Eagle Rock Investment Company LLC Reduces Stake in Diamondback Energy, Inc. $FANG

Eagle Rock Investment Company LLC lessened its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 16.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 26,595 shares of the oil and natural gas company’s stock after selling 5,113 shares during the period. Eagle Rock Investment Company LLC’s holdings in Diamondback Energy were worth $3,806,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Diamondback Energy by 1.7% during the second quarter. Vanguard Group Inc. now owns 23,325,287 shares of the oil and natural gas company’s stock worth $3,204,894,000 after purchasing an additional 388,512 shares in the last quarter. Boston Partners raised its stake in Diamondback Energy by 2.8% during the 2nd quarter. Boston Partners now owns 5,569,990 shares of the oil and natural gas company’s stock worth $766,914,000 after acquiring an additional 151,150 shares in the last quarter. Geode Capital Management LLC raised its stake in Diamondback Energy by 2.7% during the 2nd quarter. Geode Capital Management LLC now owns 5,441,649 shares of the oil and natural gas company’s stock worth $746,526,000 after acquiring an additional 142,649 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Diamondback Energy by 9.0% in the second quarter. Bank of New York Mellon Corp now owns 4,642,218 shares of the oil and natural gas company’s stock valued at $637,841,000 after acquiring an additional 384,971 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its stake in Diamondback Energy by 9.2% in the second quarter. Raymond James Financial Inc. now owns 1,952,276 shares of the oil and natural gas company’s stock valued at $268,243,000 after acquiring an additional 164,293 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $169.14 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60. The firm has a market cap of $48.44 billion, a price-to-earnings ratio of 11.75 and a beta of 0.63. The firm’s fifty day moving average price is $154.63 and its 200 day moving average price is $147.86. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $170.54.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Wall Street Zen downgraded Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Wells Fargo & Company lifted their target price on shares of Diamondback Energy from $169.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, January 27th. Susquehanna reduced their price target on shares of Diamondback Energy to $188.00 and set a “positive” rating for the company in a research report on Monday, October 20th. Sanford C. Bernstein decreased their price target on shares of Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating for the company in a research note on Monday, January 5th. Finally, Morgan Stanley dropped their price objective on shares of Diamondback Energy from $183.00 to $171.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Diamondback Energy presently has an average rating of “Buy” and an average target price of $185.90.

Insider Activity

In other Diamondback Energy news, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $162.88, for a total transaction of $162,880,000.00. Following the transaction, the insider owned 98,686,727 shares in the company, valued at approximately $16,074,094,093.76. The trade was a 1.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles Alvin Meloy sold 60,605 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $161.12, for a total value of $9,764,677.60. Following the transaction, the director directly owned 982,006 shares of the company’s stock, valued at approximately $158,220,806.72. This trade represents a 5.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,438,516 shares of company stock worth $225,026,921. Insiders own 0.48% of the company’s stock.

Diamondback Energy Company Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.