q1 2018 earnings at $0.62 EPS, Q2 2018 earnings at $0.58 EPS, Q3 2018 earnings at $0.72 EPS and Q4 2018 earnings at $0.78 EPS.
Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.44. Diamondback Energy had a return on equity of 8.09% and a net margin of 38.24%. The business had revenue of $267.40 million during the quarter, compared to the consensus estimate of $258.75 million. During the same period last year, the company earned $0.26 earnings per share. The business’s revenue for the quarter was up 137.7% compared to the same quarter last year.
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FANG has been the topic of several other research reports. Stifel Nicolaus set a $129.00 price target on Diamondback Energy and gave the company a “buy” rating in a research note on Thursday. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $110.00 price target (down previously from $125.00) on shares of Diamondback Energy in a research note on Saturday, July 22nd. BidaskClub lowered Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. BMO Capital Markets set a $110.00 price target on Diamondback Energy and gave the company a “buy” rating in a research note on Saturday, August 12th. Finally, Bank of America Corporation began coverage on Diamondback Energy in a research note on Wednesday, July 19th. They issued a “buy” rating and a $115.00 price target on the stock. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nineteen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $120.67.
Shares of Diamondback Energy (FANG) opened at 99.09 on Thursday. The stock’s 50 day moving average price is $93.35 and its 200 day moving average price is $95.17. The company has a market capitalization of $9.72 billion, a P/E ratio of 27.24 and a beta of 1.08. Diamondback Energy has a 52-week low of $82.77 and a 52-week high of $114.00.
In other news, VP Hof Matthew Kaes Van’t sold 650 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $88.49, for a total value of $57,518.50. Following the transaction, the vice president now owns 4,950 shares in the company, valued at approximately $438,025.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael L. Hollis sold 1,000 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $100.00, for a total value of $100,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,805 shares of company stock worth $1,129,501. Company insiders own 0.41% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. FMR LLC grew its stake in Diamondback Energy by 1.6% during the 2nd quarter. FMR LLC now owns 11,609,146 shares of the oil and natural gas company’s stock worth $1,031,009,000 after buying an additional 185,890 shares during the last quarter. Vanguard Group Inc. grew its stake in Diamondback Energy by 8.9% during 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 last quarter. JPMorgan Chase & Co. grew its stake in Diamondback Energy by 20.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,633,723 shares of the oil and natural gas company’s stock worth $677,951,000 after buying an additional 1,278,802 shares during the last quarter. Warburg Pincus LLC grew its stake in 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 worth $580,188,000 after buying an additional 3,721,519 shares during the last quarter. Finally, BlackRock Inc. grew its stake in Diamondback Energy by 4.9% during the 2nd quarter. BlackRock Inc. now owns 4,936,470 shares of the oil and natural gas company’s stock worth $438,409,000 after buying an additional 229,276 shares during the last quarter.
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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