Diamondback Energy Inc (FANG) Short Interest Up 50.9% in August
Diamondback Energy Inc (NASDAQ:FANG) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 7,656,979 shares, a growth of 50.9% from the August 15th total of 5,074,366 shares. Based on an average trading volume of 1,946,272 shares, the days-to-cover ratio is currently 3.9 days. Currently, 7.8% of the shares of the company are sold short.
NASDAQ:FANG opened at $121.73 on Friday. Diamondback Energy has a 1 year low of $93.16 and a 1 year high of $138.25. The firm has a market capitalization of $11.88 billion, a PE ratio of 22.97, a price-to-earnings-growth ratio of 0.75 and a beta of 0.62. The company has a quick ratio of 0.52, a current ratio of 0.54 and a debt-to-equity ratio of 0.33.
Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Wednesday, August 8th. The oil and natural gas company reported $1.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.64 by ($0.05). Diamondback Energy had a return on equity of 10.56% and a net margin of 33.37%. The business had revenue of $526.30 million during the quarter, compared to the consensus estimate of $479.57 million. During the same period in the previous year, the company posted $1.25 EPS. The company’s revenue for the quarter was up 95.4% compared to the same quarter last year. sell-side analysts predict that Diamondback Energy will post 6.35 earnings per share for the current year.
In other news, insider Michael L. Hollis sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $128.85, for a total value of $644,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Hof Matthew Kaes Van’t sold 832 shares of the business’s stock in a transaction that occurred on Wednesday, June 20th. The shares were sold at an average price of $128.46, for a total value of $106,878.72. Following the completion of the sale, the vice president now owns 6,897 shares of the company’s stock, valued at $885,988.62. The disclosure for this sale can be found here. Insiders sold a total of 5,972 shares of company stock valued at $768,014 over the last quarter. Company insiders own 0.57% of the company’s stock.
Several large investors have recently added to or reduced their stakes in FANG. M&T Bank Corp grew its stake in shares of Diamondback Energy by 26.9% in the first quarter. M&T Bank Corp now owns 7,692 shares of the oil and natural gas company’s stock worth $973,000 after purchasing an additional 1,629 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of Diamondback Energy by 33.1% in the first quarter. Robeco Institutional Asset Management B.V. now owns 8,376 shares of the oil and natural gas company’s stock worth $1,060,000 after purchasing an additional 2,081 shares in the last quarter. Eaton Vance Management grew its stake in shares of Diamondback Energy by 84.4% in the first quarter. Eaton Vance Management now owns 86,927 shares of the oil and natural gas company’s stock worth $10,998,000 after purchasing an additional 39,791 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of Diamondback Energy by 4.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 338,311 shares of the oil and natural gas company’s stock worth $42,804,000 after purchasing an additional 14,365 shares in the last quarter. Finally, American International Group Inc. grew its stake in shares of Diamondback Energy by 100.5% in the first quarter. American International Group Inc. now owns 4,240 shares of the oil and natural gas company’s stock worth $536,000 after purchasing an additional 2,125 shares in the last quarter.
A number of brokerages have recently weighed in on FANG. KLR Group reiterated a “buy” rating and issued a $211.00 price target on shares of Diamondback Energy in a report on Monday, August 20th. Williams Capital upgraded Diamondback Energy from a “hold” rating to a “buy” rating and boosted their price target for the company from $165.00 to $167.00 in a report on Monday, August 20th. BMO Capital Markets restated a “hold” rating and set a $135.00 price objective on shares of Diamondback Energy in a research note on Friday, August 17th. SunTrust Banks set a $175.00 price objective on Diamondback Energy and gave the stock a “buy” rating in a research note on Thursday, August 16th. Finally, Morgan Stanley lowered their price objective on Diamondback Energy from $176.00 to $164.00 and set an “overweight” rating for the company in a research note on Thursday, August 16th. Five research analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Diamondback Energy currently has a consensus rating of “Buy” and a consensus target price of $154.18.
About Diamondback Energy
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of onshore oil and natural gas reserves in the Permian Basin in West Texas. Its activities are primarily focused on the Wolfcamp, Spraberry, Clearfork, Bone Spring, and Cline formations.
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