Homestead Advisers Corp Lowers Stock Position in Diamondback Energy, Inc. $FANG

Homestead Advisers Corp trimmed its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 1.9% during the third quarter, Holdings Channel.com reports. The fund owned 203,100 shares of the oil and natural gas company’s stock after selling 3,900 shares during the period. Homestead Advisers Corp’s holdings in Diamondback Energy were worth $29,064,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in FANG. Creekmur Asset Management LLC purchased a new stake in Diamondback Energy in the second quarter valued at approximately $28,000. E Fund Management Hong Kong Co. Ltd. grew its stake in shares of 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 buying an additional 102 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy in the 2nd quarter valued at $29,000. Salomon & Ludwin LLC purchased a new stake in shares of Diamondback Energy in the 3rd quarter valued at $31,000. Finally, Estabrook Capital Management acquired a new position in Diamondback Energy during the 2nd quarter worth about $41,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on FANG shares. UBS Group boosted their price target 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. Royal Bank Of Canada reiterated an “outperform” rating and set a $173.00 target price on shares of Diamondback Energy in a report on Friday, October 10th. Jefferies Financial Group reissued a “hold” rating and issued a $173.00 price target on shares of Diamondback Energy in a research report on Monday, January 19th. 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 report on Wednesday, January 28th. Finally, Sanford C. Bernstein reduced their price objective on Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating on the stock in a research note on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $185.90.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $168.99 on Thursday. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.35. The company has a fifty day simple moving average of $153.08 and a 200-day simple moving average of $146.83. The stock has a market cap of $48.40 billion, a P/E ratio of 11.74 and a beta of 0.63. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $169.49.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share for the quarter, beating analysts’ consensus estimates of $2.94 by $0.14. The company had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.48 billion. Diamondback Energy had a return on equity of 9.57% and a net margin of 27.32%.Diamondback Energy’s quarterly revenue was up 48.4% on a year-over-year basis. During the same period last year, the firm earned $3.19 earnings per share. Equities analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Insider Activity at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 377,911 shares of the firm’s stock in a transaction dated 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 approximately $144,828,599.04. This trade represents a 26.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.70% of the company’s stock.

Diamondback Energy 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.