Readystate Asset Management LP Makes New Investment in Diamondback Energy, Inc. $FANG

Readystate Asset Management LP bought a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 20,429 shares of the oil and natural gas company’s stock, valued at approximately $4,041,000.

Other large investors have also recently made changes to their positions in the company. Cresset Asset Management LLC grew its position in Diamondback Energy by 37.5% during the 2nd quarter. Cresset Asset Management LLC now owns 4,726 shares of the oil and natural gas company’s stock valued at $649,000 after purchasing an additional 1,288 shares during the last quarter. Jump Financial LLC bought a new position in shares of Diamondback Energy in the second quarter worth approximately $2,301,000. Cerity Partners LLC grew its holdings in shares of Diamondback Energy by 13.5% during the second quarter. Cerity Partners LLC now owns 51,104 shares of the oil and natural gas company’s stock valued at $7,022,000 after buying an additional 6,069 shares during the last quarter. AXA S.A. increased its position in shares of Diamondback Energy by 8.5% during the second quarter. AXA S.A. now owns 52,355 shares of the oil and natural gas company’s stock valued at $7,194,000 after acquiring an additional 4,103 shares in the last quarter. Finally, Sei Investments Co. increased its position in shares of Diamondback Energy by 37.1% during the second quarter. Sei Investments Co. now owns 154,582 shares of the oil and natural gas company’s stock valued at $21,239,000 after acquiring an additional 41,866 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Stock Down 2.8%

Shares of FANG stock opened at $190.30 on Wednesday. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 12 month low of $134.30 and a 12 month high of $214.51. The stock has a market cap of $53.53 billion, a P/E ratio of 221.28 and a beta of 0.42. The company has a 50 day simple moving average of $190.87 and a two-hundred day simple moving average of $183.53.

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

Insider Buying and Selling

In other Diamondback Energy news, CAO Teresa L. Dick sold 7,000 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the sale, the chief accounting officer owned 85,755 shares in the company, valued at $17,228,179.50. This represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Charles Alvin Meloy sold 83,334 shares of the firm’s stock in a transaction dated 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 in the company, valued at $159,338,293.60. This trade represents a 8.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 113,691 shares of company stock worth $21,622,752. Company insiders own 0.64% of the company’s stock.

Analysts Set New Price Targets

FANG has been the subject of a number of research analyst reports. Sanford C. Bernstein lifted their target price on Diamondback Energy from $237.00 to $241.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Weiss Ratings lowered shares of Diamondback Energy from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, July 16th. KeyCorp increased their price objective on shares of Diamondback Energy from $196.00 to $225.00 and gave the company an “overweight” rating in a research report on Thursday, April 2nd. Morgan Stanley cut their target price on shares of Diamondback Energy from $229.00 to $216.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. Finally, UBS Group lowered their price target on Diamondback Energy from $246.00 to $243.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $218.68.

Diamondback Energy Company 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.