Public Employees Retirement System of Ohio Trims Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Public Employees Retirement System of Ohio decreased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 13.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 83,403 shares of the oil and natural gas company’s stock after selling 12,533 shares during the period. Public Employees Retirement System of Ohio’s holdings in Diamondback Energy were worth $16,528,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CWM LLC increased its stake in Diamondback Energy by 1.8% in the fourth quarter. CWM LLC now owns 19,717 shares of the oil and natural gas company’s stock worth $3,058,000 after purchasing an additional 354 shares during the period. Franklin Resources Inc. increased its stake in shares of Diamondback Energy by 14.1% during the fourth quarter. Franklin Resources Inc. now owns 50,633 shares of the oil and natural gas company’s stock valued at $7,852,000 after buying an additional 6,240 shares during the period. Larson Financial Group LLC increased its stake in shares of Diamondback Energy by 748.0% during the fourth quarter. Larson Financial Group LLC now owns 15,221 shares of the oil and natural gas company’s stock valued at $2,361,000 after buying an additional 13,426 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of Diamondback Energy by 613.7% during the fourth quarter. Sequoia Financial Advisors LLC now owns 15,401 shares of the oil and natural gas company’s stock valued at $2,388,000 after buying an additional 13,243 shares during the period. Finally, abrdn plc increased its stake in shares of Diamondback Energy by 70.9% during the fourth quarter. abrdn plc now owns 75,333 shares of the oil and natural gas company’s stock valued at $11,683,000 after buying an additional 31,241 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Trading Up 0.7 %

Diamondback Energy stock opened at $199.59 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. Diamondback Energy, Inc. has a 52 week low of $143.08 and a 52 week high of $214.50. The company has a market capitalization of $35.59 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 1.08 and a beta of 1.90. The stock has a 50-day moving average price of $197.98 and a 200 day moving average price of $188.95.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, topping analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter in the previous year, the company posted $4.10 earnings per share. The company’s revenue was up 15.7% compared to the same quarter last year. Sell-side analysts anticipate that Diamondback Energy, Inc. will post 18.63 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FANG shares. Mizuho raised their price target on Diamondback Energy from $217.00 to $222.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Piper Sandler raised their price target on Diamondback Energy from $247.00 to $249.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. KeyCorp initiated coverage on Diamondback Energy in a research note on Thursday, June 27th. They set an “overweight” rating and a $225.00 price target on the stock. Royal Bank of Canada raised their price objective on Diamondback Energy from $195.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. Finally, Scotiabank dropped their price objective on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.65.

Insider Buying and Selling

In related news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the completion of the sale, the chief operating officer now owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Jere W. Thompson III sold 900 shares of Diamondback Energy stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $199.90, for a total transaction of $179,910.00. Following the completion of the transaction, the vice president now directly owns 7,585 shares in the company, valued at $1,516,241.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the transaction, the chief operating officer now owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Diamondback Energy Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It 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.