Valued at $56.7 billion, Diamondback Energy Inc. (FANG) is an independent oil and gas exploration and production company, with its primary focus on the Permian Basin. The upstream operator focuses on growth through a combination of acquisitions and active drilling in America’s hottest and lowest-cost shale region, says Jim Van Meerten, analyst at Barchart.
I found FANG by using Barchart’s powerful screening functions to sort for stocks with the highest technical buy signals; superior current momentum in both strength and direction; and a Trend Seeker “buy” signal. Since the Trend Seeker issued a new “buy” on Jan. 28, FANG stock is up 24.8%.
Diamondback Energy (FANG)
Diamondback has a Weighted Alpha of +67.8. The stock has gained 27.1% over the past 52 weeks. It recently traded at $199.02 with a 50-day moving average of $173.72. FANG has made nine new highs and has a technical support level around $200.56.
The Wall Street analysts followed by Barchart gave the stock 27 “Strong Buy,” three “Moderate Buy,” and four “Hold” opinions. Price targets range between $171 and $266.
Bottom line? Bad news in the Middle East is good news for energy stocks, especially ones that are totally located within the US like Diamondback. The company is a good investment if there are hostilities in the Middle East, but since no one knows how long the Iran War will last, please use stop losses to protect profits.
