Kovack Advisors Inc. Boosts Position in Diamondback Energy, Inc. $FANG

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

A number of other hedge funds have also added to or reduced their stakes in FANG. Creekmur Asset Management LLC purchased a new position in shares of Diamondback Energy during the second quarter worth approximately $28,000. E Fund Management Hong Kong Co. Ltd. grew its stake in Diamondback Energy by 106.3% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the oil and natural gas company’s stock worth $28,000 after purchasing an additional 102 shares in the last quarter. Twin Peaks Wealth Advisors LLC bought a new position in Diamondback Energy in the second quarter worth approximately $29,000. Salomon & Ludwin LLC purchased a new position in Diamondback Energy during the 3rd quarter worth $31,000. Finally, Estabrook Capital Management bought a new stake in Diamondback Energy during the 2nd quarter valued at $41,000. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Director Charles Alvin Meloy sold 60,605 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $161.12, for a total value of $9,764,677.60. Following the completion of the sale, the director directly owned 982,006 shares in the company, valued at approximately $158,220,806.72. This trade represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 transaction of $162,880,000.00. Following the completion of the sale, the insider owned 98,686,727 shares of the company’s stock, valued at $16,074,094,093.76. This trade represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,438,516 shares of company stock valued at $225,026,921. Company insiders own 0.70% of the company’s stock.

Diamondback Energy Trading Up 0.4%

NASDAQ:FANG opened at $174.72 on Friday. The stock has a market capitalization of $50.04 billion, a price-to-earnings ratio of 12.14 and a beta of 0.63. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week 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 has a 50 day moving average of $155.70 and a 200 day moving average of $148.52.

Wall Street Analyst Weigh In

FANG has been the topic of a number of recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Diamondback Energy in a research report on Monday, December 29th. Piper Sandler increased their target price on shares of Diamondback Energy from $215.00 to $218.00 and gave the stock an “overweight” rating in a report on Wednesday, January 28th. Scotiabank set a $175.00 target price on shares of Diamondback Energy in a research report on Friday, January 16th. TD Cowen raised shares of Diamondback Energy to a “strong-buy” rating in a research report on Monday, February 9th. Finally, Citigroup dropped their price objective on shares of Diamondback Energy from $180.00 to $178.00 and set a “buy” rating on the stock in a research note on Tuesday, January 6th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Diamondback Energy presently has an average rating of “Buy” and a consensus target price of $185.90.

Diamondback Energy Company 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.