On August 10, Diamondback rose 3.31% in regular trading, trading at $194.21/share, with turnover of $11.16 million. The stock continues to recover following its strong Q2 earnings report and a series of analyst price target increases.
Jefferies raised its price target on Diamondback to $205 from $200 while maintaining a Hold rating on August 10. This follows Susquehanna's target increase to $265 from $255 on August 5 and Wells Fargo's adjustment to $263 on August 4. The consensus mean price target stands at approximately $233. The upgrades come in the wake of Diamondback's Q2 results reported on August 3, where adjusted EPS of $6.48 beat the $6.08 consensus by 6.6% and revenue of $5.56 billion exceeded estimates of $4.89 billion by 13.7%. The board also doubled its share repurchase authorization to $16 billion, with approximately $9.9 billion remaining available.
Within the Oil and Gas Exploration and Production sector, peers also posted gains: Apache up 4.09%, Devon up 3.30%, EOG Resources up 3.15%, ConocoPhillips up 2.84%, and EQT Corp up 1.70%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)