Cornerstone Investment Partners LLC Sells 6,267 Shares of Diamondback Energy, Inc. $FANG

Cornerstone Investment Partners LLC decreased its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 1.6% in the 3rd quarter, Holdings Channel reports. The firm owned 396,077 shares of the oil and natural gas company’s stock after selling 6,267 shares during the quarter. Diamondback Energy accounts for about 2.4% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 23rd largest holding. Cornerstone Investment Partners LLC’s holdings in Diamondback Energy were worth $56,679,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FANG. Creekmur Asset Management LLC acquired a new stake in shares of Diamondback Energy during the second quarter worth $28,000. E Fund Management Hong Kong Co. Ltd. lifted its holdings 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 buying an additional 102 shares during the period. Twin Peaks Wealth Advisors LLC bought a new stake in Diamondback Energy during the second quarter valued at $29,000. Salomon & Ludwin LLC bought a new stake in Diamondback Energy during the third quarter valued at $31,000. Finally, Estabrook Capital Management acquired a new stake in Diamondback Energy during the 2nd quarter worth about $41,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

FANG has been the topic of a number of recent analyst reports. UBS Group boosted their price objective on Diamondback Energy from $174.00 to $194.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Jefferies Financial Group reissued a “hold” rating and issued a $173.00 price target on shares of Diamondback Energy in a research note on Monday, January 19th. Roth Mkm set a $162.00 price target on Diamondback Energy and gave the stock a “buy” rating in a report on Tuesday, November 4th. Citigroup reduced their price objective on shares of Diamondback Energy from $180.00 to $178.00 and set a “buy” rating for the company in a research report on Tuesday, January 6th. Finally, Scotiabank set a $175.00 target price on shares of Diamondback Energy in a research report on Friday, January 16th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Diamondback Energy presently has a consensus rating of “Buy” and a consensus price target of $185.90.

Insider Activity

In other 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 value of $52,382,243.71. Following the completion of the sale, the director directly 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 document filed with the SEC, which is available through this hyperlink. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the firm’s stock in a transaction that occurred 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 owned 98,686,727 shares in the company, valued at $16,074,094,093.76. This represents a 1.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,438,516 shares of company stock worth $225,026,921. 0.70% of the stock is owned by insiders.

Diamondback Energy Stock Up 2.5%

Diamondback Energy stock opened at $169.01 on Thursday. The firm has a market capitalization of $48.40 billion, a price-to-earnings ratio of 11.74 and a beta of 0.63. The firm’s fifty day moving average price is $154.27 and its two-hundred day moving average price is $147.64. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $170.54. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.35.

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.