Encore Global Management LP Acquires New Position in Diamondback Energy, Inc. $FANG

Encore Global Management LP bought a new position in Diamondback Energy, Inc. (NASDAQ:FANG) in the first quarter, according to its most recent filing with the SEC. The firm bought 7,000 shares of the oil and natural gas company’s stock, valued at approximately $1,385,000.

Several other large investors also recently bought and sold shares of FANG. Cresset Asset Management LLC lifted its stake in shares of Diamondback Energy by 37.5% during the second quarter. Cresset Asset Management LLC now owns 4,726 shares of the oil and natural gas company’s stock worth $649,000 after buying an additional 1,288 shares during the period. Jump Financial LLC acquired a new position in shares of Diamondback Energy in the 2nd quarter valued at $2,301,000. Cerity Partners LLC increased its position in shares of Diamondback Energy by 13.5% in the 2nd quarter. Cerity Partners LLC now owns 51,104 shares of the oil and natural gas company’s stock valued at $7,022,000 after acquiring an additional 6,069 shares during the period. AXA S.A. raised its stake in Diamondback Energy by 8.5% in the 2nd quarter. AXA S.A. now owns 52,355 shares of the oil and natural gas company’s stock worth $7,194,000 after acquiring an additional 4,103 shares during the last quarter. Finally, Sei Investments Co. raised its stake in Diamondback Energy by 37.1% in the 2nd quarter. Sei Investments Co. now owns 154,582 shares of the oil and natural gas company’s stock worth $21,239,000 after acquiring an additional 41,866 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of FANG opened at $190.30 on Wednesday. The business’s 50-day moving average is $190.87 and its two-hundred day moving average is $183.53. The company has a market capitalization of $53.53 billion, a P/E ratio of 221.28 and a beta of 0.42. Diamondback Energy, Inc. has a fifty-two week low of $134.30 and a fifty-two week high of $214.51. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.74 by $0.49. The business had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $3.83 billion. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.54 EPS. Research analysts predict that Diamondback Energy, Inc. will post 18.9 earnings per share for the current year.

Insider Buying and Selling

In other Diamondback Energy news, Director Charles Alvin Meloy sold 83,334 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total value of $15,593,458.08. Following the completion of the transaction, the director directly owned 851,530 shares of the company’s stock, valued at approximately $159,338,293.60. The trade was a 8.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Matt Zmigrosky sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the sale, the executive vice president owned 46,392 shares in the company, valued at approximately $9,303,451.68. This represents a 9.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 113,691 shares of company stock valued at $21,622,752 in the last three months. 0.64% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. UBS Group dropped their price target on Diamondback Energy from $246.00 to $243.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. Wall Street Zen upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Truist Financial reduced their price objective on Diamondback Energy from $242.00 to $220.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. Scotiabank upped their target price on Diamondback Energy from $175.00 to $195.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 22nd. Finally, Barclays upped their target price on Diamondback Energy from $225.00 to $232.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Diamondback Energy presently has a consensus rating of “Buy” and a consensus target price of $218.68.

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.