Diamondback Energy Inc. (FANG) Sees Strong Trading Volume
Diamondback Energy Inc. (NASDAQ:FANG) shares saw unusually-strong trading volume on Wednesday . Approximately 1,945,559 shares were traded during trading, an increase of 70% from the previous session’s volume of 1,146,199 shares.The stock last traded at $90.50 and had previously closed at $89.53.
A number of research analysts recently issued reports on FANG shares. Goldman Sachs Group Inc. reaffirmed a “conviction-buy” rating on shares of Diamondback Energy in a report on Wednesday, June 8th. Roth Capital lowered Diamondback Energy from a “buy” rating to a “neutral” rating and set a $85.00 target price on the stock. in a report on Monday, May 9th. Stephens lowered Diamondback Energy from an “overweight” rating to an “equal weight” rating in a report on Monday, March 28th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Diamondback Energy in a report on Thursday, March 24th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $86.00 target price (up from $80.00) on shares of Diamondback Energy in a report on Tuesday, March 15th. Five research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $86.50.
The stock’s 50 day moving average price is $89.77 and its 200-day moving average price is $78.17. The stock’s market cap is $6.49 billion.
Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Tuesday, May 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.07. During the same quarter in the previous year, the business posted $0.38 earnings per share. The firm had revenue of $87.48 million for the quarter, compared to the consensus estimate of $91.53 million. The firm’s quarterly revenue was down 13.7% compared to the same quarter last year. On average, equities analysts predict that Diamondback Energy Inc. will post $0.63 EPS for the current year.
In related news, CEO Travis D. Stice sold 10,000 shares of the stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $90.49, for a total transaction of $904,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Russell Pantermuehl sold 2,000 shares of the stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $86.32, for a total value of $172,640.00. Following the transaction, the vice president now owns 73,914 shares of the company’s stock, valued at $6,380,256.48. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently bought and sold shares of the company. Hodges Capital Management Inc. increased its position in Diamondback Energy by 0.4% in the fourth quarter. Hodges Capital Management Inc. now owns 264,419 shares of the company’s stock worth $17,690,000 after buying an additional 1,097 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Diamondback Energy by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 462,091 shares of the company’s stock valued at $30,912,000 after buying an additional 1,159 shares during the period. California State Teachers Retirement System boosted its position in shares of Diamondback Energy by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 127,213 shares of the company’s stock valued at $8,511,000 after buying an additional 1,956 shares during the period. State Board of Administration of Florida Retirement System boosted its position in shares of Diamondback Energy by 3.8% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 55,939 shares of the company’s stock valued at $3,742,000 after buying an additional 2,059 shares during the period. Finally, Swiss National Bank boosted its position in shares of Diamondback Energy by 4.1% in the fourth quarter. Swiss National Bank now owns 87,072 shares of the company’s stock valued at $5,825,000 after buying an additional 3,400 shares during the period.
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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