Diamondback Energy, Inc. $FANG Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company decreased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 48.4% in the 1st quarter, HoldingsChannel reports. The firm owned 146,140 shares of the oil and natural gas company’s stock after selling 137,320 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Diamondback Energy were worth $28,904,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Flagship Harbor Advisors LLC purchased a new stake in Diamondback Energy during the 4th quarter worth approximately $25,000. Richardson Financial Services Inc. boosted its position in Diamondback Energy by 245.1% in the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock valued at $26,000 after buying an additional 125 shares during the period. Laurel Wealth Advisors LLC purchased a new position in Diamondback Energy in the 4th quarter valued at approximately $26,000. Cedar Mountain Advisors LLC acquired a new position in shares of Diamondback Energy in the first quarter worth $26,000. Finally, JPL Wealth Management LLC acquired a new position in shares of Diamondback Energy in the third quarter worth $26,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Trading Up 1.6%

Shares of NASDAQ:FANG opened at $202.95 on Friday. Diamondback Energy, Inc. has a 52 week low of $134.30 and a 52 week high of $214.51. The company’s 50 day moving average is $190.79 and its two-hundred day moving average is $184.39. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. The company has a market cap of $57.09 billion, a PE ratio of 235.99 and a beta of 0.42.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, beating analysts’ consensus estimates of $3.74 by $0.49. The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The company’s revenue was up 4.7% on a year-over-year basis. During the same period last year, the business earned $4.54 EPS. Equities analysts predict that Diamondback Energy, Inc. will post 18.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Diamondback Energy news, EVP Matt Zmigrosky sold 5,000 shares of Diamondback Energy stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $200.54, for a total transaction of $1,002,700.00. Following the completion of the sale, the executive vice president directly owned 46,392 shares of the company’s stock, valued at $9,303,451.68. The trade was a 9.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Mark Lawrence Plaumann sold 500 shares of the company’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total value of $98,250.00. Following the transaction, the director directly owned 13,437 shares of the company’s stock, valued at approximately $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 113,691 shares of company stock worth $21,622,752. 0.64% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FANG has been the topic of a number of recent research reports. Raymond James Financial reaffirmed a “strong-buy” rating and set a $248.00 price objective on shares of Diamondback Energy in a research report on Friday. Mizuho lifted their target price on Diamondback Energy from $220.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Barclays boosted their target price on Diamondback Energy from $225.00 to $232.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Zacks Research downgraded Diamondback Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Finally, Wells Fargo & Company set a $212.00 price target on Diamondback Energy in a research report on Monday, June 22nd. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $218.63.

Diamondback Energy 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.