Diamondback Energy Inc (FANG) Stake Increased by Harvey Capital Management Inc.

Harvey Capital Management Inc. raised its position in shares of Diamondback Energy Inc (NASDAQ:FANG) by 7.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 18,935 shares of the oil and natural gas company’s stock after acquiring an additional 1,250 shares during the period. Harvey Capital Management Inc.’s holdings in Diamondback Energy were worth $1,922,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ranger Investment Management L.P. acquired a new stake in shares of Diamondback Energy during the fourth quarter worth approximately $25,000. Legacy Financial Advisors Inc. acquired a new stake in shares of Diamondback Energy during the fourth quarter worth approximately $30,000. Webster Bank N. A. acquired a new stake in shares of Diamondback Energy during the fourth quarter worth approximately $36,000. Bronfman E.L. Rothschild L.P. increased its holdings in shares of Diamondback Energy by 136.7% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 400 shares of the oil and natural gas company’s stock worth $37,000 after buying an additional 231 shares in the last quarter. Finally, Rehmann Capital Advisory Group increased its holdings in shares of Diamondback Energy by 114.4% during the fourth quarter. Rehmann Capital Advisory Group now owns 401 shares of the oil and natural gas company’s stock worth $37,000 after buying an additional 214 shares in the last quarter.

FANG stock traded up $1.91 during midday trading on Wednesday, reaching $108.78. The company’s stock had a trading volume of 81,711 shares, compared to its average volume of 1,670,063. Diamondback Energy Inc has a 52 week low of $85.19 and a 52 week high of $140.78. The stock has a market cap of $17.42 billion, a PE ratio of 18.54, a PEG ratio of 0.65 and a beta of 0.80. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.87 and a current ratio of 0.91.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, February 19th. The oil and natural gas company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.41). Diamondback Energy had a net margin of 38.84% and a return on equity of 7.83%. The business had revenue of $633.06 million during the quarter, compared to the consensus estimate of $663.21 million. As a group, sell-side analysts predict that Diamondback Energy Inc will post 7.84 earnings per share for the current fiscal year.

In related news, insider Randall J. Holder sold 4,000 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $104.13, for a total transaction of $416,520.00. Following the sale, the insider now directly owns 14,448 shares in the company, valued at $1,504,470.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael L. Hollis acquired 5,313 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The shares were bought at an average price of $95.12 per share, for a total transaction of $505,372.56. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 6,050 shares of company stock worth $626,158. Insiders own 0.57% of the company’s stock.

Several analysts have recently weighed in on the stock. Morgan Stanley set a $147.00 price objective on shares of Diamondback Energy and gave the stock a “buy” rating in a report on Tuesday, January 29th. Wells Fargo & Co lowered their price target on shares of Diamondback Energy from $157.00 to $151.00 and set a “positive” rating for the company in a report on Thursday, December 20th. Williams Capital reissued a “buy” rating and issued a $153.00 price target on shares of Diamondback Energy in a report on Wednesday, February 20th. ValuEngine raised shares of Diamondback Energy from a “sell” rating to a “hold” rating in a report on Wednesday, March 20th. Finally, Zacks Investment Research raised shares of Diamondback Energy from a “strong sell” rating to a “hold” rating in a report on Friday, February 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $158.57.

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Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.

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Institutional Ownership by Quarter for Diamondback Energy (NASDAQ:FANG)

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