Price Action Alert: Could Diamondback Energy Inc See a Reversal After Breaking Its 52-Week High?

Price Action Alert: Could Diamondback Energy Inc See a Reversal After Breaking Its 52 Week High?

The stock of Diamondback Energy Inc (NASDAQ:FANG) hit a new 52-week high and has $120.95 target or 9.00% above today’s $110.96 share price. The 6 months bullish chart indicates low risk for the $9.79B company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $120.95 price target is reached, the company will be worth $881.10 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 1.86 million shares traded hands or 32.86% up from the average. Diamondback Energy Inc (NASDAQ:FANG) has risen 24.14% since April 28, 2016 and is uptrending. It has outperformed by 18.21% the S&P500.

Analysts await Diamondback Energy Inc (NASDAQ:FANG) to report earnings on February, 21. They expect $0.51 EPS, down 12.07% or $0.07 from last year’s $0.58 per share. FANG’s profit will be $45.00 million for 54.39 P/E if the $0.51 EPS becomes a reality. After $0.54 actual EPS reported by Diamondback Energy Inc for the previous quarter, Wall Street now forecasts -5.56% negative EPS growth.

Diamondback Energy Inc (NASDAQ:FANG) Ratings Coverage

Out of 30 analysts covering Diamondback Energy (NASDAQ:FANG), 25 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 83% are positive. Diamondback Energy has been the topic of 60 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm earned “Hold” rating on Monday, October 10 by Williams Capital Group. The stock of Diamondback Energy Inc (NASDAQ:FANG) has “Sector Perform” rating given on Monday, August 17 by Iberia Capital Partners. As per Wednesday, February 3, the company rating was initiated by GMP Securities. The rating was downgraded by Clarkson Platou to “Neutral” on Tuesday, March 15. Evercore initiated the stock with “Buy” rating in Friday, October 2 report. The stock has “Buy” rating given by Nomura on Thursday, December 3. The firm earned “Buy” rating on Wednesday, July 20 by Canaccord Genuity. The company was maintained on Tuesday, June 14 by Deutsche Bank. The firm earned “Overweight” rating on Friday, August 14 by KeyBanc Capital Markets. Roth Capital downgraded the stock to “Neutral” rating in Monday, May 9 report.

According to Zacks Investment Research, “Diamondback Energy, Inc. is an oil and natural gas company 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’s activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations. Diamondback Energy, Inc. is headquartered in Midland, Texas.”

Insitutional Activity: The institutional sentiment increased to 1.28 in 2016 Q2. Its up 0.25, from 1.03 in 2016Q1. The ratio is positive, as 35 funds sold all Diamondback Energy Inc shares owned while 104 reduced positions. 49 funds bought stakes while 94 increased positions. They now own 75.97 million shares or 2.70% less from 78.08 million shares in 2016Q1.
Copper Rock Llc holds 0.03% of its portfolio in Diamondback Energy Inc (NASDAQ:FANG) for 3,756 shares. Aperio Gru Ltd Liability Corp has 0.01% invested in the company for 13,869 shares. Morgan Dempsey Capital Mngmt Limited Liability last reported 878 shares in the company. Brenham Ltd Partnership has 14.59% invested in the company for 1.25 million shares. Hsbc Pcl owns 5,459 shares or 0% of their US portfolio. Tiger Eye Cap Lc holds 1.21% of its portfolio in Diamondback Energy Inc (NASDAQ:FANG) for 94,605 shares. Advisory Svcs Networks Lc has 0.01% invested in the company for 603 shares. Cupps Cap Ltd holds 0.17% or 7,330 shares in its portfolio. Morgan Stanley, a New York-based fund reported 220,061 shares. Franklin Res Inc holds 0.03% of its portfolio in Diamondback Energy Inc (NASDAQ:FANG) for 695,049 shares. Capstone Ltd Liability accumulated 0.03% or 15,020 shares. Great West Life Assurance Can reported 7,942 shares or 0% of all its holdings. Winfield Inc has invested 0% of its portfolio in Diamondback Energy Inc (NASDAQ:FANG). Metropolitan Life Insur Comm New York last reported 0% of its portfolio in the stock. The Texas-based Westwood Hldg Group has invested 0.58% in Diamondback Energy Inc (NASDAQ:FANG).

Insider Transactions: Since June 30, 2016, the stock had 0 insider purchases, and 12 sales for $6.42 million net activity. Hollis Michael L. sold $95,000 worth of stock or 1,000 shares. 240 shares were sold by Dick Teresa L., worth $23,876 on Thursday, September 8. Shares for $170,679 were sold by Pantermuehl Russell on Monday, August 1. Shares for $177,315 were sold by Moses Elizabeth on Monday, September 19. Shares for $2.94M were sold by Stice Travis D..

More news for Diamondback Energy Inc (NASDAQ:FANG) were recently published by: Zacks.com, which released: “Why the Earnings Streak Will Continue for Diamondback Energy (FANG)” on December 01, 2016. Streetinsider.com‘s article titled: “Moody’s Upgrades Diamondback Energy (FANG) to ‘Ba3’; Outlook Revised to Positive” and published on November 30, 2016 is yet another important article.

FANG Company Profile

Diamondback Energy, Inc., incorporated on December 30, 2011, is an independent oil and natural gas company. The Firm 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’s total net acreage position in the Permian Basin is approximately 84,680 net acres. The Company, through its subsidiary Viper Energy Partners LP (Viper), owns mineral interests underlying approximately 46,560 gross (17,060 net) acres primarily in Midland County, Texas in the Permian Basin. Approximately 60% of these net acres are operated by the Company. It has drilled or participated in the drilling 490 gross wells on its leasehold acreage in Permian Basin area, primarily targeting the Wolfberry play. The Permian Basin area covers a portion of western Texas and eastern New Mexico.

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