Oak Ridge Investments LLC lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 36.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,806 shares of the oil and natural gas company’s stock after buying an additional 8,723 shares during the period. Oak Ridge Investments LLC’s holdings in Diamondback Energy were worth $2,914,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of FANG. BlackRock Inc. raised its stake in shares of Diamondback Energy by 5,554.4% during the 1st quarter. BlackRock Inc. now owns 4,707,194 shares of the oil and natural gas company’s stock worth $488,205,000 after buying an additional 4,623,946 shares in the last quarter. Warburg Pincus LLC purchased a new position in shares of Diamondback Energy during the 1st quarter worth approximately $291,598,000. FMR LLC raised its stake in shares of Diamondback Energy by 17.0% during the 1st quarter. FMR LLC now owns 11,423,256 shares of the oil and natural gas company’s stock worth $1,184,763,000 after buying an additional 1,661,551 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Diamondback Energy by 20.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,633,723 shares of the oil and natural gas company’s stock worth $677,951,000 after buying an additional 1,278,802 shares in the last quarter. Finally, Harbour Capital Advisors LLC raised its stake in shares of Diamondback Energy by 8,536.0% during the 2nd quarter. Harbour Capital Advisors LLC now owns 767,052 shares of the oil and natural gas company’s stock worth $8,637,000 after buying an additional 758,170 shares in the last quarter.
A number of equities analysts have recently issued reports on FANG shares. Zacks Investment Research downgraded Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Monday, July 17th. BidaskClub downgraded Diamondback Energy from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 20th. Credit Suisse Group reissued an “outperform” rating and set a $151.00 target price on shares of Diamondback Energy in a research note on Friday, June 2nd. BMO Capital Markets reissued a “buy” rating and set a $100.00 target price on shares of Diamondback Energy in a research note on Tuesday, June 27th. Finally, Piper Jaffray Companies reissued an “overweight” rating and set a $141.00 target price on shares of Diamondback Energy in a research note on Thursday, May 25th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nineteen have given a buy rating to the company’s stock. Diamondback Energy has a consensus rating of “Buy” and an average target price of $117.13.
In other Diamondback Energy news, insider Michael L. Hollis sold 1,000 shares of the company’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $95.00, for a total value of $95,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Hof Matthew Kaes Van’t sold 650 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $88.49, for a total value of $57,518.50. Following the completion of the transaction, the vice president now directly owns 4,950 shares in the company, valued at approximately $438,025.50. The disclosure for this sale can be found here. Insiders sold 1,805 shares of company stock worth $166,741 in the last ninety days. 0.41% of the stock is owned by corporate insiders.
Shares of Diamondback Energy, Inc. (NASDAQ FANG) opened at 89.38 on Tuesday. The firm’s 50-day moving average price is $91.61 and its 200-day moving average price is $95.90. The firm has a market cap of $8.77 billion, a PE ratio of 24.58 and a beta of 1.08. Diamondback Energy, Inc. has a one year low of $82.77 and a one year high of $114.00.
Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.44. The company had revenue of $267.40 million for the quarter, compared to analysts’ expectations of $258.75 million. Diamondback Energy had a return on equity of 8.09% and a net margin of 38.24%. The firm’s revenue was up 137.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 earnings per share. Equities research analysts expect that Diamondback Energy, Inc. will post $4.93 earnings per share for the current fiscal year.
Diamondback Energy Company Profile
Diamondback Energy, Inc is an independent oil and natural gas company. The Company focuses on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2016, the Company’s total net acreage position in the Permian Basin was approximately 105,894 net acres.
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