Park Place Capital Corp Boosts Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Park Place Capital Corp boosted its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 161.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,114 shares of the oil and natural gas company’s stock after buying an additional 1,921 shares during the period. Park Place Capital Corp’s holdings in Diamondback Energy were worth $623,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FANG. Founders Capital Management grew its position in Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after buying an additional 101 shares during the last quarter. Logan Capital Management Inc. purchased a new position in Diamondback Energy in the 4th quarter valued at $31,000. Turtle Creek Wealth Advisors LLC purchased a new position in Diamondback Energy in the 4th quarter valued at $34,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in Diamondback Energy in the 1st quarter valued at $49,000. Finally, First Horizon Advisors Inc. boosted its position in shares of Diamondback Energy by 37.3% during the 4th quarter. First Horizon Advisors Inc. now owns 320 shares of the oil and natural gas company’s stock worth $50,000 after purchasing an additional 87 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Price Performance

FANG stock traded down $9.16 during trading on Friday, hitting $189.06. The stock had a trading volume of 1,999,255 shares, compared to its average volume of 1,129,321. The company’s 50 day moving average price is $198.25 and its two-hundred day moving average price is $190.21. Diamondback Energy, Inc. has a 1-year low of $143.08 and a 1-year high of $214.50. The stock has a market cap of $33.72 billion, a price-to-earnings ratio of 10.66, a price-to-earnings-growth ratio of 1.06 and a beta of 1.90. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92.

Insider Activity

In other news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the completion of the transaction, the chief operating officer now owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.48% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Scotiabank decreased their target price on shares of Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Piper Sandler boosted their target price on shares of Diamondback Energy from $247.00 to $249.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Morgan Stanley decreased their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, April 15th. Bank of America boosted their target price on shares of Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Finally, KeyCorp assumed coverage on shares of Diamondback Energy in a research report on Thursday, June 27th. They set an “overweight” rating and a $225.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and an average target price of $209.65.

About Diamondback Energy

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.