Diamondback Energy (NASDAQ:FANG) Sets New 52-Week High – What’s Next?

Shares of Diamondback Energy, Inc. (NASDAQ:FANG) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $172.80 and last traded at $165.77, with a volume of 91004 shares trading hands. The stock had previously closed at $169.14.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. UBS Group increased their price objective on shares of Diamondback Energy from $174.00 to $194.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Roth Mkm set a $162.00 price target on Diamondback Energy and gave the company a “buy” rating in a research report on Tuesday, November 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Diamondback Energy in a research report on Monday, December 29th. Piper Sandler upped their price objective on Diamondback Energy from $215.00 to $218.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. Finally, Sanford C. Bernstein lowered their target price on shares of Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Diamondback Energy currently has an average rating of “Buy” and an average target price of $185.90.

Diamondback Energy Price Performance

The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.35. The company’s 50 day moving average is $154.87 and its 200 day moving average is $148.00. The firm has a market capitalization of $47.80 billion, a price-to-earnings ratio of 11.60 and a beta of 0.63.

Insider Activity at Diamondback Energy

In related news, Director Charles Alvin Meloy sold 377,911 shares of the stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $138.61, for a total transaction of $52,382,243.71. Following the sale, the director owned 1,044,864 shares of the company’s stock, valued at $144,828,599.04. This represents a 26.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of Diamondback Energy stock in a transaction 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 completion of the transaction, the insider directly owned 98,686,727 shares of the company’s stock, valued at $16,074,094,093.76. This represents a 1.00% decrease in their ownership of the stock. 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 over the last ninety days. Insiders own 0.48% of the company’s stock.

Institutional Trading of Diamondback Energy

Several large investors have recently modified their holdings of FANG. Tower Research Capital LLC TRC increased its holdings in Diamondback Energy by 105.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 12,828 shares of the oil and natural gas company’s stock valued at $1,928,000 after buying an additional 6,589 shares during the period. Concorde Financial Corp boosted its position in shares of Diamondback Energy by 18.1% during the 4th quarter. Concorde Financial Corp now owns 36,394 shares of the oil and natural gas company’s stock worth $5,928,000 after acquiring an additional 5,583 shares in the last quarter. American Alpha Advisors LLC increased its stake in Diamondback Energy by 14.9% in the fourth quarter. American Alpha Advisors LLC now owns 2,309 shares of the oil and natural gas company’s stock valued at $347,000 after acquiring an additional 300 shares during the last quarter. Private Advisor Group LLC increased its stake in Diamondback Energy by 0.3% in the fourth quarter. Private Advisor Group LLC now owns 36,729 shares of the oil and natural gas company’s stock valued at $5,521,000 after acquiring an additional 97 shares during the last quarter. Finally, Van Den Berg Management I Inc. raised its position in Diamondback Energy by 1.9% during the fourth quarter. Van Den Berg Management I Inc. now owns 84,661 shares of the oil and natural gas company’s stock valued at $12,727,000 after purchasing an additional 1,616 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

About Diamondback Energy

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.