Diamondback Energy, Inc. $FANG Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System cut its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 3.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 216,940 shares of the oil and natural gas company’s stock after selling 7,189 shares during the period. California State Teachers Retirement System’s holdings in Diamondback Energy were worth $42,909,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Readystate Asset Management LP purchased a new position in shares of Diamondback Energy during the 1st quarter worth $4,041,000. Royal Bank of Canada grew its position in shares of Diamondback Energy by 11.1% in the first quarter. Royal Bank of Canada now owns 1,172,913 shares of the oil and natural gas company’s stock valued at $231,992,000 after purchasing an additional 117,471 shares during the period. Energy Income Partners LLC grew its position in shares of Diamondback Energy by 3.4% in the first quarter. Energy Income Partners LLC now owns 51,283 shares of the oil and natural gas company’s stock valued at $10,143,000 after purchasing an additional 1,671 shares during the period. Quantinno Capital Management LP increased its stake in Diamondback Energy by 46.5% in the first quarter. Quantinno Capital Management LP now owns 125,989 shares of the oil and natural gas company’s stock valued at $24,919,000 after purchasing an additional 39,986 shares during the last quarter. Finally, SummitTX Capital L.P. acquired a new position in Diamondback Energy in the first quarter valued at $890,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $202.95 on Friday. The stock has a market capitalization of $57.09 billion, a price-to-earnings ratio of 235.99 and a beta of 0.42. Diamondback Energy, Inc. has a one year low of $134.30 and a one year high of $214.51. The company’s 50-day simple moving average is $190.79 and its 200-day simple moving average is $184.39. 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 earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, beating analysts’ consensus estimates of $3.74 by $0.49. The company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $3.83 billion. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.Diamondback Energy’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.54 earnings per share. Equities analysts anticipate that Diamondback Energy, Inc. will post 18.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FANG has been the subject of a number of recent analyst reports. UBS Group lowered their target price on shares of Diamondback Energy from $246.00 to $243.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Weiss Ratings lowered shares of Diamondback Energy from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, July 16th. Roth Capital set a $212.00 price target on shares of Diamondback Energy and gave the company a “buy” rating in a report on Monday, June 22nd. Wells Fargo & Company set a $212.00 price objective on shares of Diamondback Energy in a research note on Monday, June 22nd. Finally, Raymond James Financial restated a “strong-buy” rating and set a $248.00 price objective on shares of Diamondback Energy in a report on Friday. Four 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 company’s stock. According to data from MarketBeat.com, Diamondback Energy has a consensus rating of “Buy” and a consensus price target of $218.63.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, EVP Matt Zmigrosky sold 5,000 shares of the company’s stock in a transaction 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 transaction, the executive vice president owned 46,392 shares of the company’s stock, valued at approximately $9,303,451.68. This represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles Alvin Meloy sold 83,334 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the sale, the director directly owned 851,530 shares of the company’s stock, valued at $159,338,293.60. This represents a 8.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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.

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.