Smead Capital Management Inc. Has $187.81 Million Stake in Diamondback Energy, Inc. $FANG

Smead Capital Management Inc. grew its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 24.6% in the 3rd quarter, Holdings Channel reports. The fund owned 1,312,413 shares of the oil and natural gas company’s stock after purchasing an additional 258,738 shares during the quarter. Diamondback Energy accounts for 3.6% of Smead Capital Management Inc.’s portfolio, making the stock its 13th biggest position. Smead Capital Management Inc.’s holdings in Diamondback Energy were worth $187,806,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Creekmur Asset Management LLC acquired a new position in shares of Diamondback Energy in the 2nd quarter valued at approximately $28,000. E Fund Management Hong Kong Co. Ltd. lifted 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 valued at $28,000 after buying an additional 102 shares in the last quarter. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Diamondback Energy in the second quarter valued at approximately $29,000. Salomon & Ludwin LLC acquired a new position in shares of Diamondback Energy in the third quarter valued at approximately $31,000. Finally, Estabrook Capital Management bought a new stake in shares of Diamondback Energy during the second quarter worth $41,000. Institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on FANG. Morgan Stanley cut their price objective on shares of Diamondback Energy from $183.00 to $171.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. Mizuho dropped their price target on Diamondback Energy from $195.00 to $194.00 and set an “outperform” rating on the stock in a research note on Thursday, January 22nd. Scotiabank set a $175.00 price objective on Diamondback Energy in a research report on Friday, January 16th. Citigroup decreased their price objective on Diamondback Energy from $180.00 to $178.00 and set a “buy” rating for the company in a report on Tuesday, January 6th. Finally, UBS Group boosted their target price on Diamondback Energy from $174.00 to $194.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $185.90.

Insider Buying and Selling

In other news, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the 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 sale, the insider owned 98,686,727 shares of the company’s stock, valued at approximately $16,074,094,093.76. This represents a 1.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles Alvin Meloy sold 60,605 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $161.12, for a total transaction of $9,764,677.60. Following the completion of the transaction, the director directly owned 982,006 shares of the company’s stock, valued at $158,220,806.72. This represents a 5.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,438,516 shares of company stock worth $225,026,921. Company insiders own 0.70% of the company’s stock.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $176.01 on Friday. The stock has a 50 day moving average price of $156.09 and a 200 day moving average price of $148.72. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $177.02. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.60 and a current ratio of 0.62. The stock has a market capitalization of $50.41 billion, a PE ratio of 12.23 and a beta of 0.63.

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.