Diamondback Energy Inc (FANG) was Reiterated by Topeka Capital Markets to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 96 from a previous price target of $85 . Topeka Capital Markets advised their investors in a research report released on May 4, 2016.
Many Wall Street Analysts have commented on Diamondback Energy Inc. Shares were Downgraded by Canaccord Genuity on Feb 18, 2016 to ” Hold” and Lowered the Price Target to $ 65 from a previous price target of $71 .Shares were Reiterated by Topeka Capital Markets on Feb 17, 2016 to “Buy” and Lowered the Price Target to $ 85 from a previous price target of $90 .
On the company’s financial health, Diamondback Energy Inc reported $0.02 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on May 3, 2016. Analyst had a consensus of $-0.06. The company had revenue of $87.48 million for the quarter, compared to analysts expectations of $89.55 million. The company’s revenue was down -13.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.38 EPS.
Diamondback Energy Inc opened for trading at $87.08 and hit $87.77 on the upside on Monday, eventually ending the session at $87.61, with a gain of 1.19% or 1.03 points. The heightened volatility saw the trading volume jump to 12,77,158 shares. Company has a market cap of $6,255 M.
In a different news, on May 3, 2016, Russell Pantermuehl (VP Reservoir Engineering) sold 2,000 shares at $86.72 per share price. According to the SEC, on Apr 19, 2016, Michael L. Hollis (VP and Chief Operating Officer) sold 2,000 shares at $80.87 per share price. On Mar 7, 2016, Elizabeth Moses (VP Land) sold 1,133 shares at $74.05 per share price, according to the Form-4 filing with the securities and exchange commission.
Diamondback Energy Inc. is an independent oil and natural gas company. The Company is focused on the acquisition development exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. The Company through its subsidiary Viper owns mineral interests underlying approximately 24528 gross (15948 net) acres in Midland County Texas in the Permian Basin. Approximately 43% of these net acres are operated by the Company. As of December 31 2014 it had drilled or participated in the drilling of 405 gross (343 net) wells on its leasehold acreage in this area primarily targeting the Wolfberry play. The Permian Basin area covers a portion of western Texas and eastern New Mexico. The Company’s activities are primarily focused on the Clearfork Spraberry Wolfcamp Cline Strawn and Atoka formations which it refers to collectively as the Wolfberry play.