Diamondback Energy Inc (FANG) reported quarterly earnings results on Tuesday, May-3-2016. The company said it had a profit of $0.02 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.08. Analysts had a consensus of $-0.06. The company posted revenue of $87.48 million in the period, 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.
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 .
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 Apr 19, 2016, Michael L. Hollis (VP and Chief Operating Officer) sold 2,000 shares at $80.87 per share price. According to the SEC, on Apr 15, 2016, Russell Pantermuehl (VP Reservoir Engineering) sold 6,000 shares at $81.28 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.