Siebert Williams Shank & Co Sticks to Its Buy Rating for Diamondback (FANG)

By Ryan Adsit

In a report issued on December 3, Gabriele Sorbara from Siebert Williams Shank & Co maintained a Buy rating on Diamondback (FANGResearch Report), with a price target of $62.00. The company’s shares closed last Tuesday at $62.87.

According to TipRanks.com, Sorbara has 0 stars on 0-5 stars ranking scale with an average return of -14.7% and a 30.6% success rate. Sorbara covers the Utilities sector, focusing on stocks such as Continental Resources, Matador Resources, and Concho Resources.

Currently, the analyst consensus on Diamondback is a Strong Buy with an average price target of $58.44, a -1.5% downside from current levels. In a report issued on December 11, Morgan Stanley also upgraded the stock to Buy with a $65.00 price target.

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Based on Diamondback’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $720 million and GAAP net loss of $1.11 billion. In comparison, last year the company earned revenue of $975 million and had a net profit of $368 million.

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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.