Diamondback Energy (FANG) : Traders are bullish on Diamondback Energy (FANG) as it has outperformed the S&P 500 by a wide margin of 2.95% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 1.7%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 1.75% in the last 1 week, and is up 4.01% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 6.06% and the 50-Day Moving Average is 5.42%. Diamondback Energy (NASDAQ:FANG): stock turned positive on Friday. Though the stock opened at $94.38, the bulls momentum made the stock top out at $94.96 level for the day. The stock recorded a low of $93.57 and closed the trading day at $94.58, in the green by 0.45%. The total traded volume for the day was 603,271. The stock had closed at $94.16 in the previous days trading.
The company Insiders own 0.42% of Diamondback Energy shares according to the proxy statements. In the past twelve weeks, the net percent change held by company insiders has changed by -13.05% . During last six month period, the net percent change held by insiders has seen a change of -29.31%. Also, In a research note released to the investors, Deutsche Bank maintains its rating on Diamondback Energy (NASDAQ:FANG).The analysts at the brokerage house have a current rating of Buy on the shares. In a recent information released to the investors, Deutsche Bank raises the new price target from $104 per share to $112 per share. The rating by the firm was issued on August 10, 2016.
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 24,528 gross (15,948 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 Companys activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations, which it refers to collectively as the Wolfberry play.