Public Employees Retirement Association of Colorado Sells 114,994 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Public Employees Retirement Association of Colorado trimmed its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 60.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,300 shares of the oil and natural gas company’s stock after selling 114,994 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Diamondback Energy were worth $14,922,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FANG. Founders Capital Management lifted its holdings in Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 101 shares during the last quarter. Logan Capital Management Inc. acquired a new stake in Diamondback Energy in the 4th quarter valued at approximately $31,000. Turtle Creek Wealth Advisors LLC bought a new position in Diamondback Energy in the 4th quarter worth approximately $34,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of Diamondback Energy during the first quarter worth approximately $49,000. Finally, First Horizon Advisors Inc. boosted its position in shares of Diamondback Energy by 37.3% in the fourth quarter. First Horizon Advisors Inc. now owns 320 shares of the oil and natural gas company’s stock valued at $50,000 after acquiring an additional 87 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Buying and Selling at Diamondback Energy

In other news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the transaction, the chief operating officer now directly owns 69,677 shares in the company, valued at $13,736,123.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Jere W. Thompson III sold 900 shares of Diamondback Energy stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $199.90, for a total value of $179,910.00. Following the completion of the sale, the vice president now directly owns 7,585 shares in the company, valued at $1,516,241.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the transaction, the chief operating officer now owns 69,677 shares in the company, valued at $13,736,123.78. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Analyst Upgrades and Downgrades

FANG has been the subject of several research analyst reports. Truist Financial upped their target price on shares of Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Piper Sandler boosted their price target on Diamondback Energy from $247.00 to $249.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. Susquehanna raised their price objective on Diamondback Energy from $212.00 to $245.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Wells Fargo & Company lifted their price objective on Diamondback Energy from $224.00 to $231.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Finally, Barclays assumed coverage on Diamondback Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 target price for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $209.65.

Diamondback Energy Trading Down 1.2 %

FANG stock opened at $198.27 on Tuesday. The business has a fifty day moving average price of $197.98 and a 200 day moving average price of $188.95. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89. Diamondback Energy, Inc. has a fifty-two week low of $143.08 and a fifty-two week high of $214.50. The stock has a market capitalization of $35.36 billion, a price-to-earnings ratio of 11.18, a P/E/G ratio of 1.08 and a beta of 1.90.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, beating analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.10 billion. During the same period last year, the company posted $4.10 earnings per share. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. Analysts expect that Diamondback Energy, Inc. will post 18.63 EPS for the current fiscal year.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It 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.