Shell Asset Management Co. Sells 8,435 Shares of Diamondback Energy, Inc. $FANG

Shell Asset Management Co. decreased its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 64.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,563 shares of the oil and natural gas company’s stock after selling 8,435 shares during the period. Shell Asset Management Co.’s holdings in Diamondback Energy were worth $653,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Creekmur Asset Management LLC bought a new position in Diamondback Energy in the 2nd quarter worth about $28,000. E Fund Management Hong Kong Co. Ltd. lifted its holdings in shares of Diamondback Energy by 106.3% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the oil and natural gas company’s stock worth $28,000 after buying an additional 102 shares in the last quarter. Twin Peaks Wealth Advisors LLC bought a new position in shares of Diamondback Energy in the second quarter valued at approximately $29,000. Salomon & Ludwin LLC bought a new position in shares of Diamondback Energy in the third quarter valued at approximately $31,000. Finally, Estabrook Capital Management purchased a new position in Diamondback Energy during the second quarter valued at approximately $41,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Charles Alvin Meloy sold 60,605 shares of the company’s 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 sale, the director owned 982,006 shares in the company, valued at $158,220,806.72. This represents a 5.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $162.88, for a total value of $162,880,000.00. Following the transaction, the insider directly owned 98,686,727 shares of the company’s stock, valued at approximately $16,074,094,093.76. This trade represents a 1.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,438,516 shares of company stock worth $225,026,921 in the last three months. 0.48% of the stock is currently owned by insiders.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $169.14 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $170.54. The business’s 50 day simple moving average is $154.87 and its two-hundred day simple moving average is $148.00. The stock has a market capitalization of $48.44 billion, a P/E ratio of 11.75 and a beta of 0.63.

Wall Street Analyst Weigh In

FANG has been the topic of several research analyst reports. Wall Street Zen cut shares of Diamondback Energy from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. Sanford C. Bernstein reduced their target price on Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating for the company in a research report on Monday, January 5th. TD Cowen raised Diamondback Energy to a “strong-buy” rating in a report on Monday, February 9th. Mizuho cut their price objective on Diamondback Energy from $195.00 to $194.00 and set an “outperform” rating for the company in a report on Thursday, January 22nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Diamondback Energy in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $185.90.

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.