Is JP Morgan Positive On Shares of Diamondback Energy (NASDAQ:FANG)?


Why Has JP Morgan Given Diamondback Energy (NASDAQ:FANG) a $94.00 Price Target

JP Morgan have started its coverage for Diamondback Energy (NASDAQ:FANG), this morning Wednesday morning. The Investment firm found the stock of FANG quite attractive and now has a target PPS of $94.00 with a key Overweight rating.

From a total of 28 analysts covering Diamondback Energy (NASDAQ:FANG) stock, 24 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 $78. The mean of all analyst targets is $89.43 with a 18.49% above today’s ($74.94) stock price. Diamondback Energy was the topic of 24 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Nomura initiated shares on December 3 with “Buy” rating. Topeka Capital Markets maintained shares with “Buy” rating and $92 target share price in a report from a November 4. Roth Capital maintained FANG stock in a recent report from November 17 with “Buy” rating. Canaccord Genuity initiated the rating on October 20. Canaccord Genuity has a “Buy” rating and a $86 price target on shares. Finally, Northland Capital maintained the stock with “Outperform” rating in a report issued on a November 5.

The stock closed the day at $74.94 during the previous session. It is down 4.74% since May 6, 2015 and is downtrending. It has underperformed by 3.95% the S&P500.

The overall sentiment of institutions has increased to 1.12 in Q2 2015. Its up 0.04, from 1.08 in 2015Q2. The ratio increased, as 56 institutions have sold all the shares of Diamondback Energy Inc that they owned while 83 funds have taken shares off the table. 39 funds have purchased shares for the first time while 116 added to their positions. These institutions now hold 78.12 million shares or 18.88% more than the 65.72 million shares they owned in 2015Q2.

The Fund Brenham Capital Management L.P. currently is holding shares equating to 12.92% of its total portfolio in Diamondback Energy Inc representing a total of 930,000 shares. Another fund,Tbp Investments Management Llc, is holding a total of 56,600 shares equating to 9.86% of their holdings. Additionally, Goldentree Asset Management Lp has a 641,375 share stake in Diamondback Energy Inc which represents 6.78% of their total portfolio. The Fund, Afton Capital Management Llc, based out of North Carolina, has also built up a stake in the stock, which represents a total of 5.73% of their total portfolio. Finally Geosphere Capital Management, a fund which is based in the state of New York reported a total holdings of 32,500 shares.

Insider activity is a very important aspect to track on any stock. Going back to March 12, 2015, shareholders of Diamondback Energy Inc have witnessed 0 insider purchases, and a total of 17 selling transactions equating to a net activity of approximately $64.42 million . Pantermuehl Russell sold 1,278 shares worth approximately $95,850. Stice Travis D. sold 10,000 shares worth approximately $754,002. White Jeffrey L. sold 28,630 shares worth approximately $2.17M. Wexford Capital Lp sold 70,000 shares worth approximately $4.80 million. The company insider Molnar Paul sold 7,000 shares worth $486,530.

Diamondback Energy, Inc. is an independent oil and natural gas company. The company has a market cap of $5.00 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).