Diamondback Energy, Inc. $FANG Stock Position Lowered by Wealthfront Advisers LLC

Wealthfront Advisers LLC trimmed its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 7.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 70,758 shares of the oil and natural gas company’s stock after selling 5,697 shares during the period. Wealthfront Advisers LLC’s holdings in Diamondback Energy were worth $10,125,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of FANG. Smead Capital Management Inc. purchased a new stake in Diamondback Energy in the 2nd quarter worth about $144,775,000. Vanguard Group Inc. grew its position in Diamondback Energy by 1.7% during the second quarter. Vanguard Group Inc. now owns 23,325,287 shares of the oil and natural gas company’s stock valued at $3,204,894,000 after purchasing an additional 388,512 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Diamondback Energy by 9.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,642,218 shares of the oil and natural gas company’s stock valued at $637,841,000 after buying an additional 384,971 shares during the period. American Century Companies Inc. boosted its stake in shares of Diamondback Energy by 44.8% during the 2nd quarter. American Century Companies Inc. now owns 985,844 shares of the oil and natural gas company’s stock valued at $135,456,000 after buying an additional 305,207 shares during the period. Finally, Apollo Management Holdings L.P. purchased a new position in shares of Diamondback Energy during the 2nd quarter valued at $31,937,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling at Diamondback Energy

In related news, Director Charles Alvin Meloy sold 377,911 shares of the stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $138.61, for a total transaction of $52,382,243.71. Following the completion of the sale, the director owned 1,044,864 shares in the company, valued at $144,828,599.04. This represents a 26.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $162.88, for a total value of $162,880,000.00. Following the completion of 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,438,516 shares of company stock worth $225,026,921 in the last quarter. Insiders own 0.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FANG. Mizuho cut their price objective on Diamondback Energy from $195.00 to $194.00 and set an “outperform” rating for the company in a report on Thursday, January 22nd. Susquehanna cut their price target on Diamondback Energy to $188.00 and set a “positive” rating for the company in a research note on Monday, October 20th. Morgan Stanley reduced their price target on Diamondback Energy from $183.00 to $171.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Piper Sandler boosted their price target on Diamondback Energy from $215.00 to $218.00 and gave the company an “overweight” rating in a research note on Wednesday, January 28th. Finally, TD Cowen raised shares of Diamondback Energy to a “strong-buy” rating in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $185.90.

Diamondback Energy Trading Up 2.5%

Shares of FANG stock opened at $169.01 on Thursday. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $170.54. The company has a market cap of $48.40 billion, a PE ratio of 11.74 and a beta of 0.63. 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 business’s 50 day moving average is $154.27 and its two-hundred day moving average is $147.64.

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.