Royal Bank of Canada Begins Coverage on Diamondback Energy (NASDAQ:FANG)

Royal Bank of Canada started coverage on shares of Diamondback Energy (NASDAQ:FANG) in a research report released on Thursday, BenzingaRatingsTable reports. The brokerage issued an outperform rating and a $156.00 price target on the oil and natural gas company’s stock.

Other equities analysts also recently issued research reports about the stock. Bank of America reissued an underperform rating and issued a GBX 55 ($0.72) price objective on shares of Lloyds Banking Group in a report on Tuesday, May 21st. Williams Capital set a $165.00 price objective on shares of Diamondback Energy and gave the stock a buy rating in a report on Thursday, May 23rd. BidaskClub raised shares of WhiteHorse Finance from a sell rating to a hold rating in a report on Thursday. Credit Suisse Group set a €21.78 ($25.33) price objective on shares of Deutsche Lufthansa and gave the stock a buy rating in a report on Monday, June 17th. Finally, TD Securities raised their price objective on shares of Diamondback Energy from $155.00 to $160.00 and gave the stock an action list buy rating in a report on Thursday, June 20th. Three investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $158.71.

FANG opened at $104.61 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.59 and a current ratio of 0.62. The stock has a market capitalization of $17.23 billion, a P/E ratio of 17.82, a price-to-earnings-growth ratio of 0.65 and a beta of 0.85. The business has a 50 day simple moving average of $104.08. Diamondback Energy has a 12-month low of $85.19 and a 12-month high of $140.78.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Tuesday, May 7th. The oil and natural gas company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $864.00 million for the quarter, compared to the consensus estimate of $893.16 million. Diamondback Energy had a net margin of 27.05% and a return on equity of 6.81%. The firm’s revenue was up 80.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.64 earnings per share. As a group, research analysts predict that Diamondback Energy will post 7.8 EPS for the current fiscal year.

In other news, CFO Hof Matthew Kaes Van’t sold 1,500 shares of Diamondback Energy stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $107.47, for a total transaction of $161,205.00. Following the sale, the chief financial officer now owns 27,465 shares in the company, valued at $2,951,663.55. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Russell Pantermuehl sold 5,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $112.18, for a total transaction of $560,900.00. Following the sale, the vice president now owns 117,107 shares in the company, valued at approximately $13,137,063.26. The disclosure for this sale can be found here. Insiders have sold 11,500 shares of company stock worth $1,258,505 in the last ninety days. Insiders own 0.47% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Securian Asset Management Inc raised its position in shares of Diamondback Energy by 0.6% during the first quarter. Securian Asset Management Inc now owns 16,116 shares of the oil and natural gas company’s stock valued at $1,636,000 after buying an additional 95 shares during the last quarter. Louisiana State Employees Retirement System raised its position in shares of Diamondback Energy by 1.2% during the first quarter. Louisiana State Employees Retirement System now owns 8,200 shares of the oil and natural gas company’s stock valued at $833,000 after buying an additional 100 shares during the last quarter. Penserra Capital Management LLC raised its position in shares of Diamondback Energy by 7.6% during the first quarter. Penserra Capital Management LLC now owns 1,438 shares of the oil and natural gas company’s stock valued at $145,000 after buying an additional 102 shares during the last quarter. LS Investment Advisors LLC raised its position in shares of Diamondback Energy by 2.0% during the first quarter. LS Investment Advisors LLC now owns 5,533 shares of the oil and natural gas company’s stock valued at $562,000 after buying an additional 106 shares during the last quarter. Finally, Fruth Investment Management raised its position in shares of Diamondback Energy by 5.2% during the first quarter. Fruth Investment Management now owns 2,301 shares of the oil and natural gas company’s stock valued at $233,000 after buying an additional 114 shares during the last quarter. Hedge funds and other institutional investors own 99.10% of the company’s stock.

Diamondback Energy Company Profile

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.

Further Reading: Accumulation/Distribution

Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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