Wealthfront Advisers LLC Sells 5,697 Shares of Diamondback Energy, Inc. $FANG

Wealthfront Advisers LLC trimmed its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 7.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 70,758 shares of the oil and natural gas company’s stock after selling 5,697 shares during the period. Wealthfront Advisers LLC’s holdings in Diamondback Energy were worth $10,125,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vontobel Holding Ltd. increased its position in shares of Diamondback Energy by 108.4% during the second quarter. Vontobel Holding Ltd. now owns 3,286 shares of the oil and natural gas company’s stock valued at $451,000 after purchasing an additional 1,709 shares during the period. US Bancorp DE increased its holdings in Diamondback Energy by 3.1% in the 2nd quarter. US Bancorp DE now owns 24,064 shares of the oil and natural gas company’s stock valued at $3,307,000 after buying an additional 722 shares during the period. Aberdeen Group plc raised its stake in shares of Diamondback Energy by 4.2% in the 2nd quarter. Aberdeen Group plc now owns 98,547 shares of the oil and natural gas company’s stock valued at $13,540,000 after buying an additional 4,017 shares in the last quarter. CWM LLC lifted its holdings in shares of Diamondback Energy by 48.0% during the 2nd quarter. CWM LLC now owns 12,170 shares of the oil and natural gas company’s stock worth $1,672,000 after acquiring an additional 3,945 shares during the period. Finally, MGO One Seven LLC boosted its position in shares of Diamondback Energy by 111.4% during the 2nd quarter. MGO One Seven LLC now owns 3,325 shares of the oil and natural gas company’s stock valued at $457,000 after acquiring an additional 1,752 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Activity at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 60,605 shares of Diamondback Energy stock in a transaction on 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 of the company’s stock, valued at approximately $158,220,806.72. This trade represents a 5.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $162.88, for a total value of $162,880,000.00. Following the completion of the transaction, the insider owned 98,686,727 shares in the company, valued at approximately $16,074,094,093.76. This represents a 1.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,438,516 shares of company stock worth $225,026,921 over the last three months. 0.70% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on FANG shares. Scotiabank set a $175.00 price target on shares of Diamondback Energy in a research report on Friday, January 16th. Sanford C. Bernstein lowered their price objective on Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating on the stock in a research note on Monday, January 5th. Piper Sandler raised their target price on Diamondback Energy from $215.00 to $218.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 28th. Jefferies Financial Group reiterated a “hold” rating and issued a $173.00 price target on shares of Diamondback Energy in a research report on Monday, January 19th. Finally, Wall Street Zen downgraded shares of Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Two research 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $185.90.

Diamondback Energy Stock Up 2.5%

Shares of NASDAQ FANG opened at $169.01 on Thursday. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $170.54. The firm’s 50-day simple moving average is $154.27 and its 200 day simple moving average is $147.64. 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 company has a market cap of $48.40 billion, a price-to-earnings ratio of 11.74 and a beta of 0.63.

Diamondback Energy 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.