Kovack Advisors Inc. Increases Stake in Diamondback Energy, Inc. $FANG

Kovack Advisors Inc. grew its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 59.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,449 shares of the oil and natural gas company’s stock after buying an additional 6,849 shares during the period. Kovack Advisors Inc.’s holdings in Diamondback Energy were worth $2,640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of FANG. E Fund Management Hong Kong Co. Ltd. increased its holdings in Diamondback Energy by 106.3% in the 3rd 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 acquiring an additional 102 shares during the last quarter. Creekmur Asset Management LLC bought a new position in shares of Diamondback Energy during the 2nd quarter valued at about $28,000. Salomon & Ludwin LLC purchased a new position in shares of Diamondback Energy during the third quarter valued at about $31,000. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Diamondback Energy in the second quarter worth about $29,000. Finally, Estabrook Capital Management bought a new stake in shares of Diamondback Energy in the second quarter worth about $41,000. Institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

FANG has been the subject of a number of research reports. Roth Mkm set a $162.00 price target on Diamondback Energy and gave the company a “buy” rating in a research note on Tuesday, November 4th. Scotiabank set a $175.00 price objective on Diamondback Energy in a report on Friday, January 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Diamondback Energy in a research report on Monday, December 29th. Wells Fargo & Company boosted their price target on shares of Diamondback Energy from $169.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 27th. Finally, TD Cowen raised shares of Diamondback Energy to a “strong-buy” rating in a research note on Monday, February 9th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $185.90.

Insider Activity

In other Diamondback Energy news, Director Charles Alvin Meloy sold 60,605 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $161.12, for a total transaction of $9,764,677.60. Following the completion of the transaction, the director owned 982,006 shares in the company, valued at $158,220,806.72. The trade was a 5.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the company’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 transaction, the insider directly owned 98,686,727 shares in the company, valued at approximately $16,074,094,093.76. This represents a 1.00% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,438,516 shares of company stock valued at $225,026,921. 0.70% of the stock is owned by insiders.

Diamondback Energy Trading Up 0.4%

FANG stock opened at $174.72 on Friday. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $177.02. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.35. The firm’s fifty day simple moving average is $155.70 and its two-hundred day simple moving average is $148.52. The stock has a market capitalization of $50.04 billion, a price-to-earnings ratio of 12.14 and a beta of 0.63.

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.