Mirae Asset Global Investments Co. Ltd. Buys 185,942 Shares of Diamondback Energy, Inc. $FANG

Mirae Asset Global Investments Co. Ltd. bought a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) during the third quarter, Holdings Channel.com reports. The fund bought 185,942 shares of the oil and natural gas company’s stock, valued at approximately $34,178,000.

A number of other large investors also recently modified their holdings of the business. BlackRock Inc. bought a new stake in Diamondback Energy in the 2nd quarter valued at $3,303,362,000. Wellington Management Group LLP increased its stake in Diamondback Energy by 31.3% during the second quarter. Wellington Management Group LLP now owns 16,420,247 shares of the oil and natural gas company’s stock valued at $2,886,351,000 after acquiring an additional 3,918,943 shares during the period. State Street Corp increased its stake in Diamondback Energy by 4.2% during the second quarter. State Street Corp now owns 12,562,224 shares of the oil and natural gas company’s stock valued at $2,208,188,000 after acquiring an additional 510,281 shares during the period. Bank of New York Mellon Corp bought a new position in Diamondback Energy during the second quarter valued at about $852,791,000. Finally, Bank of America Corp DE raised its holdings in Diamondback Energy by 4.5% in the 1st quarter. Bank of America Corp DE now owns 1,368,069 shares of the oil and natural gas company’s stock valued at $270,590,000 after acquiring an additional 59,023 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on FANG. UBS Group raised their price objective on Diamondback Energy from $243.00 to $253.00 and gave the stock a “buy” rating in a research report on Monday, September 14th. Capital One Financial boosted their price objective on Diamondback Energy from $272.00 to $283.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Barclays cut their target price on Diamondback Energy from $232.00 to $221.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Scotiabank initiated coverage on Diamondback Energy in a research report on Wednesday, October 14th. They issued a “sector outperform” rating and a $250.00 target price for the company. Finally, Stephens reiterated an “outperform” rating on shares of Diamondback Energy in a research note on Tuesday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus target price of $228.43.

Insider Activity at Diamondback Energy

In related news, Director Charles Meloy sold 33,333 shares of the firm’s stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $183.74, for a total transaction of $6,124,605.42. Following the completion of the transaction, the director owned 759,864 shares in the company, valued at $139,617,411.36. This trade represents a 4.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis Stice sold 75,000 shares of the business’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $204.31, for a total value of $15,323,250.00. Following the completion of the sale, the director directly owned 49,727 shares in the company, valued at approximately $10,159,723.37. This represents a 60.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.64% of the stock is owned by company insiders.

Diamondback Energy Price Performance

Shares of FANG opened at $212.08 on Monday. The stock has a market cap of $59.39 billion, a price-to-earnings ratio of 41.34 and a beta of 0.49. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. Diamondback Energy, Inc. has a 12 month low of $137.03 and a 12 month high of $216.90. The company has a 50-day moving average price of $197.38 and a two-hundred day moving average price of $189.06.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, beating the consensus estimate of $6.08 by $0.40. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%. The company had revenue of $5.56 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same period in the prior year, the company posted $2.38 EPS. The company’s revenue was up 51.2% compared to the same quarter last year. Equities analysts predict that Diamondback Energy, Inc. will post 21.49 EPS for the current fiscal year.

About Diamondback Energy

Diamondback Energy, Inc is an independent oil and natural gas company engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. The company’s operations are concentrated in the Permian Basin of West Texas and southeastern New Mexico, particularly the Midland and Delaware Basins.

Diamondback produces crude oil, natural gas and natural gas liquids from horizontal wells and related infrastructure. Its activities include drilling and completing wells, operating gathering and processing assets, and managing midstream services that support production.