Readystate Asset Management LP Invests $4.04 Million in Diamondback Energy, Inc. $FANG

Readystate Asset Management LP bought a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 1st quarter, Holdings Channel.com reports. The firm bought 20,429 shares of the oil and natural gas company’s stock, valued at approximately $4,041,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC purchased a new stake in Diamondback Energy during the 4th quarter valued at approximately $25,000. Richardson Financial Services Inc. boosted its position in shares of Diamondback Energy by 245.1% during the fourth quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock worth $26,000 after acquiring an additional 125 shares during the last quarter. Laurel Wealth Advisors LLC purchased a new position in Diamondback Energy during the fourth quarter valued at $26,000. Cedar Mountain Advisors LLC purchased a new position in Diamondback Energy during the first quarter valued at $26,000. Finally, JPL Wealth Management LLC bought a new stake in Diamondback Energy in the 3rd quarter valued at $26,000. Institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Mizuho increased their price objective on shares of Diamondback Energy from $220.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Zacks Research cut Diamondback Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Scotiabank upped their price objective on Diamondback Energy from $175.00 to $195.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Truist Financial reduced their price target on shares of Diamondback Energy from $242.00 to $220.00 and set a “buy” rating on the stock in a research report on Thursday, July 16th. Finally, Morgan Stanley lowered their price objective 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. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Diamondback Energy currently has an average rating of “Buy” and a consensus price target of $218.68.

Diamondback Energy Stock Down 2.8%

Shares of NASDAQ FANG opened at $190.30 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55. The company has a market cap of $53.53 billion, a P/E ratio of 221.28 and a beta of 0.42. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $214.51. The firm 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 announced its earnings results 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 analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.54 earnings per share. Research analysts anticipate that Diamondback Energy, Inc. will post 18.9 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Charles Alvin Meloy sold 83,334 shares of Diamondback Energy stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the completion of the sale, the director directly owned 851,530 shares in the company, valued at approximately $159,338,293.60. This trade represents a 8.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $200.54, for a total transaction of $1,002,700.00. Following the sale, the executive vice president directly owned 46,392 shares of the company’s stock, valued at $9,303,451.68. This represents a 9.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 113,691 shares of company stock worth $21,622,752 in the last 90 days. 0.64% of the stock is owned by insiders.

Diamondback Energy 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.