Why Has Deutsche Bank Given Diamondback Energy (NASDAQ:FANG) a $94 Price Target
Investment analysts at Deutsche Bank commenced coverage coverage on shares of Diamondback Energy (NASDAQ:FANG) in an analyst research report revealed on Wednesday morning. The brokerage set Buy rating on the stock. Deutsche Bank’s target price per share of $94 suggests potential of 22.41% from the stock’s previous close.
From a total of 26 analysts covering Diamondback Energy (NASDAQ:FANG) stock, 25 rate it a ”Buy”, 0 a “Sell”, and 4 a ”Hold”. This means that 86% of the ratings are positive. The highest target price is $104 while the lowest target price is $71. The mean of all analyst targets is $88.88 with a 15.07% above today’s ($76.76) stock price. Diamondback Energy was the topic of 22 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Deutsche Bank initiated shares on December 2 with “Buy” rating. Canaccord Genuity initiated shares with “Buy” rating and $86 target share price in a report from an October 20. TH Capital maintained FANG stock in a recent report from November 17 with “Buy” rating. Evercore initiated the rating on October 2. Evercore has a “Buy” rating and a $86 price target on shares. Finally, Topeka Capital Markets maintained the stock with “Buy” rating in a report issued on a November 4.
Approximately 954,932 shares of stock traded hands. Diamondback Energy Inc (NASDAQ:FANG) has declined 5.74% since April 29, 2015 and is downtrending. It has underperformed by 5.54% the S&P500.
Diamondback Energy, Inc. is an independent oil and natural gas company. The company has a market cap of $5.25 billion. 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. It currently has negative earnings. The Company, through its subsidiary Viper, owns mineral interests underlying approximately 24,528 gross acres in Midland County Texas in the Permian Basin.
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.” Get a free copy of the Zacks research report on Diamondback Energy Inc (FANG).