Sumitomo Mitsui Asset Management Company LTD maintained its position in Diamondback Energy, Inc. (NASDAQ:FANG) during the second quarter, Holdings Channel reports. The firm owned 6,662 shares of the oil and natural gas company’s stock at the end of the second quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Diamondback Energy were worth $591,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in FANG. Toronto Dominion Bank raised its position in Diamondback Energy by 26.2% in the first quarter. Toronto Dominion Bank now owns 969 shares of the oil and natural gas company’s stock valued at $100,000 after buying an additional 201 shares during the period. Winch Advisory Services LLC acquired a new position in Diamondback Energy during the first quarter valued at approximately $105,000. State of Alaska Department of Revenue acquired a new position in Diamondback Energy during the first quarter valued at approximately $180,000. Stevens Capital Management LP acquired a new position in Diamondback Energy during the first quarter valued at approximately $201,000. Finally, Teza Capital Management LLC acquired a new position in Diamondback Energy during the first quarter valued at approximately $202,000. Institutional investors and hedge funds own 97.20% of the company’s stock.
Diamondback Energy, Inc. (NASDAQ FANG) opened at 94.58 on Thursday. The stock has a market cap of $9.28 billion, a P/E ratio of 2012.34 and a beta of 1.06. The firm’s 50-day moving average is $91.14 and its 200-day moving average is $98.36. Diamondback Energy, Inc. has a 52-week low of $82.77 and a 52-week high of $114.00.
Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.44. Diamondback Energy had a net margin of 38.24% and a return on equity of 8.09%. The firm had revenue of $267.40 million for the quarter, compared to analyst estimates of $258.75 million. During the same period in the prior year, the firm earned $0.26 earnings per share. The business’s quarterly revenue was up 137.7% compared to the same quarter last year. Equities research analysts predict that Diamondback Energy, Inc. will post $4.87 earnings per share for the current year.
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Several equities analysts have commented on the stock. Wells Fargo & Company reiterated an “outperform” rating and set a $110.00 price objective (down previously from $125.00) on shares of Diamondback Energy in a research report on Saturday, July 22nd. BidaskClub lowered shares of Diamondback Energy from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Roth Capital set a $130.00 target price on shares of Diamondback Energy and gave the stock a “buy” rating in a report on Tuesday, May 2nd. Bank of America Corporation began coverage on shares of Diamondback Energy in a report on Wednesday, July 19th. They issued a “buy” rating and a $115.00 target price for the company. Finally, BMO Capital Markets restated a “buy” rating and issued a $100.00 target price on shares of Diamondback Energy in a report on Tuesday, June 27th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $115.77.
In other news, Director Steven E. West bought 2,400 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The shares were purchased at an average cost of $103.45 per share, for a total transaction of $248,280.00. Following the completion of the purchase, the director now owns 2,400 shares of the company’s stock, valued at $248,280. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael L. Hollis sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $95.00, for a total transaction of $95,000.00. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by corporate insiders.
Diamondback Energy Company Profile
Diamondback Energy, Inc is an independent oil and natural gas company. The Company focuses on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2016, the Company’s total net acreage position in the Permian Basin was approximately 105,894 net acres.
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