Diamondback Energy Inc (NASDAQ:FANG) – Investment analysts at Capital One Financial cut their FY2019 earnings estimates for Diamondback Energy in a report issued on Monday, December 9th, Zacks Investment Research reports. Capital One Financial analyst R. Tullis now expects that the oil and natural gas company will post earnings of $6.48 per share for the year, down from their previous forecast of $6.60. Capital One Financial also issued estimates for Diamondback Energy’s Q4 2019 earnings at $1.93 EPS.
A number of other equities analysts have also recently commented on FANG. TD Securities reduced their price target on Diamondback Energy from $150.00 to $140.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Raymond James reduced their price target on Diamondback Energy from $120.00 to $110.00 and set a “strong-buy” rating for the company in a report on Thursday, November 7th. Susquehanna Bancshares reduced their price target on Diamondback Energy from $125.00 to $130.00 in a report on Tuesday, October 1st. SunTrust Banks reduced their price target on Diamondback Energy from $145.00 to $125.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. reduced their price target on Diamondback Energy from $152.00 to $139.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Diamondback Energy presently has an average rating of “Buy” and an average target price of $135.60.
Diamondback Energy stock traded up $1.79 during midday trading on Tuesday, reaching $92.86. 1,101,512 shares of the company’s stock were exchanged, compared to its average volume of 1,912,606. Diamondback Energy has a 52 week low of $73.18 and a 52 week high of $114.14. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.68 and a current ratio of 0.72. The firm has a market cap of $14.90 billion, a price-to-earnings ratio of 15.82, a P/E/G ratio of 1.15 and a beta of 0.79. The stock’s 50-day simple moving average is $82.41 and its 200 day simple moving average is $92.56.
Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, November 5th. The oil and natural gas company reported $1.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.24). Diamondback Energy had a net margin of 29.59% and a return on equity of 6.01%. The company had revenue of $975.00 million during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the firm posted $1.67 EPS. Diamondback Energy’s revenue was up 81.6% compared to the same quarter last year.
Large investors have recently modified their holdings of the company. Nuveen Asset Management LLC bought a new stake in shares of Diamondback Energy in the second quarter valued at approximately $303,291,000. Millennium Management LLC boosted its stake in shares of Diamondback Energy by 358.9% in the third quarter. Millennium Management LLC now owns 2,349,370 shares of the oil and natural gas company’s stock valued at $211,231,000 after buying an additional 1,837,358 shares during the period. BlackRock Inc. boosted its stake in shares of Diamondback Energy by 4.7% in the second quarter. BlackRock Inc. now owns 10,717,934 shares of the oil and natural gas company’s stock valued at $1,167,931,000 after buying an additional 485,647 shares during the period. Balyasny Asset Management LLC boosted its stake in shares of Diamondback Energy by 14,382.5% in the second quarter. Balyasny Asset Management LLC now owns 468,943 shares of the oil and natural gas company’s stock valued at $51,101,000 after buying an additional 465,705 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in shares of Diamondback Energy by 47.5% in the second quarter. Point72 Asset Management L.P. now owns 1,406,516 shares of the oil and natural gas company’s stock valued at $153,268,000 after buying an additional 453,267 shares during the period. Institutional investors own 98.47% of the company’s stock.
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.