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Diamondback (FANG) Receives a Buy from Piper Jaffray


In a report released today, David Kistler from Piper Jaffray maintained a Buy rating on Diamondback (NASDAQ: FANG). The company’s shares opened today at $133.55, close to its 52-week high of $138.25.

According to TipRanks.com, Kistler is a 4-star analyst with an average return of 10.3% and a 63.0% success rate. Kistler covers the Basic Materials sector, focusing on stocks such as Sanchez Energy Corporation, Whiting Petroleum Corp, and Continental Resources.

Currently, the analyst consensus on Diamondback is a Strong Buy with an average price target of $167.45, which is a 25.4% upside from current levels. In a report issued on September 26, Morgan Stanley also maintained a Buy rating on the stock with a $168 price target.

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Based on Diamondback’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $219 million. In comparison, last year the company had a net profit of $158 million.

Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is negative on the stock.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Diamondback Energy, Inc. is an oil and natural gas company, which engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves. The company was founded in December 2007 and is headquartered in Midland, TX.