Diamondback Energy Inc. (FANG) Sees Unusually-High Trading Volume
Shares of Diamondback Energy Inc. (NASDAQ:FANG) saw unusually-high trading volume on Wednesday . Approximately 3,262,591 shares changed hands during trading, an increase of 178% from the previous session’s volume of 1,171,781 shares.The stock last traded at $90.23 and had previously closed at $91.96.
FANG has been the subject of several recent research reports. JPMorgan Chase & Co. reissued an “overweight” rating and set a $86.00 price target (up previously from $80.00) on shares of Diamondback Energy in a report on Tuesday, March 15th. Clarkson Capital lowered Diamondback Energy from a “buy” rating to a “neutral” rating in a report on Tuesday, March 15th. KLR Group boosted their price target on Diamondback Energy from $95.00 to $101.00 and gave the company a “buy” rating in a report on Monday, March 21st. Deutsche Bank AG boosted their price target on Diamondback Energy from $90.00 to $94.00 in a report on Wednesday, March 23rd. Finally, Stephens lowered Diamondback Energy from an “overweight” rating to an “equal weight” rating in a report on Monday, March 28th. Six investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $88.17.
The stock has a 50-day moving average of $90.20 and a 200 day moving average of $78.98. The stock’s market cap is $6.53 billion.
Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, May 3rd. The company reported $0.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.07. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The company had revenue of $87.48 million for the quarter, compared to analyst estimates of $91.53 million. The company’s revenue for the quarter was down 13.7% on a year-over-year basis. Equities analysts expect that Diamondback Energy Inc. will post $0.68 EPS for the current year.
In other news, VP Russell Pantermuehl sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $86.32, for a total transaction of $172,640.00. Following the transaction, the vice president now directly owns 73,914 shares in the company, valued at approximately $6,380,256.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Teresa L. Dick sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 25th. The stock was sold at an average price of $89.50, for a total value of $268,500.00. Following the transaction, the chief financial officer now owns 31,750 shares in the company, valued at $2,841,625. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently modified their holdings of the company. Russell Frank Co boosted its position in shares of Diamondback Energy by 7.7% in the fourth quarter. Russell Frank Co now owns 78,245 shares of the company’s stock valued at $5,167,000 after buying an additional 5,583 shares in the last quarter. New York State Common Retirement Fund raised its stake in Diamondback Energy by 3.2% in the fourth quarter. New York State Common Retirement Fund now owns 247,586 shares of the company’s stock valued at $16,564,000 after buying an additional 7,661 shares during the last quarter. Eaton Vance Management raised its stake in Diamondback Energy by 24.6% in the fourth quarter. Eaton Vance Management now owns 194,136 shares of the company’s stock valued at $12,988,000 after buying an additional 38,354 shares during the last quarter. Boston Partners raised its stake in Diamondback Energy by 71.5% in the fourth quarter. Boston Partners now owns 6,442,323 shares of the company’s stock valued at $430,991,000 after buying an additional 2,685,427 shares during the last quarter. Finally, Redwood Investments LLC raised its stake in Diamondback Energy by 22.6% in the fourth quarter. Redwood Investments LLC now owns 24,983 shares of the company’s stock valued at $1,671,000 after buying an additional 4,609 shares during the last quarter.
Diamondback Energy, Inc is an independent oil and natural gas company. The Company is focused on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. Its total net acreage position in the Permian Basin is approximately 84,680 net acres.
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