Empowered Funds LLC Sells 36,771 Shares of Diamondback Energy, Inc. $FANG

Empowered Funds LLC lowered its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 23.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 116,822 shares of the oil and natural gas company’s stock after selling 36,771 shares during the quarter. Empowered Funds LLC’s holdings in Diamondback Energy were worth $23,106,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Cresset Asset Management LLC grew its position in shares of Diamondback Energy by 37.5% in the 2nd quarter. Cresset Asset Management LLC now owns 4,726 shares of the oil and natural gas company’s stock worth $649,000 after buying an additional 1,288 shares during the period. Jump Financial LLC purchased a new position in Diamondback Energy during the 2nd quarter valued at about $2,301,000. Cerity Partners LLC lifted its position in Diamondback Energy by 13.5% during the 2nd quarter. Cerity Partners LLC now owns 51,104 shares of the oil and natural gas company’s stock valued at $7,022,000 after acquiring an additional 6,069 shares during the period. AXA S.A. boosted its stake in Diamondback Energy by 8.5% during the second quarter. AXA S.A. now owns 52,355 shares of the oil and natural gas company’s stock worth $7,194,000 after acquiring an additional 4,103 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in Diamondback Energy by 37.1% during the second quarter. Sei Investments Co. now owns 154,582 shares of the oil and natural gas company’s stock worth $21,239,000 after acquiring an additional 41,866 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Insider Activity

In related news, Director Charles Alvin Meloy sold 83,334 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total value of $15,593,458.08. Following the transaction, the director directly owned 851,530 shares of the company’s stock, valued at approximately $159,338,293.60. This represents a 8.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Teresa L. Dick sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the transaction, the chief accounting officer directly owned 85,755 shares in the company, valued at $17,228,179.50. This trade represents a 7.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 113,691 shares of company stock worth $21,622,752. Corporate insiders own 0.64% of the company’s stock.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $190.30 on Wednesday. The company has a market capitalization of $53.53 billion, a price-to-earnings ratio of 221.28 and a beta of 0.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56. Diamondback Energy, Inc. has a one year low of $134.30 and a one year high of $214.51. The company’s 50-day moving average is $190.87 and its 200 day moving average is $183.53.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.74 by $0.49. The business had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company earned $4.54 earnings per share. Sell-side analysts expect that Diamondback Energy, Inc. will post 18.9 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FANG. Barclays raised their target price on shares of Diamondback Energy from $225.00 to $232.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Wall Street Zen raised Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Truist Financial cut their price target on Diamondback Energy from $242.00 to $220.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Mizuho raised their price objective on Diamondback Energy from $220.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $249.00 price objective on shares of Diamondback Energy in a research note on Wednesday, June 10th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Diamondback Energy currently has an average rating of “Buy” and an average target price of $218.68.

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.