Diamondback Energy (NASDAQ:FANG) Cut to “Market Perform” at Oppenheimer

Diamondback Energy (NASDAQ:FANG) was downgraded by equities research analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, November 7th, The Fly reports. They currently have a $138.00 target price on the oil and natural gas company’s stock. Oppenheimer’s target price would indicate a potential upside of 79.01% from the stock’s previous close. Oppenheimer also issued estimates for Diamondback Energy’s Q1 2020 earnings at $2.15 EPS, Q2 2020 earnings at $2.29 EPS, Q3 2020 earnings at $2.37 EPS, Q4 2020 earnings at $2.43 EPS and FY2020 earnings at $9.23 EPS.

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A number of other equities research analysts have also recently issued reports on FANG. Piper Jaffray Companies set a $156.00 price objective on shares of Diamondback Energy and gave the stock a “buy” rating in a report on Friday, August 16th. TD Securities cut shares of Diamondback Energy from an “action list buy” rating to a “buy” rating and set a $155.00 price objective for the company. in a report on Friday, September 6th. Imperial Capital cut their target price on shares of Diamondback Energy from $100.00 to $88.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. KeyCorp cut their target price on shares of Diamondback Energy from $133.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. Finally, TheStreet lowered shares of Diamondback Energy from a “b-” rating to a “c+” rating in a research report on Tuesday, October 8th. Four equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $138.64.

Shares of FANG traded up $0.80 during trading hours on Thursday, hitting $77.09. The stock had a trading volume of 2,203,800 shares, compared to its average volume of 2,574,272. The firm has a market cap of $12.24 billion, a P/E ratio of 13.13, a P/E/G ratio of 0.94 and a beta of 0.78. Diamondback Energy has a 12-month low of $73.71 and a 12-month high of $115.97. The company’s fifty day simple moving average is $84.05 and its 200 day simple moving average is $97.30. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.68 and a current ratio of 0.72.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, November 5th. The oil and natural gas company reported $1.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.71 by ($0.24). The business had revenue of $975.00 million during the quarter, compared to the consensus estimate of $1.04 billion. Diamondback Energy had a return on equity of 6.01% and a net margin of 29.59%. The company’s revenue for the quarter was up 81.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.67 earnings per share. As a group, sell-side analysts predict that Diamondback Energy will post 6.53 earnings per share for the current fiscal year.

In related news, COO Michael L. Hollis sold 2,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $102.25, for a total value of $204,500.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael P. Cross sold 1,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $104.75, for a total transaction of $104,750.00. The disclosure for this sale can be found here. Insiders have sold 16,000 shares of company stock valued at $1,621,690 in the last ninety days. 0.47% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of the business. Archford Capital Strategies LLC grew its stake in shares of Diamondback Energy by 1,100.0% during the second quarter. Archford Capital Strategies LLC now owns 240 shares of the oil and natural gas company’s stock valued at $26,000 after purchasing an additional 220 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of Diamondback Energy during the second quarter valued at approximately $32,000. Commonwealth Bank of Australia grew its stake in shares of Diamondback Energy by 81.7% during the second quarter. Commonwealth Bank of Australia now owns 338 shares of the oil and natural gas company’s stock valued at $34,000 after purchasing an additional 152 shares during the last quarter. FNY Investment Advisers LLC grew its stake in shares of Diamondback Energy by 4,118.2% during the third quarter. FNY Investment Advisers LLC now owns 464 shares of the oil and natural gas company’s stock valued at $41,000 after purchasing an additional 453 shares during the last quarter. Finally, Mizuho Securities Co. Ltd. bought a new stake in shares of Diamondback Energy during the second quarter valued at approximately $44,000. 99.34% of the stock is currently owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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