Diamondback Energy, Inc. (NASDAQ:FANG) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 4,738,136 shares, a decrease of 18.9% from the August 15th total of 5,845,271 shares. Based on an average trading volume of 902,704 shares, the short-interest ratio is currently 5.2 days. Approximately 5.0% of the company’s stock are sold short.
A number of research analysts have weighed in on FANG shares. Zacks Investment Research downgraded Diamondback Energy from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. BidaskClub raised Diamondback Energy from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Credit Suisse Group reissued an “outperform” rating and issued a $151.00 target price on shares of Diamondback Energy in a report on Friday, June 2nd. BMO Capital Markets reissued a “buy” rating and issued a $100.00 target price on shares of Diamondback Energy in a report on Tuesday, June 27th. Finally, KeyCorp reissued a “buy” rating and issued a $113.00 target price on shares of Diamondback Energy in a report on Wednesday, September 6th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and nineteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $115.87.
Shares of Diamondback Energy (NASDAQ FANG) opened at 94.28 on Wednesday. The company’s 50-day moving average price is $91.17 and its 200 day moving average price is $95.46. Diamondback Energy has a 52 week low of $82.77 and a 52 week high of $114.00. The company has a market cap of $9.25 billion, a P/E ratio of 25.92 and a beta of 1.08.
Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.44. Diamondback Energy had a return on equity of 8.09% and a net margin of 38.24%. The business had revenue of $267.40 million during the quarter, compared to analysts’ expectations of $258.75 million. During the same quarter in the prior year, the firm earned $0.26 earnings per share. The business’s revenue was up 137.7% compared to the same quarter last year. Equities research analysts anticipate that Diamondback Energy will post $4.93 earnings per share for the current fiscal year.
In related news, VP Hof Matthew Kaes Van’t sold 650 shares of the stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $88.49, for a total transaction of $57,518.50. Following the sale, the vice president now directly owns 4,950 shares of the company’s stock, valued at $438,025.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael L. Hollis sold 1,000 shares of the stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,805 shares of company stock worth $166,741. Insiders own 0.41% of the company’s stock.
Several institutional investors have recently made changes to their positions in the business. Benefit Street Partners LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at approximately $3,552,000. Sentry Investment Management LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at approximately $215,000. Public Employees Retirement System of Ohio increased its holdings in shares of Diamondback Energy by 4.6% in the second quarter. Public Employees Retirement System of Ohio now owns 101,673 shares of the oil and natural gas company’s stock valued at $9,030,000 after purchasing an additional 4,506 shares during the last quarter. Energy Opportunities Capital Management LLC increased its holdings in shares of Diamondback Energy by 1.1% in the second quarter. Energy Opportunities Capital Management LLC now owns 16,000 shares of the oil and natural gas company’s stock valued at $1,421,000 after purchasing an additional 170 shares during the last quarter. Finally, Sterling Capital Management LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at approximately $2,779,000.
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Diamondback Energy Company Profile
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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