KeyBanc maintained its Diamondback Energy [FANG] rating to the equivalent of Overweight but changed the price target to $58 from $54, in a research note dated 2021-01-07. That figure represents around a 2.98% premium from where the company’s shares closed on Wednesday. Other analysts also revised their coverage, with Barclays’s analysts downgrading the shares from “an Overweight” rating to “an Equal weight” rating in a research note to investors issued in late October. In addition, Seaport Global Securities launched coverage on July 27, 2020. The research firm rated FANG “a Buy”.
Is Diamondback Energy Inc. [NASDAQ:FANG] a Good Buy Right Now?
It should be noted that FANG technical indicators for short, intermediate as well as long term progress have placed an overall average of 88% as Buy. The average signal changed from 72% Buy in the last week and compares with 40% Buy in the past month. Data from Diamondback Energy Inc.’s Trend Spotter indicated that the signals were Strongest. The stock current average is 3.63 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 4.41 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 50% Buy and the 100-day average volume stands at 3.57 million shares.
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FANG Price Performance
On Wall Street, Diamondback Energy Inc. [NASDAQ:FANG] finished Wednesday’s session up 4.94% at $56.32. The stock went up to $57.79 at the same session while its lowest single day price was $53.92. In the last five days, it saw a rise of about 19.83%, Diamondback Energy Inc. shares gained by almost 16.36% since the beginning of the year. However, the share price has dropped to as low as -41.89% below its one year high. On 01/06/21, the company shares recorded $57.79, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $47.56. The company’s shares have declined by -41.59% in the past year. The 50-day SMA achieved is $40.40 while the 200-day SMA is $38.42. Volume dropped to 4.45 million from 6.03 million in the previous session.
FANG Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 54.23 level, and in case of violation of this particular level, it will cause more drop to 52.14 level. On the upper level, 59.88 is still the key resistance. The stock may increase to the subsequent resistance at 58.10. The Relative Strength Index (RSI) pinned on the 14-day chart is 72.44, implying an overbought technical stance while the MACD stands at 4.60, meaning price will increase in the next trading period. Percent R indicator moved to 9.31%, implying bullish price movement. Stochastic %K at 82.39% suggest selling the stock.
What is the short interest in Diamondback Energy Inc.?
Short interest in the Diamondback Energy Inc. stock has surged, increasing by 2.05 million shares to total 7.59 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 9.64 million, data from Yahoo Finance shows. The decrease of -27.01% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 6.34% of the overall float for the stock.
Diamondback Energy Inc.’s Biggest Shareholders: Who Owns Diamondback Energy Inc. [FANG]?
Filings by Capital Research & Management Co showed that the firm now holds a total of 18,997,815 shares or roughly 12.03% of the outstanding FANG shares. This means their shares have reduced by -328,981 from the 18,997,815 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, The Vanguard Group, Inc. updated stake is worth $701,216,322. Details in the latest 13F filings reveal that SSgA Funds Management, Inc. acquired their 1.73% stake valued at $429,151,899 while JPMorgan Investment Management, I cut theirs at $428,056,115. During the last quarter, SSgA Funds Management, Inc. raised 182,379 of its shares in Diamondback Energy Inc. while JPMorgan Investment Management, I sold -1,247,769 shares. The BlackRock Fund Advisors’s holdings currently number 8,172,862 shares at $460295587.84. According to the firm’s last 13F report, Wellington Management Co. LLP shares in the company at filing stood at 7,642,022 shares, roughly $305,375,199.
FANG Earnings Forecast For The Current Quarter
Diamondback Energy Inc. [FANG] is expected to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $754.27M and an earnings per share of $0.78 for Dec 2020. Looking further ahead, the company is expected to report revenue of $797.47M at an EPS of $0.95 for Mar 2021. The estimates represent downside of 28.50% and 48.47% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
FANG Earnings Estimates For The Current Year
For the financial year, Diamondback Energy Inc. [NASDAQ:FANG] is expected to bring in revenue of $2.85B. The returns are nearly $-1.11 billion lower than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 2.99, lower than that of FY19 by -$3.94. Estimates put this year’s earnings growth at -56.90%, 49.80% for the next, and at an annual 14.45% over the next 5-year period. As for sales, forecasts are for a decrease of -28.10% in the current fiscal year and a further 28.50% over the following year.