Citigroup analyst Scott Gruber maintained a Buy rating on Diamondback (FANG) today and set a price target of $42.00. The company’s shares closed last Monday at $25.95, close to its 52-week low of $14.55.
According to TipRanks.com, Gruber is a 1-star analyst with an average return of -5.8% and a 38.4% success rate. Gruber covers the Basic Materials sector, focusing on stocks such as Solaris Oilfield Infrastructure, Nextier Oilfield Solutions, and Diamond Offshore Drilling.
Currently, the analyst consensus on Diamondback is a Strong Buy with an average price target of $61.41, a 154.2% upside from current levels. In a report issued on March 18, Credit Suisse also initiated coverage with a Buy rating on the stock with a $52.00 price target.
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Based on Diamondback’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $1.1 billion and GAAP net loss of $487 million. In comparison, last year the company earned revenue of $633 million and had a net profit of $307 million.
Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FANG in relation to earlier this year.
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 independent oil and natural gas company, which engages in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas. The Midstream Services segment involves in the Midland and Delaware Basins. The company was founded in December 2007 and is headquartered in Midland, TX.
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