RBC Capital Sticks to Its Buy Rating for Diamondback (FANG)

In a report released yesterday, Scott Hanold from RBC Capital maintained a Buy rating on Diamondback (FANGResearch Report), with a price target of $184.00. The company’s shares closed last Thursday at $106.71.

According to, Hanold is a top 100 analyst with an average return of 24.1% and a 57.9% success rate. Hanold covers the Utilities sector, focusing on stocks such as Centennial Resource Development, California Resources Corp, and Continental Resources.

Currently, the analyst consensus on Diamondback is a Strong Buy with an average price target of $186.82, a 76.2% upside from current levels. In a report issued on June 29, Piper Sandler also maintained a Buy rating on the stock with a $196.00 price target.

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Based on Diamondback’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.41 billion and net profit of $779 million. In comparison, last year the company earned revenue of $1.18 billion and had a net profit of $220 million.

Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FANG in relation to earlier this year.

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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.

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