Diamondback Energy (NASDAQ:FANG) Hits New 52-Week High – Here’s What Happened

Diamondback Energy, Inc. (NASDAQ:FANG) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $169.53 and last traded at $169.35, with a volume of 1079055 shares changing hands. The stock had previously closed at $164.89.

Analysts Set New Price Targets

FANG has been the topic of a number of recent research reports. Piper Sandler lifted their target price on Diamondback Energy from $215.00 to $218.00 and gave the stock an “overweight” rating in a report on Wednesday, January 28th. Morgan Stanley decreased their target price on shares of Diamondback Energy from $183.00 to $171.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Scotiabank set a $175.00 target price on shares of Diamondback Energy in a research report on Friday, January 16th. Mizuho reduced their price target on shares of Diamondback Energy from $195.00 to $194.00 and set an “outperform” rating for the company in a research report on Thursday, January 22nd. Finally, UBS Group raised 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. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $185.90.

Diamondback Energy Stock Up 2.5%

The business’s 50 day simple moving average is $154.05 and its 200-day simple moving average is $147.49. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.60 and a current ratio of 0.62. The company has a market cap of $48.40 billion, a price-to-earnings ratio of 11.74 and a beta of 0.63.

Insider Transactions at Diamondback Energy

In related news, Director Charles Alvin Meloy sold 60,605 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $161.12, for a total transaction of $9,764,677.60. Following the transaction, the director owned 982,006 shares of the company’s stock, valued at approximately $158,220,806.72. This trade represents a 5.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $162.88, for a total transaction of $162,880,000.00. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,438,516 shares of company stock valued at $225,026,921 over the last ninety days. Company insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Diamondback Energy

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Diamondback Energy by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 23,325,287 shares of the oil and natural gas company’s stock worth $3,204,894,000 after acquiring an additional 388,512 shares in the last quarter. Boston Partners raised its stake in shares of Diamondback Energy by 2.9% in the 3rd quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company’s stock valued at $821,649,000 after acquiring an additional 163,548 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Diamondback Energy by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company’s stock worth $844,073,000 after purchasing an additional 14,625 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Diamondback Energy by 11.5% during the fourth quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company’s stock worth $775,607,000 after purchasing an additional 532,756 shares during the period. Finally, Capital Research Global Investors grew its holdings in Diamondback Energy by 14.1% during the fourth quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company’s stock valued at $651,363,000 after purchasing an additional 534,073 shares during 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.