Welch Group LLC lifted its holdings in shares of Diamondback Energy Inc (NASDAQ:FANG) by 3.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,420 shares of the oil and natural gas company’s stock after buying an additional 262 shares during the period. Welch Group LLC’s holdings in Diamondback Energy were worth $753,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of FANG. BlackRock Inc. raised its stake in shares of Diamondback Energy by 103.8% during the 4th quarter. BlackRock Inc. now owns 10,172,829 shares of the oil and natural gas company’s stock worth $943,023,000 after buying an additional 5,181,063 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Diamondback Energy by 28,126.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,981,881 shares of the oil and natural gas company’s stock worth $32,000 after buying an additional 2,971,317 shares in the last quarter. Boston Partners raised its stake in shares of Diamondback Energy by 135.9% during the 4th quarter. Boston Partners now owns 3,424,654 shares of the oil and natural gas company’s stock worth $317,465,000 after buying an additional 1,973,018 shares in the last quarter. Norges Bank purchased a new position in shares of Diamondback Energy during the 4th quarter worth approximately $141,883,000. Finally, Geode Capital Management LLC raised its stake in shares of Diamondback Energy by 128.1% during the 4th quarter. Geode Capital Management LLC now owns 2,040,175 shares of the oil and natural gas company’s stock worth $188,797,000 after buying an additional 1,145,573 shares in the last quarter.
In other Diamondback Energy news, VP Jennifer Soliman sold 350 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $104.41, for a total transaction of $36,543.50. Following the sale, the vice president now owns 2,624 shares in the company, valued at approximately $273,971.84. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael L. Hollis bought 5,313 shares of the stock in a transaction on Friday, March 8th. The shares were bought at an average price of $95.12 per share, for a total transaction of $505,372.56. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 6,050 shares of company stock worth $626,158. 0.57% of the stock is owned by insiders.
Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, February 19th. The oil and natural gas company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.41). The company had revenue of $633.06 million for the quarter, compared to analyst estimates of $663.21 million. Diamondback Energy had a net margin of 38.84% and a return on equity of 7.83%. As a group, equities research analysts predict that Diamondback Energy Inc will post 7.77 earnings per share for the current fiscal year.
Several equities analysts recently weighed in on FANG shares. Morgan Stanley raised their price objective on Diamondback Energy from $147.00 to $154.00 and gave the company an “overweight” rating in a research note on Thursday, February 21st. Barclays started coverage on Diamondback Energy in a research note on Wednesday, January 16th. They issued an “overweight” rating and a $189.00 price objective for the company. ValuEngine raised Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Saturday, January 5th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $148.00 price objective on shares of Diamondback Energy in a research note on Monday, March 11th. Finally, Oppenheimer set a $158.00 price objective on Diamondback Energy and gave the company a “buy” rating in a research note on Wednesday, January 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $158.27.
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About Diamondback Energy
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.
Further Reading: Hedge Funds
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