Diamondback Energy, Inc. (FANG) Shares Sold by Korea Investment CORP
Korea Investment CORP reduced its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 6.0% during the second quarter, Holdings Channel reports. The institutional investor owned 46,900 shares of the oil and natural gas company’s stock after selling 3,000 shares during the period. Korea Investment CORP’s holdings in Diamondback Energy were worth $4,165,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of the stock. Toronto Dominion Bank increased its stake in shares of Diamondback Energy by 26.2% in the first quarter. Toronto Dominion Bank now owns 969 shares of the oil and natural gas company’s stock valued at $100,000 after buying an additional 201 shares in the last quarter. Winch Advisory Services LLC acquired a new stake in shares of Diamondback Energy during the first quarter valued at about $105,000. State of Alaska Department of Revenue acquired a new stake in shares of Diamondback Energy during the first quarter valued at about $180,000. Stevens Capital Management LP acquired a new stake in shares of Diamondback Energy during the first quarter valued at about $201,000. Finally, Teza Capital Management LLC acquired a new stake in shares of Diamondback Energy during the first quarter valued at about $202,000. 97.20% of the stock is currently owned by institutional investors.
Diamondback Energy, Inc. (FANG) opened at 92.87 on Friday. Diamondback Energy, Inc. has a 1-year low of $82.77 and a 1-year high of $114.00. The stock has a 50 day moving average of $91.49 and a 200-day moving average of $98.25. The company has a market cap of $9.11 billion, a PE ratio of 25.53 and a beta of 1.06.
Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.44. Diamondback Energy had a net margin of 38.24% and a return on equity of 8.09%. The company had revenue of $267.40 million during the quarter, compared to analysts’ expectations of $258.75 million. During the same period in the prior year, the company posted $0.26 earnings per share. Diamondback Energy’s revenue for the quarter was up 137.7% compared to the same quarter last year. On average, equities research analysts predict that Diamondback Energy, Inc. will post $4.88 earnings per share for the current year.
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Several brokerages have recently issued reports on FANG. Mizuho reaffirmed a “buy” rating and issued a $114.00 price target (up from $109.00) on shares of Diamondback Energy in a research report on Thursday, August 3rd. BMO Capital Markets set a $100.00 target price on Diamondback Energy and gave the stock a “buy” rating in a research report on Tuesday, August 1st. Scotiabank set a $95.00 target price on Diamondback Energy and gave the stock a “buy” rating in a research report on Saturday, July 1st. Roth Capital lifted their target price on Diamondback Energy from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, July 27th. Finally, Williams Capital set a $114.00 target price on Diamondback Energy and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, four have given a hold rating and twenty-one have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $115.92.
In related news, Director Steven E. West purchased 2,400 shares of Diamondback Energy stock in a transaction on Wednesday, May 17th. The stock was acquired at an average cost of $103.45 per share, for a total transaction of $248,280.00. Following the completion of the acquisition, the director now owns 2,400 shares of the company’s stock, valued at approximately $248,280. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael L. Hollis sold 1,000 shares of the firm’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $95.00, for a total transaction of $95,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.
About Diamondback Energy
Diamondback Energy, Inc is an independent oil and natural gas company. The Company focuses on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2016, the Company’s total net acreage position in the Permian Basin was approximately 105,894 net acres.
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