State of Alaska Department of Revenue increased its stake in shares of Diamondback Energy Inc (NASDAQ:FANG) by 15.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,008 shares of the oil and natural gas company’s stock after purchasing an additional 3,967 shares during the quarter. State of Alaska Department of Revenue’s holdings in Diamondback Energy were worth $2,608,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Archford Capital Strategies LLC raised its stake in Diamondback Energy by 1,100.0% in the second quarter. Archford Capital Strategies LLC now owns 240 shares of the oil and natural gas company’s stock valued at $26,000 after buying an additional 220 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in Diamondback Energy during the second quarter worth about $32,000. Commonwealth Bank of Australia grew its holdings in Diamondback Energy by 81.7% during the second quarter. Commonwealth Bank of Australia now owns 338 shares of the oil and natural gas company’s stock worth $34,000 after acquiring an additional 152 shares during the period. Mizuho Securities Co. Ltd. acquired a new stake in Diamondback Energy during the second quarter worth about $44,000. Finally, Coastal Investment Advisors Inc. grew its holdings in Diamondback Energy by 93.5% during the second quarter. Coastal Investment Advisors Inc. now owns 503 shares of the oil and natural gas company’s stock worth $54,000 after acquiring an additional 243 shares during the period. Hedge funds and other institutional investors own 99.17% of the company’s stock.
In related news, VP Russell Pantermuehl sold 2,000 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $100.78, for a total transaction of $201,560.00. Following the transaction, the vice president now owns 110,107 shares in the company, valued at $11,096,583.46. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael P. Cross sold 1,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $104.75, for a total value of $104,750.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,000 shares of company stock worth $1,621,690. Company insiders own 0.47% of the company’s stock.
FANG has been the topic of a number of recent analyst reports. Piper Jaffray Companies set a $156.00 price target on Diamondback Energy and gave the stock a “buy” rating in a research report on Friday, August 16th. Williams Capital reiterated a “buy” rating and set a $165.00 price target on shares of Diamondback Energy in a research report on Tuesday, July 30th. Northland Securities reiterated a “buy” rating and set a $150.00 price target on shares of Diamondback Energy in a research report on Wednesday, August 7th. Citigroup lowered their price target on Diamondback Energy from $135.00 to $118.00 and set a “buy” rating on the stock in a research report on Monday, September 23rd. Finally, Roth Capital lowered their price target on Diamondback Energy from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. Diamondback Energy currently has an average rating of “Buy” and an average price target of $149.05.
Shares of NASDAQ FANG traded up $0.20 during midday trading on Wednesday, hitting $81.02. The stock had a trading volume of 17,088 shares, compared to its average volume of 1,796,947. The company has a market capitalization of $13.93 billion, a PE ratio of 13.85, a P/E/G ratio of 0.43 and a beta of 0.77. The stock has a 50 day simple moving average of $94.51 and a 200-day simple moving average of $101.25. Diamondback Energy Inc has a 1 year low of $80.76 and a 1 year high of $136.47. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 0.29.
Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, August 6th. The oil and natural gas company reported $1.70 earnings per share for the quarter, missing the consensus estimate of $1.74 by ($0.04). The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Diamondback Energy had a net margin of 26.92% and a return on equity of 6.50%. The business’s revenue was up 93.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.59 EPS. As a group, analysts expect that Diamondback Energy Inc will post 7.02 earnings per share for the current fiscal year.
Diamondback Energy Company Profile
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.
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