Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp decreased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 8.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 131,930 shares of the oil and natural gas company’s stock after selling 12,168 shares during the period. Van ECK Associates Corp owned approximately 0.07% of Diamondback Energy worth $23,895,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Community Trust NA purchased a new stake in Diamondback Energy during the 2nd quarter worth $26,000. Carolinas Wealth Consulting LLC boosted its position in shares of Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after buying an additional 55 shares during the period. HHM Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at about $40,000. Values First Advisors Inc. purchased a new stake in shares of Diamondback Energy during the 3rd quarter valued at about $42,000. Finally, Founders Capital Management lifted its position in Diamondback Energy by 99.2% during the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after acquiring an additional 125 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on FANG shares. Piper Sandler lifted their price objective on shares of Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Wells Fargo & Company reiterated a “sector outperform” rating on shares of Diamondback Energy in a report on Friday, October 18th. Barclays raised Diamondback Energy from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $216.00 to $210.00 in a research report on Wednesday, October 2nd. Wolfe Research initiated coverage on Diamondback Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Bank of America raised their price objective on shares of Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $210.09.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $179.76 on Tuesday. Diamondback Energy, Inc. has a fifty-two week low of $145.70 and a fifty-two week high of $214.50. The stock has a market cap of $52.98 billion, a P/E ratio of 9.29, a P/E/G ratio of 1.24 and a beta of 1.89. The firm’s 50-day simple moving average is $182.94 and its 200 day simple moving average is $192.79. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the previous year, the company earned $3.68 earnings per share. The firm’s quarterly revenue was up 29.4% compared to the same quarter last year. Equities analysts expect that Diamondback Energy, Inc. will post 17.1 EPS for the current year.

Insider Activity

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.48% of the company’s stock.

Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It 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.