Triangle Securities Wealth Management bought a new stake in Diamondback Energy Inc (NASDAQ:FANG) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 4,325 shares of the oil and natural gas company’s stock, valued at approximately $569,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FANG. Lord Abbett & CO. LLC lifted its stake in Diamondback Energy by 223.0% during the first quarter. Lord Abbett & CO. LLC now owns 666,299 shares of the oil and natural gas company’s stock worth $84,300,000 after purchasing an additional 459,995 shares during the last quarter. Capital Growth Management LP purchased a new stake in Diamondback Energy during the first quarter worth approximately $51,241,000. Franklin Resources Inc. lifted its stake in Diamondback Energy by 76.1% during the fourth quarter. Franklin Resources Inc. now owns 765,062 shares of the oil and natural gas company’s stock worth $96,581,000 after purchasing an additional 330,652 shares during the last quarter. Arosa Capital Management LP purchased a new stake in Diamondback Energy during the first quarter worth approximately $34,257,000. Finally, Legal & General Group Plc lifted its stake in Diamondback Energy by 206.8% during the first quarter. Legal & General Group Plc now owns 401,479 shares of the oil and natural gas company’s stock worth $50,795,000 after purchasing an additional 270,607 shares during the last quarter.
Shares of Diamondback Energy traded down $0.48, reaching $130.28, during trading on Thursday, MarketBeat reports. The company had a trading volume of 837,286 shares, compared to its average volume of 1,640,097. The firm has a market cap of $13.21 billion, a P/E ratio of 24.54, a PEG ratio of 0.74 and a beta of 0.73. The company has a current ratio of 0.53, a quick ratio of 0.52 and a debt-to-equity ratio of 0.30. Diamondback Energy Inc has a fifty-two week low of $85.73 and a fifty-two week high of $138.25.
Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, May 8th. The oil and natural gas company reported $1.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.59 by $0.05. The business had revenue of $480.20 million for the quarter, compared to analyst estimates of $445.78 million. Diamondback Energy had a return on equity of 10.53% and a net margin of 35.09%. The company’s revenue for the quarter was up 104.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 earnings per share. research analysts forecast that Diamondback Energy Inc will post 6.79 EPS for the current fiscal year.
Several equities research analysts recently weighed in on FANG shares. ValuEngine upgraded Diamondback Energy from a “hold” rating to a “buy” rating in a research note on Tuesday, March 27th. BidaskClub cut Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Thursday, April 12th. Jefferies Financial Group set a $162.00 target price on Diamondback Energy and gave the stock a “buy” rating in a research note on Monday, March 19th. TD Securities assumed coverage on Diamondback Energy in a research note on Thursday, July 5th. They issued a “buy” rating and a $165.00 price objective for the company. Finally, Morgan Stanley boosted their price objective on Diamondback Energy from $161.00 to $163.00 and gave the company an “overweight” rating in a research note on Thursday, May 24th. Three investment analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $145.59.
In related news, CFO Teresa L. Dick sold 2,500 shares of the company’s stock in a transaction on Thursday, May 17th. The stock was sold at an average price of $136.98, for a total transaction of $342,450.00. Following the transaction, the chief financial officer now owns 26,647 shares of the company’s stock, valued at $3,650,106.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Russell Pantermuehl sold 2,000 shares of the company’s stock in a transaction on Thursday, May 17th. The stock was sold at an average price of $137.00, for a total value of $274,000.00. Following the transaction, the vice president now directly owns 91,532 shares in the company, valued at approximately $12,539,884. The disclosure for this sale can be found here. Insiders have sold 8,332 shares of company stock worth $1,079,729 in the last ninety days. 0.57% of the stock is currently owned by corporate insiders.
About Diamondback Energy
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of onshore oil and natural gas reserves in the Permian Basin in West Texas. Its activities are primarily focused on the Wolfcamp, Spraberry, Clearfork, Bone Spring, and Cline formations.
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