Varma Mutual Pension Insurance Co Boosts Position in Diamondback Energy, Inc. $FANG

Varma Mutual Pension Insurance Co grew its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 8.6% during the third quarter, Holdings Channel reports. The firm owned 107,899 shares of the oil and natural gas company’s stock after purchasing an additional 8,500 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Diamondback Energy were worth $15,440,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Creekmur Asset Management LLC purchased a new position in shares of Diamondback Energy in the 2nd quarter valued at $28,000. E Fund Management Hong Kong Co. Ltd. boosted its stake in 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 valued at $28,000 after acquiring an additional 102 shares in the last quarter. Twin Peaks Wealth Advisors LLC acquired a new position in Diamondback Energy in the second quarter valued at $29,000. Salomon & Ludwin LLC purchased a new position in shares of Diamondback Energy during the third quarter worth about $31,000. Finally, Estabrook Capital Management acquired a new stake in shares of Diamondback Energy during the second quarter worth about $41,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Down 0.9%

Diamondback Energy stock opened at $167.42 on Friday. The stock has a 50 day moving average of $154.42 and a two-hundred day moving average of $147.78. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $170.54. The stock has a market capitalization of $47.95 billion, a price-to-earnings ratio of 11.63 and a beta of 0.63. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.35.

Wall Street Analyst Weigh In

FANG has been the subject of several research reports. Wall Street Zen downgraded Diamondback Energy from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Diamondback Energy in a research report on Monday, December 29th. Morgan Stanley reduced their price objective on Diamondback Energy from $183.00 to $171.00 and set an “overweight” rating for the company in a research note on Friday, January 23rd. Roth Mkm set a $162.00 target price on shares of Diamondback Energy and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Finally, Wells Fargo & Company lifted their target price on shares of Diamondback Energy from $169.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, January 27th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $185.90.

Insiders Place Their Bets

In other Diamondback Energy news, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the business’s 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 transaction, the insider directly owned 98,686,727 shares of the company’s stock, valued at approximately $16,074,094,093.76. The trade was a 1.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles Alvin Meloy sold 377,911 shares of the company’s stock in a transaction 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 transaction, the director owned 1,044,864 shares of the company’s stock, valued at approximately $144,828,599.04. The trade was a 26.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,438,516 shares of company stock worth $225,026,921. 0.70% of the stock is currently owned by insiders.

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.