Jefferies Believes Diamondback (NASDAQ: FANG) Still Has Room to Grow

By Jason Carr

Jefferies analyst Mark Lear reiterated a Buy rating on Diamondback (NASDAQ: FANG) on July 9 and set a price target of $183. The company’s shares closed yesterday at $131.34, close to its 52-week high of $138.25.

According to TipRanks.com, Lear is a 3-star analyst with an average return of 2.6% and a 52.7% success rate. Lear covers the Basic Materials sector, focusing on stocks such as Jagged Peak Energy Inc, Whiting Petroleum Corp, and Continental Resources.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Diamondback with a $156 average price target.

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Based on Diamondback’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $163 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.

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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.